Fathoming the Health Insurance Policy
Fathoming the Health Insurance Policy
Health insurance is something that allows a company to cover all or part of a person's medical expenses in exchange for a monthly payment or premium. Every individual should have health insurance for him or herself and if he or she has a family, for his or her spouse and children. The reason for this is because even routine dental, medical, and eye check ups can be expensive if they are not covered by insurance. Additionally, the unexpected can happen and land an individual in the hospital for weeks or even months, which can cost him or her thousands of dollars. In order to understand health insurance, there are two terms that must be understood co pay and deducible. A co pay is the fee that one pays for visiting a doctor or hospital. A deductible is the amount that one must pay before the medical coverage kicks in. In the United States, there are three main types of health insurance plans. They are HMO, POS, and PPO.
HMO stands for Health Maintenance Organization. This is a type of prepaid health plan in which an individual pays a monthly premium. In exchange for that monthly premium, comprehensive medical care is given including: doctor's visits, hospital stays, x rays, lab tests, and therapy. One benefit of this type of health insurance plan is that an individual only pays a small co pay for going to the doctor, which sometimes can be as low as five dollars; a trip to the emergency room can be as low as $25. One drawback of having HMO insurance plan is that one is usually limited to seeing physicians or medical practitioners who are under contract with the HMO. Look up insurance from MLC Life. Also make sure to visit Comminsure Life Insurance Company.
POS stands for Point of Service. This type of health insurance plan allows primary care doctors to make referrals other medical practitioners in a health plan. An individual is also allowed to make a referral outside the network and still get some coverage. One benefit of having a POS plan is that it gives a patient more freedom and choices. Additionally, people who have this type of health plan have smaller deductibles. One drawback of having a POS plan is that out of network coverage is limited and a person who goes outside of the network will most likely have high out of pocket expenses o pay.
PPO stands for Preferred Providers Organization. Just like the other health insurance plans, a PPO allows an individual to have many health services covered, as long as he or she pays a monthly premium. This type of insurance plan allows a patient to choose his or her own primary care physician. It also allows a patient to see a specialist without a referral from his or her physician. That can save an individual time and money. One drawback of this type of insurance is that because of co pays and the percentage of co insurance, a person may wind up with more out of pocket expenses.
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