Ever get confused talking about health insurance plans? Picking the perfect plan for your health needs can be very difficult. There are many different plans to choose from. Here’s some definitions to make picking the perfect plan much easier!
HMO or Health Maintenance Organization
HMO plans offer a range of services within a specific network of providers
You can only use/see the providers contracted with the HMO plan
HSA or Health Savings Account
An individual’s personal savings account only used for medical expenses with pre-taxed dollars
Only used for high deductible plans
Penalties may apply if the money in the savings account is used to pay for things other than qualifying medical expenses
PPO or Preferred Provider Organization
With this type of plan, you’ll have to use doctors and hospitals that are on the health insurance companies’ list of preferred providers
POS or Point of Service
POS plans combine aspects of both HMO and PPO plans
May be required to choose a primary care physician then get referrals for specialists
EPO or Exclusive Provider Organization
While on an EPO plan, you can only use the doctors and hospitals within the EPO network and cannot go outside of the network for care