Four Most Common Kinds Of Medical Insurance Policies

Having at least major medical health insurance coverage is rightly considered to be a requirement in our uncertain world. Even if you manage to avoid any unforeseen serious health issues, it's wise to maintain a healthy lifestyle with routine checkups. Below is a brief summary of the four most common forms of major medical health insurance that are typically offered to help consumers maintain good physical health.

Health Maintenance Organizations (HMOs)

Health Maintenance Organizations, or HMOs, are major health insurance plans for which you pay a monthly premium in advance. Patients who elect to join HMOs must pick a primary care physician from an existing group list of physicians furnished by the HMO and the same is true of hospital choices offered. As a consequence, you may need to give up a long-term partnership with your family doctor simply because s/he does not belong to the HMO network.

Preferred Provider Organizations (PPOs)

Preferred Provider Organizations, or PPOs, are major medical health care plans which permit patients to select whatever physicians they want. But, those physicians who are within the insurance companies' network will accept discounted payments for services provided. If you go out of network for service, you still have the benefits, but they cost you more out of pocket. Therefore, most patients who make use of PPOs for their major health insurance benefits make it a habit to be seen strictly by in-network doctors or specialists and network hospitals. PPOs still provide more discretion for consumers than HMOs do, but this right is typically costlier too.

Point Of Service Plans (POS)

Point of service plans, or POS plans, are a hybrid form of Health Maintenance Organization. One of the chief differences between HMOs and the POS kind of major health insurance is that POS plans permit you to choose which medical professionals to have access to rather than limiting such options to a referral from your primary care doctor. However, your coverage might vary if you elect to seek the services of a specialist outside of the plan without obtaining this referral.

Fee For Service Plans (FFS or Indemnity)

Fee For Service (FFS), or Indemnity, insurance plans are the simplest major medical insurance programs to a degree. As the patient, you can select the doctor or clinic of your preference for medical care. The service provider then submits a claim to the insurance carrier who subsequently pays the agreed upon portion or all of the full charges due, although the patient may be billed as well if the insurance company does not pay by the due date or pay the all the charges.

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