Having sufficient health insurance is critical to your well-being and financial security. However, it can be quite challenging trying to figure out which kind of coverage is most suitable to your needs. There are many options available, and the first step to choosing the right one is learning what the different plans offer. The insurance agents at Randolph County Farm Bureau are dedicated to assisting Asheboro, NC, residents in their quest to find affordable and adequate health coverage. Here, they explain the fundamentals of the most common types of health insurance plans you’ll come across.
3 Types of Health Insurance Plans
1. Preferred Provider Organization (PPO)
PPO plans include a network of preferred health care professionals and facilities that are contracted to provide plan members with service at a pre-negotiated or discounted rate. PPOs will allow you flexibility in choosing doctors and other providers but will usually require you to meet an annual deductible before coverage for your medical expenses kicks in.
2. Health Maintenance Organization (HMO)
With an HMO health insurance plan, there are usually less out-of-pocket costs, but you won’t have the same flexibility in selecting your physicians and medical facilities. These plans often promote coverage for a wide range of preventive services in an effort to keep expenses low.
3. Exclusive Provider Organization (EPO)
When it comes to the providers you have to choose from with an EPO plan, you’ll find it’s a similar setup to HMOs. You will have restricted coverage that only includes care from health care professionals in the network. Lower premiums balance out this inflexibility, but costs can be higher when unexpected situations occur.
Once you become familiar with the various types of health insurance plans you’re likely to be presented with, you can make an informed decision on which will provide you with the best coverage. Contact Randolph County Farm Bureau at (336) 629-9187 to inquire about obtaining an insurance quote, or visit them online to learn more.