Health insurance is one of the best purchases that will protect your physical and financial well-being. However, choosing the right policy can be challenging, especially when obtaining coverage for the first time. Before deciding, you should understand the different options available, as your selection will determine which doctors you can see and how much you must pay. Here’s an overview of the most common types of health plans and the benefits they provide.

What Are the Most Popular Health Insurance Options?

1. Health Maintenance Organization (HMO)

An HMO plan offers healthcare services through a specific network of providers. Thus, to receive coverage, you can only receive treatment from doctors that have a deal with your insurance company. The policy will not cover any bills that you incur from an out-of-network provider, unless it’s an emergency. Also, you will usually need a referral before you can see a specialist. Despite this, HMO plans are popular because they tend to have affordable premiums and don’t involve much claim paperwork.

2. Preferred Provider Organization (PPO)

With a PPO, policyholders still have a list of pre-approved providers to select from, but the network is larger. This allows more freedom to choose your doctors, and referrals aren’t necessary to visit a specialist.

While you can go to an out-of-network provider, you are responsible for some out-of-pocket costs. Premiums and co-payments for PPO plans generally cost more, and there’s often a deductible that you must pay before coverage takes over.

3. Exclusive Provider Organization (EPO)

This type of health insurance is a combination of an HMO and PPO plan. You have access to a network of providers, including specialists. While it will only cover services from doctors within the network, you won’t need any referrals. Like an HMO, you’ll pay full out-of-pocket costs to see a provider who isn’t in the network, with the exception of emergencies. These premiums are usually more than an HMO and lower than a PPO.

4. Point of Service Plan (POS)

Those with POS plans must designate a primary care physician for routine checkups and referrals. However, if you’re willing to pay more for services, you can see an out-of-network provider. You may also need preauthorization from your insurer before receiving certain treatments or procedures, especially if you require surgery. This is one of the most versatile policies, but it comes with higher costs.

If you need a reliable health insurance plan, turn to Stautberg Financial Group for guidance. Backed by more than 30 years of experience, this family-owned agency provides personalized service to help clients find the best policies for their needs. Located in Cincinnati, OH, they offer residents throughout the Tri-State area a variety of coverage solutions to protect against life’s uncertainties. Call (513) 821-6300 to make an appointment. Visit them online for more information about their insurance options.