Health Insurance

Life happens, No one plans to get sick or injured, but having health insurance can ease off the stress that comes along with life's surprises. Health insurance covers these costs and offers many other important benefits. Health insurance protects you from unexpected, high medical costs.  

Why is Health insurance Important?

 Having health insurance has many benefits. It protects you and your family from financial losses in the same way that home or car insurance does. Even if you are in good health, you never know when you might have an accident or get sick. A trip to the hospital can be much more costly than you might expect.  The average cost of a trip to the emergency room for an adult is about $700, not including any tests or hospitalization, which may increase the bill to well over $1,000 

Types of Health Insurance -

HMO- The purpose of a Health Maintenance Organization is to focus on overall patient wellness and preventive healthcare while keeping costs low for its members by only covering in-network physicians and facilities.  The main benefits are cost and quality of care. People who purchase HMO plans benefit from lower premiums than traditional forms of health insurance. This allows insured parties to get a higher quality of care from providers who are contracted with the organization. HMOs typically come with low or no deductibles and charge relatively low co-pays. HMO participants also don't need referrals to get specialty services. 

PPO- A type of health plan that contracts with medical providers, such as hospitals and doctors, to create a network of participating providers. You pay less if you use providers that belong to the plan's network.  PPO plans provide more flexibility when picking a doctor or hospital. They feature a network of providers, but there are fewer restrictions on seeing non-network providers. Also, your PPO insurance will pay if you see a non-network provider, although it may be at a lower rate. 

EPO- An Exclusive Provider Organization (EPO), is a type of health plan that offers a local network of doctors and hospitals for you to choose from. An EPO is usually more pocket-friendly than a PPO plan. However, if you choose to get care outside of your plan’s network, it usually will not be covered (except in an emergency). If you’re looking for lower monthly premiums and are willing to pay a higher deductible when you need health care, you may want to consider an EPO plan. 

POS-  A point-of-service plan (POS) is a type of managed care plan that is a hybrid of HMO and PPO plans. Like an HMO, participants designate an in-network physician to be their primary care provider. But like a PPO, patients may go outside of the provider network for health care services. When patients venture out of the network, they’ll have to pay most of the cost, unless the primary care provider has made a referral to the out-of-network provider. Then the medical plan will pick up the tab.