If you are looking for a new job then one of the first things that comes to mind (after the salary, that is) will be what benefits do you get?
Health insurance will be right up there at the top of that list but not all health insurance is created equal.
So whether you’re checking out the cover an employer is proposing or you’re a small business looking to choose a plan, then here are some of the choices available.
- Preferred Provider Organization (PPO)
A PPO is a plan where the insurance provider has a list or network of health professionals who are covered for use in the plan.
This doesn’t mean to say the user will be assigned one particular doctor and has no choice. There’s still an element of choice available but it will be limited to those doctors and facilities that are included within the plan. Any services or medical professionals outwith the plan will incur an extra charge to use.
- Health Maintenance Organization (HMO) Health Insurance Plans
An HMO is a plan that has lower upfront costs. However, it’s a less flexible plan, with little choice when it comes to picking your doctor.
You’re usually able to choose a primary physician but any specialist treatment needs to come from a referral from that physician.
- Health Care Provision For Elderly – Medicare
There are many thing in life that seniors should have insurance for but medical care is one of the most important.
Thankfully once we reach retirement age then, as Americans, we become eligible for Medicare.
This covers the basics and if you choose to, you can take out additional plans for more specialist or advanced concerns.
You’ll find there are no shortage of quality medical outfits that will cater to medicare customers, providing services in clinic or at your home giving you the choice and service you need.
- Point of Service (POS) Health Insurance Plans
A POS service plan is a mixture of the HMO and PPO.
The user will usually have a primary physician and be treated that way. The big difference and drawback is that the user pays upfront and has to reclaim the fees back.
This can be tricky, given that some treatments are costly. Make sure that you’ve done your research for this particular plan, since it will require those payments upfront.
- Best Of The Rest
There are lots of other plans that aren’t on this list so far, like: Indemnity Health Insurance Plans, Exclusive Provider Organization (EPOs) Health Insurance Plans, Health Savings Account (HSA) Health Insurance Plans and Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs).
This article goes into more detail than the list above. All these different options come with varying features and levels of care. Some of them even have tax advantages for small businesses, so it’s worth checking these out.