Listen To Our Audio – Health Insurance For Every Need:

In the United States, there are about five different types of health insurance available:

• traditional health insurance;
• preferred provider organizations or PPOs;
• point-of-service plans or POS;
• health management organizations or HMOs;
• and most recently, health savings accounts or HSAs.

With so many types of health insurance, it may be confusing trying to figure out which one best fits your needs, so thoroughly research each and speak with a professional if you need clarification.

Traditional health insurance is the one that most people think of when they think of health insurance.  You pay the insurance company a premium every month, and if you have an accident or need for health coverage, you have a deductible amount you must pay and then the insurance company picks up the rest of the bill.  You often have an inexpensive office and/or prescription co-pay with traditional health insurance.

With people living longer, health insurance companies began to look for more ways to reduce their costs, developing different health plans such as PPOs.  PPOs are plans which will cover nearly all of your medical expenses as long as you stay within a preferred network of physicians or hospitals.  This network creates a “preferred provider” list that you can choose from.  Treatment outside this network of providers is covered but only at a reduced rate, meaning you end up paying more to see a physician outside the network.  By limiting the physicians and hospitals covered in their network, the insurance company can control, to an extent, their costs and lower your premiums.

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