In the US, there are about five different types of health insurance protection available: [traditional conventional] health insurance protection; 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 might be confusing trying to discover which one best fits your needs, so thoroughly research each and speak with a professional if you need clarification.

[Traditional conventional] health insurance protection is the one that the majority of people think about when they think of health insurance cover. You pay the insurance underwriter a premium monthly, and if you have an accident or need for health cover, you have a deductible amount you should pay and then the insurance company picks up the rest of the bill. You frequently have a low-cost office and/or prescription co-pay with [traditional conventional] health insurance cover.

With individuals living longer, health insurance cover companies began to look for more ways to slim down their costs, developing different health plans like PPOs. PPOs are plans which will cover almost all of your medical expenses as long as you stay within a chosen network of physicians or hospitals. This network creates a “preferred provider” list that you can select from. Therapy outside this network of providers is covered but only at a reduced rate, meaning you wind up paying more to see a physician outside the network. By restricting the physicians and hospitals covered in their network, the insurer can control, to an level, charges and decrease your premiums. POS plans work like PPOs, but need you to have a primary care physician through whom you can receive referrals for specialists. If you need to see a neurologist or a dermatologist, you must first call at your primary care doctor for a basic diagnosis as a way to receive a referral to a specialist for a more thorough diagnosis. POS plans also have a chosen provider network, and if you choose to visit a specialist or physician outside that network, your cover will be limited.

HMOs combine a stricter version of PPOs and POS plans. HMOs have a defined list of physicians, often much smaller than PPO networks, which you may notice. You will not be covered at all if you see a physician outside your HMO network. Furthermore, you must also acquired a referral from your primary care HMO physician to see any specialist. Yet, these restrictions imply you pay an additional low or no monthly premium.

HSAs were recently signed into law by President Bush. You can deposit money into a special non-taxed, interest-gaining savings account that should be used for medical expenses. The ideal situation for an HSA is to blend the account with a affordable, high-deductible insurance policy. The savings account is made to permit you to cover the high deductible if you find the requirement to cover costly medical costs while the insurance firm will collect the rest of the bill.

Again, it is important to carefully consider each alternative before choosing a single health insurance plan. Your well being is important- ensure it is protected in the best way possible.

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