| We all understand the importance of | | | | deductible costs for hospital stays as |
| health insurance; however, as the types | | | | well as a possible larger selection of |
| of health insurance continue to increase | | | | physicians that might be available with |
| it is becoming more and more difficult | | | | a HMO. Out of network services may also |
| to select the type of coverage that is | | | | be covered; however, for a higher charge |
| best for you and your family. To help | | | | than in network services. |
| you find out which type of policy might | | | | A POS, or Point of Service, is also |
| benefit you the most, let's take a look | | | | similar to a HMO in that you select a |
| at the most common types of policies. | | | | primary care physician. The difference |
| There is usually a lot of hype regarding | | | | is that you are free to choose out of |
| HMOs so let's look at that one first. A | | | | network treatment if you're willing to |
| HMO is a health maintenance organization | | | | pay a higher out of pocket cost. Â |
| plan that works with a specified group | | | | Another option is what is known as a |
| of doctors and hospitals within the | | | | traditional coverage policy. This type |
| network. A primary healthcare physician | | | | of policy will have a higher monthly |
| is selected and you must obtain | | | | premium as well as deductibles. In |
| referrals for care that cannot be | | | | addition, you will generally be required |
| provided by that physician. The benefits | | | | to pay for services out of your own |
| of this type of plan are lower office | | | | pocket up front and then submit claim |
| visit costs and prescription drug | | | | reimbursement forms. |
| co-pays. In addition, there will | | | | You may also wish to consider various |
| typically be either no or limited | | | | types of disability plans, which cover a |
| deductible costs for hospital stays. | | | | percentage of your income in the event |
| Depending on your coverage, there may | | | | that you experience an illness or |
| also be no pre-existing condition cause | | | | accident that prevents you from working |
| limitations. It is also important to | | | | for a period of time. A short term |
| understand that your choice of doctors | | | | disability plan will provide benefits |
| and hospitals will be limited with a HMO | | | | from the first day of an accident or the |
| and you won't be able to have out of | | | | eighth day of an illness up to 26 weeks. |
| network services covered. | | | | Generally, this type of plan will cover |
| A PPO or Preferred Provider Organization | | | | 66% of your weekly income. |
| works similar to a HMO; however, the | | | | Long term disability will begin after |
| major difference is that you are not | | | | short term coverage has expired and will |
| required to select a primary care | | | | provide coverage for a variable term, |
| physician. In addition to the benefit of | | | | depending on the policy you select. Some |
| being free to choose your own physician | | | | policies are limited to providing |
| without worrying about a referral you | | | | coverage up to two years while others |
| also gain the benefit of limited or no | | | | will cover you up to the age of 65. |