Health Insurance Plans aren’t as Bad as You Think

As you search for the best health insurance cover, you can buy from your State’s Market place or your insurance broker. You’ve got a wide range of health plans to choose from, such as the Bronze, Silver, Gold, and Platinum plan. Following are the details of each scheme.

  • Bronze: – Bronze plans have the minimum coverage while Platinum schemes have the maximum. Notably, the under 30 can buy a high deductible, catastrophic plan, and each pays a portion of the costs for the average enrolled individual. Additionally, deductibles-what you pay before your project meets 100 percent of healthcare expense, varies from plan to plan. For instance, the cheapest plan carries the highest deductibles. 
  • Platinum:– It funds 90 percent on average of your medical bills, and you pay the balance of 10%.
  • Gold:-It covers 80 percent on average of your medical expenses; you foot 20 %.
  • Silver: – It meets 70 percent on average of your medical fees; you pay 30%.
  • Bronze: – It covers 60 percent on average of your medical costs, and you pay the shortfall of 30%.
  • Catastrophic- With this plan, you pay after you have reached an excessive deductible, $ 8,150 in 2020. The policy unlocks cover for the fist-three primary care visits and preventive care for free regardless of whether you’ve met your deductible.

Now with that in mind, let’s have an overview of the common types of plans at your disposal.

  • Health Maintenance Organization (HMOs)
  • Preferred Provider Organization (PPO)
  • Exclusive Provider Organization (EPOS)
  • Point of Service (POS) plans
  • High Deductible Health Plans (HDHP), linked to Health Savings Plans (HSAS)

Health Maintenance Organization (HMOs)

It’s driven by a network of health providers providing all health services. You’ll get: 

  • The minimum freedom to choose your healthcare providers
  • The least amount of red tape compared to other plans.
  • A primary physician manages your care and refers you to a specialist. But you must have a referral letter before you can see a specialist.

Preferred Provider Organization (PPO)

  • Under this plan, you’ve got a moderate amount of freedom to choose a healthcare provider, and it’s more than HMO.
  • There’s no need for a referral from a primary care doctor to consult a specialist.
  • If you see an out-of-network healthcare provider, you’ll get a higher-out-of pocket cost.
  • But there’s more paperwork than with other plans if you go the route of out-of-network providers.

Exclusive Provider Organization (EPO)

  • With this plan, you’ve got moderate freedom to choose your healthcare providers, and it’s more than HMO. Furthermore, you don’t need a referral letter from a primary healthcare doctor to seek further treatment from a specialist. 
  • There’s no coverage for out-of-network providers, that is, consulting a health provider that is outside your plans. But it allows you to make use of external healthcare providers in an emergency.

Point of Sale (POS)

  • It combines the elements of an HMO and PPO, as it gives you more freedom to choose your healthcare providers than you’d in HMO. Additionally, it has a moderate amount of red tape if you prefer to see an out-of-network healthcare provider. 
  • You also get a primary care physician who coordinates your care and refers you to a specialist as the need arises.

Catastrophic plan

Anyone under the age of 30 can buy a catastrophic plan. Under this plan, you’ve got:

  • A lower premium
  • Three primary care visits before the deductibles come into play. You also have preventive care, even if you’ve not satisfied the requirements of deductibles.

High-Deductible Health Plan

  • With or without health savings accounts, you pay less for insurance. It has some features from one of these plans; HMO. POS, EPO, HMO, or PPO. The program has higher out-of-higher pocket expenses than other kinds of methods.
  • When you reach the maximum out-of-pocket, it settles 100 percent of your healthcare bills. It provides a health savings account (HSA) so that you can foot your medical costs. 
  • The money in the HSA account is untaxed, and so it can be used on acceptable medical expenses. To receive an HSA, you must be enrolled in an HDHP. 
  • Finally, many Bronze plans may meet the requirements of HDPH, depending on the deductibles.

Check out Joel Lee Health Markets here to find out more about health insurance plans.

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