Through your research, you’ll likely find the current individual healthcare marketplace offers several options similar to group plans, including:
- HMOs (Health Maintenance Organizations) – typically restricts you to doctors, other health care providers, or hospitals on the plan’s list, and generally will not cover out-of-network care except in an emergency. The plan may require you live or work in a specific service area in order to be eligible for coverage.
- PPOs (Preferred Provider Organizations) – this type of plan contracts with medical providers, such as hospitals and doctors, to create a network of “participating providers.” Most often you pay less if you use doctors, hospitals, and other health care providers that belong to the plan’s network, and pay more if you go outside the network.
- POS (Point of Service) Plans – participants pay less when they use doctors, hospitals, and other health care providers that belong to the plan’s network.
Your unique health and prescription medication requirements, monthly budget, and doctor/facility preferences will each play a role in determining which plan is best for you.
It’s no secret – when shopping for anything, including health insurance, it is beneficial to shop around. When comparing multiple rates and options from different companies, it becomes a competition for your business!