Understanding your options regarding the types of health insurance in New Hampshire is always a good idea. If you are not covered by another person’s health plan, such as a parent or spouse, it’s never a bad idea to start thinking about how you’ll invest in your care. A quality health insurance plan can assist with managing your medical needs and their cost. So, what are the different types of health insurance plans? The experts at Brownell Financial have the scoop.
Types of Health Insurance
There are several types of health insurance available. Let’s dive into learning about each of them!
Health maintenance organizations
Health maintenance organizations, or HMOs, provide access to a small, local network of doctors, hospitals, and other health care professionals. Of these, you can choose one of them as a primary care provider. Thus, they will become your main source of medical care and advice. As long as any healthcare provided stays within the network, HMOs tend to have lower copays and coinsurance than other types of plans.
Exclusive provider organizations
Exclusive provider organizations, or EPOs, off an extensive network of participating providers for you to choose from. But, most EPO plans do not provide any coverage for out-of-network healthcare unless it was an emergency. Thus, if you visit a facility or provider, not within the network, you will have to pay the total cost yourself. Also, with an EPO plan, you may not be required to have a primary care provider.
Point-of-service plans, or POS plans, are essentially a combined form of HMO and EPO plans. The network of providers available to you tends to be smaller, but the costs for in-network care are also lower than other options. Within the POS plan, you’ll be required to have a primary care provider within the network.
Preferred provider organizations
Preferred provider organizations, or PPOs, offer the largest network of providers available. Therefore, you’ll have access to a wide variety of health care professionals and facilities. But, if you choose to see a provider outside of the network, the out-of-pocket costs will be higher. A primary care provider is not required, and you can see specialists without a referral.
Understanding Health Insurance in New Hampshire
Here at Brownell Financial, we recognize that it can be challenging to understand all the complicated terms and plan options for health insurance in New Hampshire.
For more information, contact the experts at Brownell Financial. We are committed to educating and helping those in need, and we strive to serve our clients in the best way possible. Contact us at (603) 437-1992 or visit us online.