Health Insurance

Health insurance is an agreement in which an insurance company agrees to pay for some or all of your medical expenses in exchange for a monthly premium payment. It covers the medical expenses of the insured due to an illness or accident in exchange for a premium amount. It enables the insurance company to provide medical coverage for hospitalization expenses, day care procedures, critical illnesses, etc.

Types of Health Insurance

There are different types of health insurance plans to fit different needs. Some of the common types of health insurance plans are:

- Health maintenance organizations (HMOs)

- Preferred provider organizations (PPOs)

- Exclusive provider organizations (EPOs)

- Point-of-service (POS) plans

- Catastrophic health insurance plans

- High-deductible health plans (HDHPs)

- Short-term health insurance plans

Difference Between HMO and PPO

HMOs and PPOs are different types of health insurance plans. HMOs are more affordable but less flexible than PPOs. HMOs require referrals from primary care doctors to see specialists, while PPOs do not. HMOs pay the healthcare providers directly, while PPOs may require patients to pay out-of-network providers and file claims for reimbursement.

Difference Detween EPO and POS

EPOs and POSs are both health insurance plans, but they differ in the following ways:

- EPO stands for ‘Exclusive Provider Organization’. It provides hospitals, doctors and specialists within the network, but the network is larger than the HMO’s plan. You have an option to select specialists and doctors out-of-network with extra cost.

- POS stands for ‘Point Of Service’. POS plans let you get out-of-network care; EPO plans do not. POS requires that you choose a primary care provider while EPOs don’t.

- EPO and POS plans both don’t require provider referrals to see specialists.

How to Know if a Doctor Accepts my Insurance Plan

To know if your doctor accepts your insurance, you can:

1. Search your insurance company’s network database.

2. Check notices in the doctor's office or on their website that list the type of insurance they accept.

3. Sign in to your insurance company website for an updated network list.

4. Call your insurance company using the member services line, which you can usually find on your insurance card.

5. Contact the doctor you received information on to confirm that he does indeed still accept your insurance.

6. Visit your local hospital's webpage.