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Health Insurance Options

Health Insurance Policies and Options for Individuals and Families

There are so many different ways to make up your health insurance quota that it can get confusing. From Medicare to Medicaid to supplementary insurance, it can be difficult for people to get to grips with choosing the right policy. Here is a look at some options for individuals and families who want adequate coverage.

HMO -

A health maintenance organization (HMO) is one of the most popular insurance plans around. This way of getting health insurance allows insured people to operate within a network of medical facilities that can treat them. For example, someone may sign up for a plan that allows them to get treatment from x number of hospitals and y number of doctor's offices.

Most HMO plans revolve around a general physician. If you or someone on your policy falls sick, you will visit with the physician and he or she will recommend where you should go next. They will choose the appropriate doctor from within your network and help you set up an appointment there.

The idea behind a HMO plan is to get ahead of any long term illness or sickness. By getting regular check ups with your main physician, you will be able to spot any problems when they are at an early stage. Experts are only visited if the situation merits it, with the general physician capable of dealing with most issues.

PPO Policies -

By using the preferred provider organization method of health insurance, people can be more flexible with where they get medical treatment. With the HMO plan, it is explicitly stated that you must get treatment from within the network or your insurance policy will not cover the treatment. With the PPO network, some of those expenses will be covered by the policy. However, it is still more expensive to seek "out of network" care.

Specialists can also be visited directly when you have the PPO health insurance policy. There is not a strict need to visit your primary care physician every time something is wrong.

Short Term Insurance -

It may seem unusual, but there are a few options for short term health insurance policies. These policies are usually bought with a specific time period in mind. For example, someone may be participating in a risky job for six months, which leads them to get health insurance for that period of time.

College graduates are also among popular purchasers of temporary insurance. They may have just gotten off their parents' plan, and need to plug a gap before they find a job that provides them with full health benefits.

These policies are generally cheaper and have fewer out of pocket expenses. They are also the best way to get quick coverage, with most short term policies coming into effect within one or two days.

HSA -

A health savings account is also an option for people. This is a more unconventional method, but it can still work if managed properly. There is no health insurance policy and most of your medical expenses come out of pocket. Individuals will set up a fund where they make monthly deposits that are used for their health insurance. This money is exempt from tax and can be used for any type of medical situation.