Your Four Most Popular Indiana Family Health Insurance Options
In a lot of cases, selecting the first decent Indiana family health insurance plan you come upon won't actually lead you to the most cost-efficient coverage. Clearly, you have to take some time to sort out your choices based on the kind of health care services you and your dependents need in order to avoid paying for coverage that is unnecessary for your circumstances. But where do you start when looking for Indiana family health insurance coverage? It is best to begin by taking a look at the different health insurance types:
- Health Management Organization (HMO) Plans If budget is your primary concern, this managed care plan type may just be the right one for you - but you need to trade affordability for some restrictions. Having an HMO plan means you need to have primary care physician (PCP). This means you have to go to this particular doctor for all of your health care needs. Referral to a specialist in also required and that referral will also come from your PCP. Although your choice of doctor is limited, it means that there is one doctor that would clearly know your health status and coordinate all your health care concerns. There is just minimal copay, if any at all, as long as you stay within network providers. However, you won't get coverage at all if you get service outside of the network (except in some emergency cases).
- Preferred Provider Organization (PPO) Plans If you can't live with the restrictions of HMO plans, then PPO plans may be right for you. Although it also works through a network of providers, you have the option to get health care services outside of the network - but doing so means paying for higher copay. You also don't have to go to a PCP to get a referral if you need to see a specialist.
- Point of Service (POS) Plans In a way, it's like a combination of HMO and PPO plans. Just as in HMO plans, you need a referral from your PCP (usually within the network) to make sure that the medical expenses are kept down to its lowest possible minimum. Basically, there will be minimal copayment but without any deductible to meet if you get care from within the network, unlike in PPO. Basically, you can go to any health care provider (self-refer to any out-of-network provider) but a deductible amount should be met. And once you reach your deductible amount, co-insurance like 20% of the total bill comes out of your pocket.
- Fee for Service (FFS) Plans Also called indemnity plans, and the primary type of health insurance coverage years ago. This traditional plan works in the form of reimbursement. Usually, you pay your entire medical bill from any doctor or hospital of your choice, and then file for reimbursement. Generally, 80% of the money is reimbursed to you. But keep in mind that most of these plans have a lifetime maximum meaning there's a specific cap on what the insurance company will shoulder.
To figure out which of these coverage options is best for you, obtain a free quote via our quote engine at www.HealthInsuranceMark.com.