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by: David Chandler
Since competition in terms of health insurance is on the rise, it is no wonder that more and more forms of health insurance are being designed. Among these, there are
few that are popular and they are briefly described below.
Individual Insurance: Ensuring a person individually is a common mode of insurance. One may be selective about what s/he wants in a plan through this process.
Accordingly, one has required premium is calculated, and the insurance plan takes effect.
Group Insurance: Another type of insurance is the group arrangement. Through this type of insurance, one is compelled to abide by what others are going for, and this
is dependent on the insurance providers. They are the ones that decide what is feasible to include in a plan, and on that basis, a group insurance can take place.
Indemnity Plan: This plan allows one to go to any doctor when one needs to; there are no restrictions on this, and it is believed to be more of a traditional plan. One
does not need permission to go to a particular health care provider. However, usually what happens is that the member pays 20% of the total fee for treatment while the
insurance provider pays 80%. In addition to this, there is a period through which one pays up in this manner, and then the company takes over paying the whole
100%.
HMO: The Health Maintenance Organization is one that allows a member to select a particular doctor off the panel. It is these selected doctors that will deal will with
members' problems. The selected doctor is the one that will be approached for checkups of any kind, and if there are problems with a member that cannot be handled by
him or her, the member is referred to specialists.
PPO: Preferred Provider Organization (PPO). A healthcare benefit arrangement designed to supply services at a discounted cost by providing incentives for members to use designated healthcare providers (who contract with the PPO at a discount), but which also provides coverage for services rendered by healthcare providers who are not part of the PPO network.
POS:Point-Of-Service (POS) product. A healthcare option that allows members to choose at the time medical services are needed whether they will go to a provider within the plan's network or seek medical care outside the network.
EPO: Exclusive Provider Organization (EPO). A healthcare benefit arrangement that is similar to a preferred provider organization in administration, structure, and operation, but which does not cover out-of-network care.
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