Aetna, Oscar, & Blue Cross Blue Shield also ranked highly in our analysis of health insurance costs, complaints, metal levels, |& the breadth of health plans offered on the market. When comparing health insurance plans in your area, you should try to make sure to include small, regional insurers as well as companies.
What Is Health Insurance?
Health insurance pays for health care costs for treatments, drugs, and services as determined by the coverage features outlined in your specific policy. You pay a health insurance premium for coverage, whether or not you receive medical care.
What Are the Types of Health Insurance Plans?
- 1. By Network Type:
- 2. By Coverage Level (Marketplace Plans):
- 3. Other Types:
By Network Type
HMO (Health Maintenance Organization)
These plans typically limit coverage to doctors and hospitals within their network. You often need a referral from a primary care physician to see a specialist, and out-of-network care is usually not covered.
PPO (Preferred Provider Organization)
PPOs offer more flexibility than HMOs, allowing you to see doctors and hospitals in or out of the network. However, costs are usually lower when you stay in the network.
EPO (Exclusive Provider Organization)
EPOs are similar to PPOs but may offer somewhat more restrictions on out-of-network care, with in-network care being the primary focus.
POS (Point of Service)
POS plans combine features of HMOs and PPOs, allowing you to choose between in-network and out-of-network care at the point of service.
2. By Coverage Level (Marketplace Plans)
Bronze, Silver, Gold, Platinum:
These metal levels are used to rank plans in the health insurance marketplace based on their cost-sharing. Bronze plans have lower premiums but higher out-of-pocket costs, while platinum plans have higher premiums but lower out-of-pocket costs.
Catastrophic Plans:
Available to those under 30 or on limited incomes, these plans have high deductibles but low monthly premiums.
3. Other Types
Individual Health Insurance:
These individuals purchase to cover their medical expenses, often when they do not have employer-sponsored coverage.
Family Health Insurance:
These plans cover the entire family under one policy, including the policyholder, spouse, children, and sometimes parents and in-laws.
Senior Citizen Health Insurance:
Designed for individuals 60 years of age and older, these plans often have specific features tailored to the needs of older adults.
Critical Illness Insurance:
This type of insurance provides a lump sum payment if you are diagnosed with a serious illness, such as cancer, heart attack, or stroke.
Group Health Insurance:
Offered by employers to their employees, these plans provide coverage for employees and their dependents.
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