Health Insurance: The Plan You Pick

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Health Insurance: The Plan You PickVideo Description:You probably haven't given your health insurance much thought, but post-graduation, you'll suddenly be responsible for your own health care plan. Would an HMO be sufficent? Why does a PPO cost more? What do those terms even mean? Here's help! Transcript:You thought final exams were hard, but understanding your health insurance options? That feels impossible! Although there are many different types of health insurance plans, the two most common types of health insurance are an HMO and a PPO.  A health maintenance organization, or HMO, is less expensive, but it is also the more restrictive option of the two. There are two aspects to an HMO that are important to understand.  First, each HMO has a "network" of doctors - a list of physicians whose services are covered by your insurance.  When you receive medical care from one of these in-network doctors, your HMO will pay for it, although you'll still be responsible for a small fixed fee, called a co-payment, or co-pay, for each doctor's visit. On the other hand, if you go out of network, and visit a doctor who is not on the HMO's approved list, you'll need to pay those medical bills yourself. In addition, most HMOs require you to select a primary care physician from their list of approved doctors. This primary care physician will provide you with basic health services, like your annual check-up.  More importantly though, an HMO will only pay for visits to other doctors - like a dermatologist or a surgeon - if your primary care physician approves it first. The benefit of an HMO is that it costs significantly less than a PPO, and is often offered free of charge by an employer.  If an HMO seems too restrictive, you may also consider a preferred provider organization, or PPO. Generally speaking, a PPO will cover medical services from a much broader range of providers than an HMO.   As well, with a PPO, you do not need a referral to see a specialist. In addition, most PPOs allow you to see someone “out of network,” who is not on the list, and still receive some reimbursement-usually 50 to 70% of your outlay. Because of these benefits, PPOs are more expensive, and your employer may require you to put a larger part of your paycheck toward coverage. Still, this type of plan is excellent if you're already attached to your primary care doctor and do not want to switch to a new one.   It's also a good bet if you need to see specialists on a regular basis. Whichever type of coverage you choose, pay careful attention to the information provided by your insurer.  Even though you're covered, there are co-pays and other fees that you are still responsible for.  So choose the best plan for you! Category:College Life/After Graduation Tags:health insurance, health care plan, hmo, ppo, expensive, insurance coverage, ppo insurance, medical insurance, insurance plan, insurance, medical
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