Different Types of Health Insurance Policies

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Health insurance coverage comes in several different types, depending on who governs the plan and how much money is put into the plan by the participant. First, there are private and government run plans. Private plans are the types of plans you get from health insurance companies like Anthem Blue Cross and Blue Shield. Government run health insurance plans include plans like Medicare, Medicaid and state run programs like Medi-Cal.

Within private health insurance companies, there are several different types of health insurance policies they usually offer. The usual and traditional plans include HMO (Health Maintenance Organization) plans, PPO (Preferred Provider Organization) plans and health savings accounts, or HSA’s. HMO plans are the least expensive of the plans, but also offer the least coverage. You pay less per month, but in turn pay more for doctor visits, hospital stays and so on. HMO plans also require the approval of your primary care physician, or PCP, before seeing a specialist.

PPO plans are usually more expensive per month, but have lower payments for doctor visits and hospital stays, and don’t have the restrictions on seeing specialists that HMO’s have. HSA’s are savings accounts in which you put a certain amount of money each paycheck, and is saved until you need it. These are usually coupled with high deductible plans, and are becoming more popular as they allow more control over one’s health care spending.

Government health insurance programs also come in different types as well. Medicare, for example, is a health insurance program meant for people 65 years of age or older that helps them pay for doctor visits, medical equipment. Since it’s a government-run program, it has more restrictions than other types of health plans, as well as gaps in coverage. These gaps are usually filled by private health insurance companies by using Medicare supplemental health insurance policies.

Medicaid is a health insurance program for low-income families, people with disabilities who are at or below the poverty line, senior citizens looking for nursing home coverage and so on. The use of Medicaid has been increasing over the years, especially by seniors and baby boomers looking to cover their nursing home expenses.

As you can see, there are many different types of health insurance plans available for individuals or families, and it’s up to you to figure out which one works best. Take the time to do the research on various types of health insurance plans and find out which one is the best fit for your needs before choosing a health care coverage plan for you or your family.