Health Insurance

Health insurance is a type of coverage that helps pay for medical expenses incurred due to illness, injury, or other health conditions. It can include coverage for accidents, medical treatments, disabilities, and even accidental death or dismemberment.

Types of Health Insurance

Health Maintenance Organizations (HMOs) and Exclusive Provider Organizations (EPOs)
  • Network Limitations : These plans often restrict coverage to healthcare providers within their network, which consists of approved doctors, hospitals, and specialists.
  • Out-of-Network Costs : Using a provider outside the network typically requires you to pay the full cost of services.
  • Primary Care and Referrals : HMO members generally need a primary care doctor and must obtain referrals for specialist visits. EPOs, however, usually don’t require referrals.
 Preferred Provider Organizations (PPOs) and Point-of-Service Plans (POS)
  • Flexibility : These plans allow you to choose between in-network and out-of-network care.
  • Cost Considerations : Out-of-network services generally cost more.
  • PPOs : No referral is needed to see any doctor, whether in-network or out-of-network.
  • POS Plans : In-network providers can be visited without a referral, but referrals are required for out-of-network services.
High Deductible Health Plans (HDHPs)
  • Cost Structure : These plans feature lower premiums but higher deductibles compared to traditional plans.
  • Health Savings Tools : HDHPs often pair with Health Savings Accounts (HSAs) or Health Reimbursement Arrangements (HRAs), enabling you to use pre-tax dollars for qualified medical expenses, reducing your federal tax liability.
 Catastrophic Health Insurance Plans
  • Purpose : These plans cover essential health benefits but have very high deductibles, acting as a “safety net” for severe illnesses or accidents.
  • Limitations : They may not cover services like prescription drugs or immunizations.
  • Cost : Premiums are typically lower than traditional plans, but deductibles are significantly higher.

Contact us today to learn more about finding the right business insurance for your needs.