Health Insurance is that insurance which covers risk or part of risk of a person incurring his medical expenses.
Insurance pertaining to health can never be over emphasized as any one can fall sick at anytime and therefore there is need to get a health insurance to cover for expenses on medical bills.
Also looking at the definition given by the Health Insurance Association of America, health insurance is defined as " coverage that provides for payment of benefits as a result of sickness or injury". In other words, health insurance can include losses from the following below:
- Medical Expenses
- Accidental Death
Now, let us take a look at the types of health insurance.
Types of health insurance
1. Health Maintenance Organization (HMOs)
2. Exclusive Provider Organization (EPOs)
3. Point Of Service (POS)
4. Preferred Provider Organization (PPOs)
Now let's look at them one after the other.
1. Health Maintenance Organization (HMOs) -
This health care insurance gives you network of participating doctors, hospitals and other health care facilities or professionals to choose from. It is most less costly than the others.
2. Exclusive Provider Organization (EPOs) -
This type of health insurance gives you network of participating providers (not much) to make your choice from but will not include coverage if you go outside the network specified except in the course of an emergency. Depending on the plan, This health insurance may not give you options to choose from.
3. Point Of Service (POS) -
This type of health insurance combines both the feature of HMOs and PPOs, but their provided network is way smaller than the PPO plan.
4. Preferred Provider Organization (PPOs) -
It offers a large networks of participating providers and you will have much options to choose from.
In conclusion, I will recommend you to go for that which suits your taste and make sure you get your health insured as you will save more when you go into health insurance. For more information about health insurance, click here