Which Type of Health Insurance Is Right for Me?

There are as many types of health insurance policies out there as there are people who need them. While this is great because it allows you to compare the options and find the perfect plan, it can also make the process stressful and more complicated than it needs to be. Today, there are a lot of resources out there that can help people select the best insurance, including live reps from the Health Insurance Marketplace who walk people through the individual plan selection process.

What if you want to figure it out for yourself, though? Perhaps you’re just shopping around, or even comparing work policies to select the right one for your benefits enrollment. Whatever the case may be, you’re never truly alone when you are buying your health insurance.

How to Find Insurance

The first and most important step is to figure out where and how you’re eligible for coverage. If your employer offers insurance, you can get it through them. They will handle the benefits enrollment and provide you with all the paperwork and information. You won’t have to worry about buying a separate policy unless you want more coverage or an additional type of protection not offered by your employer.

If you aren’t eligible for your (or your spouse’s) employer-sponsored health insurance coverage, you may have to shop for your own. You can do this by visiting the HealthCare.gov website and putting in your ZIP code. Then, you’ll be sent to the right site to see and select plans available in your state.

Compare Plan Types and Coverage

Once you have found the policies that you can buy, you’ll want to start comparing them to see which one is going to be best for your needs. There are a lot of acronyms that can quickly start to feel like a spelling bee, but these are the important ones to know:

HMO: Health Maintenance Organization, ideal for those who want lower out-of-pocket costs and don’t mind having a smaller provider network or limited selection of service providers.

PPO: Preferred Provider Organization, the right choice for those who are willing to pay a little more for a wider network of coverage. Out-of-network coverage is available at a premium cost, and no referrals are required.

EPO: Exclusive Provider Organization, which is best for those who want lower costs without the need for referrals. There is less room for provider selection, but the benefits often make up for that.

POS: Point-of-service plans are ideal because they allow you to have more provider options and a care provider who can coordinate it all. This type of policy also allows out-of-network coverage for certain providers, facilities, and services.

Each of these policies will have its own list of covered services and conditions, as well as any exclusions or limitations that people need to know about. For example, with an HMO, you can only use their specific network doctors, but exactly how much of their services are covered will depend on your exact policy.

What Do You Need?

The next thing to think about is what kind of health insurance coverage you need. Do you have complex health issues that require a lot of specialists? Are you looking for a policy for the entire family? Think about what you need from your health insurance before you start shopping. That way, you can compare the options and find the perfect fit. If you have preferred doctors or know you want a certain type of policy, factor that into your decision, too. Most importantly, shop around and compare the options so that you can see what’s out there before you commit.