Health insurance is coverage that provides for the payments of benefits as a result of sickness or injury. Includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment. Reach out to us to learn more about the types of health insurance plans for physicians.
Health Maintenance Organizations (HMOs) and Exclusive Provider Organizations (EPOs)
Health Maintenance Organizations (HMOs) and Exclusive Provider Organizations (EPOs) are two common types of health insurance plans available to medical professionals. HMOs and EPOs may limit coverage to providers inside their networks. A network is a list of doctors, hospitals, and other health care providers that provide medical care to members of a specific health plan.
If you use a doctor or facility that isn’t in the HMO’s network, you may have to pay the full cost of the services provided. HMO members usually have a primary care doctor and must get referrals to see specialists. This is generally not true for EPOs.
Preferred Provider Organizations (PPOs) and Point-Of-Service Plans (POS)
Preferred Provider Organizations (PPOs) and Point-of-Service (POS) health insurance plans give physicians the choice of getting care within or outside of a provider network. With PPO or POS plans, you may use out-of-network providers and facilities, but you’ll have to pay more than if you use in-network ones. If you have a PPO plan, you can visit any doctor without a referral. If you have a POS plan, you can visit any in-network provider without a referral, but you’ll need one to visit a provider out-of-network.
High Deductible Health Plan (HDHP)
High Deductible Health Plans typically feature lower premiums and higher deductibles than traditional insurance plans offered to doctors. If you have an HDHP, you can use a health savings account or a health reimbursement arrangement to pay for qualified out-of-pocket medical costs. This can lower the amount of federal tax you owe.
Catastrophic Health Insurance Plan
A catastrophic health insurance plan covers essential health benefits but has a very high deductible. This means it provides a kind of ‘safety net’ coverage in case you have an accident or serious illness. Catastrophic plans usually do not provide coverage for services like prescription drugs or shots. Premiums for catastrophic plans may be lower than traditional health insurance plans, but deductibles are usually much higher.
Reach Out to Our Health Insurance Team to Discuss the Different Types of Plans
There are many types of health insurance plans for physicians. Contact us to learn more about the right health insurance for you.
Disclaimer
Guardian and its subsidiaries do not endorse or have any direct or indirect responsibility with respect to this activity.