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Choosing Health Insurance Wisely

Is there anything more important than your health? Certain people believe that money has kept them alive but in fact it’s their health that enables them to earn and live a life they always wanted. In a world like this, health insurance is a necessity. The ones who get health insurance at work are extremely lucky and have one less thing to worry about in life.

So at least we’re on the same page that each one of us needs health insurance, but are we ready to spend a huge amount? What choices do we have? Are there cheaper options? Yes, you have options available that are not heavy on the pocket.

Personal or individual health insurance covers your doctor’s appointments, treatments and prescriptions. Just imagine if you or anyone from your family needs an urgent surgery and you’re not able to pay for it. It will take its toll if you don’t have the money especially when your health is at stake. It’s better to be prepared for any health crises that strike out of the blue.

A lot of people have this perception that health insurance is not within their reach. Why? Because they believe it’s extremely expensive and they’re not ready to invest in it. But it’s not the case anymore. Today, you have options and you can pick the one you think is feasible for you.

HMO & PPO

The most common health plans include HMO (health maintenance organization), PPO (preferred provider organization), and of course, the deductibles. According to the Wikipedia, HMO is an “organization that provides or arranges managed care for health insurance, self-funded health care benefit plans, individuals, and other entities in the United States and acts as a liaison with health care providers on a prepaid basis.”

PPO is a “managed care organization of medical doctors, hospitals, and other health care providers who have agreed with an insurer or a third-party administrator to provide health care at reduced rates to the insurer’s or administrator’s clients.”

The downside of HMO is that there’s a certain list of doctors that your insurance organization will allow. Diagnostic tests are also restricted. But the plus side is it’s the cheapest option you can go for.

The downside of PPO is that it’s expensive. That’s because it allows you to choose your own doctor and there’s no such strict criteria when it comes to the diagnostic tests. Usually, people with a serious medical history, who have had the same doctor for quite some time, opt for PPO.

 

It all comes down to what you’re comfortable with. If you like to have more flexible terms and conditions and are ready to spend a little above average then PPO is the right option. But if you’re okay with little flexibility and you don’t want to spend too much then HMO is the right one for you. Choose wisely!

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