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HEALTH INSURANCE

TYPES OF PLANS

There are currently more types of health insurance plans available than ever before. It can be overwhelming at first, but this just means that the perfect plan for you IS out there! 

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Major Medical Insurance

A term that is used to generally describe comprehensive health coverage. Used in contrast with fixed indemnity or limited benefit plans. Most major medical plans have a set deductible, out-of-pocket max, coinsurance, and set copays for doctor’s visits and prescriptions.

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Supplemental Insurance

Any insurance plan that is used to help round out an individual’s main health insurance plan by paying out more benefits for healthcare costs. Can refer to indemnity plans or any other ancillary plan. Very useful for individuals whose main plan has high copays, deductibles, or a high out-of-pocket max.

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Short Term Plan

A health insurance plan which can be used to bridge a gap in coverage. Depending on the plan, may or may not meet the qualifications to be considered major medical plan coverage.

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Fixed Indemnity Plan

Fixed indemnity insurance is a type of health insurance policy that pays a fixed amount of money for specific medical events, regardless of the actual cost of the medical services received. Fixed indemnity insurance is also known as a limited benefit plan or an indemnity plan. 

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Ancillary Plans

Another term for supplemental insurance. The most common types of ancillaries are vision, dental, and life insurance plans. Other ancillary benefits include chiropractic services, home health services, and disability insurance.

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HMO

(Health Maintenance Organization)

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PPO

(Preferred Provider Organization)

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EPO

(Exclusive Provider Organization)

A type of managed care health insurance plan that requires individuals to select a primary care physician and obtain referrals to see specialists.

A type of health insurance plan that allows individuals to see any healthcare provider within a network without a referral, but may have higher out-of-pocket costs for out-of-network providers.

A type of health insurance plan that is similar to a PPO, but only covers healthcare services obtained from providers within the network.

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