Health insurance is one of the most valued benefits offered by employers or purchased by an individual. This type of insurance comes in three types: HMO (health maintenance organization), PPO (preferred provider organization, EPO (exclusive provider organization), and POS (point of service organization).
Each of these health insurance options offers a specific set of benefits, varying in cost. Choosing the right plan for you or a family requires understanding what a plan provides in benefits. A local insurance agent can explain your options and help you decide the plan that will best match your needs and budget.
If you have a medical provider, clinic, or hospital you trust, the provider must be contracted in the health insurance plan’s health network. Health insurance policies have a list of the in-network medical professionals you can review before settling on a plan.
Disability insurance pays a monthly benefit should you become incapacitated and unable to earn a living. The benefits paid are a certain percentage of the income you would have earned had you continued to work. The duration of the benefits, the amount paid, and whether you are required to seek other employment before becoming eligible for benefits varies from policy to policy.
If you or a loved one has specialized health care needs, some health insurances, specifically Medicare, SSDI, Medicaid, and SSI Disability, are available. In addition, under the Affordable Care Act, health insurance companies cannot deny people who apply for health insurance who have preexisting health conditions.