Why A POS Insurance Plan Could Save You Money While Giving You More Freedom

Following the introduction of ‘Obamacare’, everyone is now obliged to have major medical insurance, but trying to find the right one for you can involve a lot of research.

What is it?

Unlike HMO plans, which restrict your care to providers within the approved network, Point of Sale (POS) plans allow you more flexibility. You can still have a Primary Care Physician (PCP) coordinating your care, but you will also have the option to choose specialists and other health professionals outside the network.

Benefits

You can enjoy greater geographic flexibility and travelers can visit doctors nearly anywhere and still have some medical coverage. This can be particularly important if you live in the country where the choice of providers under an HMO may be very limited. These plans may also be good for people who use lots of outpatient medical services, such as counseling.

Disadvantages

One downside is that the premiums can be up to 50% more expensive than HMO plans. They are, however, still a lot cheaper than the other main - Preferred Provider (PPO) - plans. The deductibles and co-payments required when going out of network may also seem high. There are usually no deductibles for these plans, if you do use approved providers and the co-payments are very small.

Research

These plans can be very confusing, with different levels of deductibles, co-payments and restrictions. It’s therefore important to do your homework, take time to compare several different plans and look at the finer details - to ensure that you get a plan that meets your needs.