Health insurance policies are available for individuals and families but there are so many variations that it gets confusing. Being able to find a Colorado health insurance company that makes sense and fits your budget means you'll want to be a part of a group plan, but since there are a couple of different types of group policies, understanding which will be the best for your needs is important.
The two types of Colorado health insurance group plans are HMO's and PPO's. Health maintenance Organizations and Preferred Provider Organizations have a lot of similarities but they also have some very significant differences as well. Paying premiums for the policy and knowing the insurance company will pay a percentage of the bills are the basic similarities, but other major features of each are totally different.
As HMO's were designed as a single source type of plan, you'll be selecting a Primary Care Physician for you and for each of the members of your family. Your PCP will be your initial point of contact for any medical needs you have. If you need to see a specialist or other medical professional your PCP will give you a referral to them so the insurance is applied properly. Because of this set up, if you have to see a physician outside the HMO network, you may be required to pay the entire bill, especially if you don't have a referral from your PCP.
PPO's are based on contracts with a network of preferred providers to give you more flexibility in choosing which doctors and other medical professionals you can see. Since you're not being limited by going through your PCP to get a referral, you can see whoever you want that's in the network and your Colorado health insurance will pay for it as long as you've met the yearly deductible and take care of any co-pays that may be necessary.
HMO in-network doctors are paid when they file Colorado health insurance claims which mean you don't have to worry about any additional paperwork. The drawback is that if you have to use a doctor or facility that isn't a part of their network, you usually wind up having to pay for any bills yourself as the HMO won't cover any part of it. Also, you'll still have co-pays for doctor visits and medicines
With PPO's however, if you had to go to an out of network provider, you'll be responsible for covering the bill and will have to file a claim with the PPO to be reimbursed. Also, regardless of whether you have to see in-network doctors or out of network ones, you'll have an annual deductible that will have to be met before the Colorado health insurance will kick in and pay a percentage of the bill. The best thing to do is to sit down and talk to health insurance agents and do some research to see which type of group plan will meet your needs and so you'll know what your ultimate costs will be.
The two types of Colorado health insurance group plans are HMO's and PPO's. Health maintenance Organizations and Preferred Provider Organizations have a lot of similarities but they also have some very significant differences as well. Paying premiums for the policy and knowing the insurance company will pay a percentage of the bills are the basic similarities, but other major features of each are totally different.
As HMO's were designed as a single source type of plan, you'll be selecting a Primary Care Physician for you and for each of the members of your family. Your PCP will be your initial point of contact for any medical needs you have. If you need to see a specialist or other medical professional your PCP will give you a referral to them so the insurance is applied properly. Because of this set up, if you have to see a physician outside the HMO network, you may be required to pay the entire bill, especially if you don't have a referral from your PCP.
PPO's are based on contracts with a network of preferred providers to give you more flexibility in choosing which doctors and other medical professionals you can see. Since you're not being limited by going through your PCP to get a referral, you can see whoever you want that's in the network and your Colorado health insurance will pay for it as long as you've met the yearly deductible and take care of any co-pays that may be necessary.
HMO in-network doctors are paid when they file Colorado health insurance claims which mean you don't have to worry about any additional paperwork. The drawback is that if you have to use a doctor or facility that isn't a part of their network, you usually wind up having to pay for any bills yourself as the HMO won't cover any part of it. Also, you'll still have co-pays for doctor visits and medicines
With PPO's however, if you had to go to an out of network provider, you'll be responsible for covering the bill and will have to file a claim with the PPO to be reimbursed. Also, regardless of whether you have to see in-network doctors or out of network ones, you'll have an annual deductible that will have to be met before the Colorado health insurance will kick in and pay a percentage of the bill. The best thing to do is to sit down and talk to health insurance agents and do some research to see which type of group plan will meet your needs and so you'll know what your ultimate costs will be.
About the Author:
Doing your research is key when choosing which employer group health insurance option is best for you and your family. Royce Vangoff changed his Colorado health insurance when he found a plan that worked best for him.
