PPO, EPO, & HMO — Which plan is right for you?
As if health insurance couldn’t get any more complicated, there are three different types of plans to choose from — EPO, HMO, & PPO. The question is, which one is the right plan for you?
Health Maintenance Organization (HMO): A Budget-Friendly Plan
HMO plans offer a local network of doctors and hospitals for your to choose from. It usually has lower monthly premiums and higher deductibles when compared to PPOs and EPOs. If you’re comfortable choosing within a selected network and allowing your PCP to coordinate healthcare (i.e. referrals), HMO plans may be the option for you. Also, if you’re on a budget and don’t have many medical issues, HMOs may be a good choice.
Preferred Provider Organization (PPO): The Plan with the Most Freedom
PPO plans offer a larger network with more hospitals and doctors to choose from. Out-of-pocket costs are generally higher with a PPO than an HMO or EPO. If you’re willing to pay a higher monthly premium for more choices and flexibility with your health care options, a PPO plan may be best for you.
Exclusive Provider Organization (EPO): Larger Networks to Make Life Easier
EPO plans offer a local network of doctors and hospitals for you to choose from (like HMOs) but are more pocket-friendly than PPO plans. Although, if you choose care outside of the plan’s network, it usually will not be covered (except in an emergency). EPO plans are more suitable if you’re looking for a lower monthly premium and are willing to pay a higher deductible when needing health care.
The chart above also helps illustrate the differences between plans. As always, our agents are ready and waiting to answer any questions you may have. Give us a call today!