| HMO: |
| | HMO stands for Health Maintenance Organization, a health care system that assumes or shares both
the financial risks and the delivery risks associated with providing comprehensive medical services to a voluntarily enrolled
population in a particular geographic area, usually in return for a fixed, prepaid fee. |
| PPO: |
| | PPO - A Preferred Provider Organization is an arrangement designed to supply health care services
at a discounted cost by providing incentives for members to use designated health providers (who contract with the PPO at a
discount), but which also provides coverage for services rendered by health care providers who are not part of the PPO network. |
| POS: |
| | Point of Service has similarities to both PPO and HMO plans. As with Preferred Provider (PPO) plans,
you are directed toward a network of contracted doctors, hospitals and clinics for your healthcare, but you can pay a larger
out-of-pocket fee to visit an out-of-network provider. In line with the managed care policies of an HMO, your healthcare is
administered according to a healthcare professional.
With a Point of Service plan your primary doctor oversees your medical
care and refers you to contracted specialists when the need arises.
Akin to the philosophy of an HMO, POS plans promote
health and wellness through prevention and education, in addition to treatment. The upside to a Point of Service plan is the
freedom to go out on your own and chose your own providers, even specialists, outside the network. |
| HSA: |
| | With a Health Savings Account flexibility is the key component. Anyone with a high-deductible
health plan can set up a health savings account to save money on medical care now, as well as save for future medical expenses. You
may use HSA funds to pay for expenses that must be met before your deductible, to pay for services not covered by your health
plan (such as alternative therapies or out-of-network providers), or insurance coverage during periods of unemployment. |
| FSA: |
| | Flexible Spending Accounts allows consumers to contribute money on a tax-free basis for common
out-of-pocket healthcare expenses. |
| Voluntary Products: |
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| Dental: |
| | Dental refers to a contract in which a consumer pays premium in return for contracted dental
services. Consumers may choose a plan which offers discounts on specified dental services performed by providers that are contracted
with the organization. Many consumers simply receive dental service benefits as part of a larger healthcare insurance policy. |
| Vision: |
| | Vision refers to a contract between a consumer and an insurance organization which provides vision
care in return for a premium. In exchange for their premium payments, consumers usually receive eye examinations (given by doctors
and clinics contracted with the insurance organization) and corrective eyewear. Exactly how much of the fees are covered varies
according to the specifics of the plan. |
