We know picking a health insurance plan can be overwhelming. Stressless and make your life easier by preparing for the enrollment early. And ask lots of questions.
You should prepare early for health insurance enrollment.
Prepare for Your 2021 Open Enrollment Period
- Evaluate Your Current Policy Get a head start by checking your employer’s open enrollment period, marking your calendar and setting up reminders. Think about how well your current plan works for you. Look at its expenses, convenience, and coverage.
- Choose a Plan Just log in to your benefits enrollment site to find all Aetna health insurance plans and programs available to you for 2021. Set aside time to review your choices and compare them side by side.
- Enroll in the Aetna Plan Correct for You Your new coverage starts on January 1, 2021. You will automatically be disenrolled from your old plan when your new coverage begins.
HMO, POS, PPO, and EPO Health Insurance Plans
Health insurance companies use many acronyms (HMO, PPO) and specialized terms such as “deductible” and “copay.” You may be wondering if you are the only one who’s confused: “Was I out sick the day that everyone else learned what this stuff means?” This study guide will teach you all you need to know to select a health insurance plan. We will describe the different plans and explain how your health history and budget might affect your insurance needs. Soon, you will understand all your options and feel more confident about making the right decision.
HMO: A Budget-Friendly Policy
An HMO plan is among the cheapest forms of health insurance.
A Health Maintenance Organization (HMO) plan is one of the cheapest forms of health insurance. It has low premiums and deductibles and fixed copays for physician visits. HMOs, require you to select doctors within their network. When you sign up for the plan, you’ll choose a primary care physician (PCP), whom you will see for regular checkups. Your PCP will need to give you a referral before you can see a specialist, such as a dermatologist (skin doctor). Since all your health services are funneled through your PCP, it’s significant to find one you trust. HMOs are an excellent choice if you are on a tight budget and don’t have any medical issues.
POS: A Cheap Plan with Out-of-Network Coverage
As with an HMO, a Point of Service (POS) plan necessitates that you get a referral from your primary care physician (PCP) before seeing a specialist. But for slightly higher premiums than an HMO, this health insurance plan covers out-of-network doctors, though you will pay more than for in-network doctors. This is a significant difference if you are managing a condition, and one or more of your physicians are not in the network.
EPO: A Larger Network Makes Life Easier
An Exclusive Provider Organization (EPO) is a lesser-known plan kind. Such as HMOs, EPOs cover only in-network care, but networks are generally larger than for HMOs. They may or may not require referrals from a primary care doctor. Premiums are higher as compared to HMOs but lower than PPOs. PPO: The Plan with the Most Freedom A Preferred Provider Organization (PPO) has pricier premiums compared to HMO or POS. But this plan lets you see specialists and out-of-network doctors without a referral. Copays and coinsurance for in-network doctors are low. If you know you will need more health care in the coming year and can afford higher premiums, a PPO is a good option.
Resources and References