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A PPO, which is more formally known as a Preferred Provider Organization, is a form of managed care insurance. Unlike an HMO, this form allows you to utilize the services of medical professionals within a designated network of providers as well as from professionals outside of the network. When utilizing this type of policy, you generally have to pay a co-payment fee for each of your visits to a medical facility. In most cases, this co-pay is just $10 to $25 per visit. In addition, you will be expected to meet a deductible with this form of insurance.
A deductible is a specific amount of money that you have to pay out of your own pocket before any of the benefits are paid. The amount of this deductible will vary according to the policy and may also vary according to other factors. For example, you might have to pay a deductible for each person on the policy and there may also be an overall deductible that must be met for the entire group of people on the policy. In addition, you might have a deductible that you need to meet for physicians within the approved network and a separate deductible for those that are not in the network.
In addition to paying a co-payment and meeting your deductible, this form also involves paying a co-insurance payment. The co-insurance payment is determined by computing a pre-determined percentage of the cost of a specific treatment. As with the co-payment and deductible, you are responsible for paying the co-insurance costs before any of the expenses are paid through the policy. Although it is acceptable to obtain services from medical providers that are outside of the network, it will cost more money to use an out of network provider than one that is in the network.
A wide variety of companies offer this type which is a popular form for employers to offer to their employees. This is primarily because the premiums are relatively inexpensive when compared to traditional insurance coverage, yet this type of policy provides an increased amount of flexibility because you can still choose to utilize the services of an out of network provider.
When determining whether or not this type coverage is right for you, it is a good idea to consider the cost of the plan as well as the cost of accessing the benefits. For example, though the premium may be low, the deductible or co-insurance amount may be high. If you utilize medical services on a frequent basis, it might be better for you to purchase a policy with a slightly higher premium in order to save on the deductible and the co-insurance payment amount. You should also consider the medical professionals that are included in the network because, although you can utilize the services of people outside of the network, the extra costs associated with taking this step might be undesirable for you.
It is important to note that there are several companies that offer this type of coverage. Therefore, in order to make sure you get the best deal possible and that you obtain the policy that is best suited to your needs, it is important to compare the offers that various companies provide. By obtaining policy and quotes information, you can compare the offers of the various companies on a side-by-side basis in order to determine which one is right for you. The time you take in selecting the right company will be well worth it when the time comes for you to utilize this valuable service.