Young and Healthy? You Might Want to Get an HMO
Open Enrollment is here and if this is your first (or second or third) time having to enroll in your own health plan, you might not know where to start. Because it’s like a massive online store for health insurance plans, using the Marketplace to choose a plan during Open Enrollment can be overwhelming. There are so many options and it can be hard to know what’s right for you. So we’re here to make it easy with helpful posts about everything you need to know about getting a good health insurance plan and a tool to find you your best plan in under 5 minutes.
HMOs – which stands for Health Maintenance Organization – have become more popular over recent years. Because their monthly cost (a.k.a premium) is lower than most plans, they’re a great choice for younger people who are healthy and rarely go to the doctor.
What is an HMO?
In an HMO plan, you have to assign yourself a primary care physician (healthcare-speak for a general doctor). That doctor is always your first point of contact. You go to them first when you’re not feeling well and, if they can’t help you, then they’ll refer you to a specialist.
Using an HMO
HMOs premiums are lower because you are visiting doctors that are only a part of the HMOs network of providers. That’s why we recommend HMOs for younger, healthier people who generally don't care about sticking with a specific doctor. If you don't use your health insurance plan all that often, why pay for an expensive plan? It would be like buying a meal that serves six for yourself. You spent all that money just to see all that food go to waste. With an HMO, you get the coverage you need with a more affordable monthly price tag.
Things to keep in mind with an HMO
Emergencies do happen. You don’t want to be caught off guard, so still take note of your HMO’s deductible and out-of-pocket max amounts. You’ll be able to find this information in your health insurance plan’s documents.