There are many options open to you if you are shopping for health insurance. You’ll get anything from plans that over very specific coverage to others that offer very extensive coverage — And so do their rates also differ. In an ideal situation, your health needs should determine which you choose, however in reality, your purse seems to have an equal influence, if NOT more. Here are options in summary…

You have two main options: Traditional health insurance and managed care coverage…

Traditional health insurance: This is plain insurance coverage. You have the full right to choose whichever health care professional or facility you prefer. That is, your insurer does NOT choose your doctor. They also do NOT choose a hospital for you to use. The usual process is to pay your bills and have your insurance carrier make reimbursements when you submit your bills. On the other hand, the health care provider could also submit the bills directly to your insurer and await payment.

With traditional health insurance, you have the greatest flexibility in your choice of health care provider. However, you also pay a lot higher than you would with managed care plans.

Managed Care Coverage: There quite a good number of plans that come under this. In spite of their differences, they have certain basic features: They are all a combination of health care service delivery and financing. This means you are some what restricted to a network of health care providers. But for all that, you get to spend far less for good coverage.

These are the various forms of managed care plans…

1. HMO or Health Maintenance Organizations have health care providers that are contracted to them. Everyone who pays a certain amount on a monthly basis then has the privilege of getting health care from those health care providers contracted by the HMO. Things like prescription drugs, visiting a doctor of emergency room visits attract what’s known as copayment. A member of an HMO can’t get any reimbursement if they use a provider outside the network.

2. PPO or Preferred Provider Organization. This is where a traditional insurance company contracts with a group of health care providers to reduce the cost of health care delivery to its members. It’s good for both doctors and insurers: The doctors get many more patients along with prompt payments; the insurer gets to deliver health care to its customers at lower costs.

Members choose the health care provider they prefer. However, they’ll usually pay more if such a provider is NOT in contract with the PPO.

3. EPO or Exclusive Provider Organization. Like the above, is an arrangement by a traditional health insurance carrier with a group of health care providers. But the difference is that if you are a member of an EPO you must only use a health care provider that has a contract with the EPO.

4. POS or Point Of Service Plans. policy holders are free to choose to receive health care from the network’s providers or outside at the point of service. But do bear in mind that you’d have to bear the following costs when using providers outside the network: Coinsurance and deductibles. And, the amount of coverage available to you is also reduced once you go outside the network.

If you want to be sure you get the best both in price and value, then you’d have to take some time out to get quotes and compare plans.

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