What does the EPO, PPO, HMO, POS stand for in HEALTH INSURANCE What is network provider

Welcome back to my channel Lets Talk Money. Today I would like to explain the network
types most commonly known as EPOs, PPOs, HMOs and POS plans. Some plan types allow you to use almost any
doctor or health care facility. Others limit your choices or charge you more
if you use providers outside their network.

You can easily identify the type of plan by
looking at the description next to the plan name. Lets look at each network type.  Preferred Provider Organization (PPO):
PPOs give you the choice of getting care from innetwork or out-of-network providers. You pay less if you use providers that belong
to the plans network.

Youll pay more if you use doctors, providers,
and hospitals outside of the network, and you may have higher out-of-pocket costs for
services. If you have a PPO plan, you can visit any
doctor without getting  a referral.  Exclusive Provider Organization (EPO):
A managed care plan where services are covered only if you use doctors, specialists, or hospitals
in the plans network (except in an emergency). No referral is required to see a specialist  
Point of Service (POS): A type of plan where you pay less if you use doctors, hospitals,
and other health care providers that belong to the plans network.

POS plans require you to get a referral from
your primary care doctor in order to see  a specialist.  Health Maintenance Organization (HMO):
A type of health insurance plan that usually limits coverage to care from doctors who work
for or contract with the HMO. An HMO generally wont cover or has limited
coverage for out-of-network care except in an emergency. If you use a doctor or facility that isnt
in the HMOs network, you may have to pay the full cost of the services you get.

HMO members usually have a primary care doctor
and must get referrals to see specialists. Weve been talking so much about provider
networks, SO what is that? Well, a provider network is a list of the
doctors, other health care providers, and hospitals that a plan has contracted with
to provide medical care to its members. These providers are called network providers
or in-network providers. A provider that hasnt contracted with the
plan is called an out-of-network provider.

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