One of the best ways to invest your money is through an individual health insurance plan. However, like any investment, choosing the right health insurance policy and company is very important to get the most out of it. Before making a smart decision, you should first familiarize yourself with the policies and coverage. As of today, there are three main types of individual health insurance plans. Here are those.

Point of Service (POS)

The POS can be considered as the hybrid of HMO and PPO. This plan offers members the freedom to choose their own doctors, either in-network or out-of-network, while benefiting from a low-cost visit fee. However, if you stick with the POS network, everything will be fine and smooth. The downside is that you may have a hard time getting a referral from a specialist. Among these three types of health insurance plans, POS is probably the best health insurance policy. But when it comes to price, it’s certainly not the cheapest health insurance coverage.

Preferred Provider Organization (PPO)

Unlike an HMO, a PPO allows its members to choose doctors outside of the PPO’s network. Also, you do not need to get a referral to see a medical expert. However, when you choose a specialist outside of the network, the payment is usually higher. Its affordability makes it some people’s number one choice for health guarantee plans.

Health Maintenance Organization (HMO)

HMOs generally include preventive care. Under the HMO, you must pay the monthly health guarantee fee so that you can only pay a small percentage of the doctor’s office charge. This is similar to PPO, however it can be concluded that this is cheap health insurance. As of now, this is probably the cheapest health insurance policy. The HMO strongly encourages members to visit the doctor regularly. The downside to this is that you have limited options when choosing your personal doctor.