When choosing a medical plan, it’s important to consider your budget, personal preferences, age, and health, as well as the age and health of your dependents. You should review the key differences between the available plans and select the one that best meets the needs of you and your family. The plans vary in the following areas:
- Deductibles, co-payments, and coinsurance: Consider how much you will pay out-of-pocket before the plan starts covering expenses.
- Out-of-pocket maximum: Compare the total amount you could spend in a year.
- Convenience and covered services: Think about how easy it is to access healthcare providers, the services included, and whether the plan offers the coverage you need.
- Access to providers: Check if your preferred doctors and hospitals are covered under each plan.
Take time to compare the different plan types to find the one that best suits your
needs.
What is an HMO Plan?
HMO stands for Health Maintenance Organization. With an HMO plan, you must choose a Primary Care Physician (PCP) from the Aetna network of healthcare providers who will refer you to specialists or hospitals when necessary.
What is a PPO Plan?
PPO plans or “Preferred Provider Organizations” plans are one of the most popular types of plans. PPO plans allow you to visit whatever in-network physician or healthcare provider you choose without requiring a referral from a primary care physician. .
HDHP Plan (with Health Savings Account)
HDHP stands for High Deductible Health Plan. It is a PPO-style plan where you must first meet your deductible before the plan starts covering costs. After that, you pay a percentage of the cost (called coinsurance) until you reach your annual out-of-pocket maximum. An HDHP includes an additional feature called a Health Savings Account (HSA). The HSA lets you set aside money in a personal account to help pay for future healthcare expenses. The best part is that the HSA offers triple tax savings: your contributions are tax-free, the money grows tax free, and withdrawals for qualified medical expenses are also tax-free.