Putting a Premium on Health Care: Why You Should Sign Your Family Up for an HMO
Don't let family health emergencies take you by financial surprise. Investing in an HMO plan will help shoulder the high cost of quality healthcare. Read on to find out more about the benefits of HMO.
One of your top priorities as a parent is the health and well-being of your children. You only want what is best for them, and that includes making sure that they remain as healthy as can be.
It also means that whenever they are sick, you are capable of giving them the kind of treatment that is necessary for them to fully recover. You also want to be sure of your own health, so that you are capable of fulfilling your own responsibilities.
With an HMO, you can be prepared to deal with medical concerns if and when they arise.
What is an HMO?
HMO stands for Health Maintenance Organization. It is basically an agency that takes care of providing medical and health insurance to individuals.
These groups are affiliated with a set of hospitals, treatment facilities and physicians who are listed as authorized or accredited healthcare providers for its members. Patients may enjoy certain benefits, subsidized rates or value added services when they seek treatment through an HMO.
How does healthcare through an HMO work?
Members pay a monthly premium that covers certain medical and health benefits, similar to how it is with insurance, but with generally lower rates. The actual benefits will depend on the package that you choose to avail of. Different health insurance providers will be able to give you different coverage options to choose from.
The maximum benefit limit, meaning the maximum amount that the HMO can cover, will also vary depending on your package. Also, depending on which provider you choose to sign up with, your choices for doctors and hospitals may be limited. This is because of the said accreditation agreements that stand between these HMO providers and the medical professionals.
More often than not, companies that offer health benefits to their employees are tied up with their own partner HMO groups. Therefore, as an employee, this coverage comes as one of your benefits. Your listed dependents will then be able to make use of the health care package available to you.
As an individual payer, or one who signs up for an HMO on his/her own, you have the benefit of choosing a plan and coverage that fit your needs. This way, you can be sure that what you are signing up for is really something that you and your family members can use.
How can your family benefit from signing up for an HMO?
When your family is signed up for an HMO, generally, out of pocket expenses for health and medical care are significantly reduced. Instead of having to pay for hospitalization, treatment or surgery out of your own pocket, for instance, your HMO will shoulder the cost.
The only time that you will need to shell out money is if the cost of your procedure exceeds your total coverage, or if it is not covered by your health care plan. Again, the subsidized amount or coverage will depend on your plan and provider. This is why you need to carefully choose which benefits and plans best suit your family’s needs.
Overall, the advantage of having an HMO is that, through your monthly contributions, you have something similar to pre-paid health insurance. So, when emergency situations arise, you don’t need to worry about where to get the funds to cover the major expenses.
With HMOs even offering perks like annual checkups and tests, you can really take control of the health of your family and make it a true priority.
ABOUT THE AUTHOR: PATRICIA DE CASTRO-CUYUGAN
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