What is the difference between Traditional Major Medical, HMO, and PPO plans?
A Traditional Major Medical plan is one in which your insurance company will reimburse you for covered medical expenses after certain conditions are met. One of these conditions is that you will have to pay a deductible. Deductibles can range from $50 to $5,000. As a general rule, the higher the deductible, the lower the premium cost. A second condition is a Traditional Major Medical plan typically requires you to pay a portion of the cost above the deductible, this is often referred to as co-insurance. Typically, the co-insurance amount is expressed as a percentage of the claim amount above the deductible. A common co-insurance percentage is 80/20, where the insurance company pays 80% and you pay 20%. At Continental Advisors, you can find plans with deductibles from $0 to $5,000 and co-insurance percentages from 50/50 to 100/0. As a general rule, you will be able to choose your doctor without reference to an approved list provided by the insurance carrier. An HMO (Health Maintenance O
