Types of Insurance

An Administrative Services Only (ASO) is an insurance arrangement where an employer self-funds their employee benefit plan, but outsources the administrative tasks and services to a third-party administrator (TPA). In an ASO arrangement, the employer pays for all employee claims out of their own pocket, and the TPA is responsible for managing the plan, processing claims, and providing administrative services.

Consumer-driven health plans (CDHPs) are a type of health insurance that places more financial responsibility on the individual. These plans generally have lower monthly premiums than traditional health insurance plans, but require individuals to pay higher out-of-pocket costs when receiving medical care.

An Exclusive Provider Organization (EPO) is a type of managed care health insurance plan that combines features of Health Maintenance Organizations (HMOs) and Preferred Provider Organizations (PPOs). EPOs typically have lower out-of-pocket costs than PPOs and provide more freedom to choose healthcare providers than HMOs.

A Flexible Spending Account or Arrangement (FSA) is a type of employee benefit plan that allows employees to set aside a portion of their pre-tax salary to pay for qualified healthcare expenses. These funds can be used to pay for a wide range of out-of-pocket healthcare costs, including deductibles, co-payments, and prescription medications.

HMO (Health Maintenance Organization) and PPO (Preferred Provider Organization) are both types of managed healthcare plans offered by insurance companies.

A Health Savings Account (HSA) is a type of savings account that allows individuals to set aside pre-tax income to pay for qualified medical expenses. HSA withdrawals refer to the process of accessing the funds in the account.

A Health Maintenance Organization (HMO) is a type of health insurance plan that provides medical services to its members through a network of healthcare providers. HMOs are typically characterized by lower out-of-pocket costs, but also have more restrictions on which healthcare providers members can see.

A Health Reimbursement Arrangement (HRA) is an employer-funded health benefit plan that reimburses employees for eligible medical expenses. HRAs are designed to help employees pay for medical expenses not covered by their health insurance plan, such as deductibles, copayments, and coinsurance.

A Health Savings Account (HSA) is a type of savings account that allows individuals to set aside money on a pre-tax basis to pay for qualified medical expenses. HSAs are typically offered in conjunction with high-deductible health plans (HDHPs), and are designed to help individuals save money on health care expenses while also providing tax benefits.

A High Deductible Health Plan (HDHP) is a type of health insurance plan that requires individuals to pay a high deductible amount before the insurance coverage begins. The deductible amount is typically higher than traditional health insurance plans, but the premiums are generally lower. HDHPs are often used in conjunction with Health Savings Accounts (HSAs) to help individuals save money on healthcare expenses.

A Medical Savings Account (MSA) is a type of tax-advantaged savings account that can be used to pay for qualified medical expenses. MSAs are typically paired with high-deductible health insurance plans and are designed to help individuals save money on their healthcare costs.

An Open-Access Health Maintenance Organization (HMO) is a type of managed care health insurance plan that combines some of the features of traditional HMOs with some of the features of Preferred Provider Organizations (PPOs).

An Open-Ended HMO is a type of Health Maintenance Organization (HMO) that allows members to receive care from providers outside of the network, but at a higher cost than in-network care.

In the insurance industry, an open-panel system refers to a health insurance plan that allows policyholders to receive medical services from any healthcare provider or facility that accepts the insurance plan. In contrast, a closed-panel system limits the network of healthcare providers and facilities that policyholders can receive medical services from.

A Preferred Provider Organization (PPO) is a type of health insurance plan that offers more flexibility in choosing healthcare providers than an HMO plan, but still provides some cost savings for using in-network providers.

A Point-of-Service (POS) plan is a type of health insurance plan that combines elements of both Health Maintenance Organization (HMO) and Preferred Provider Organization (PPO) plans. POS plans give members more flexibility in choosing their healthcare providers, while still offering lower costs for in-network care.

Pre-paid dental plans, also known as dental health maintenance organizations (DHMOs), are a type of dental insurance plan that provide coverage for a set number of dental services in exchange for a monthly fee.

A Preferred Provider Organization (PPO) is a type of health insurance plan that contracts with healthcare providers to create a network of preferred providers. Members of a PPO plan typically receive lower costs for care when they see providers within the network, but they also have the option to see out-of-network providers at a higher cost.