The DIfference Between HMO and POS Medical Plans

What Are HMO and POS Medical Plans? 

If you need "Under-Age" (Under 65) or Medicare health insurance, you probably want to be familiar with different health plan types. Understanding these plan types can help you make a good selection when you need to join a plan, and it can keep you happier with the plan you already have.

Health Maintenance Organizations (HMO) plans have been around for a few decades. A lot of people are already familiar with the pros and cons of HMOs. These plans all have an organization (network) of health service providers. In order get your insurer to cover your services, you usually have to use an in-network provider. If you don't, you risk not getting your health needs covered!

Here's the problem. Either by mistake, or sometimes on purpose, some people have gotten health services outside the organization, and they found their insurer would not cover this at all! Point of Sale (POS) plans were introduced in order to provide more choices and flexibility, while still providing members with a way to keep out of pocket costs as low as possible.

Compare POS vs. HMO Health Insurance

A POS works just like an HMO if you get your medical services inside the network! If you choose to get medical services outside of the network, it automatically starts working like an indemnity medical insurance plan. This gives plan members some more freedom of choice. Of course, you should be aware that your costs are likely to be much lower if you seek in-organization services! But you still can choose to find a qualified medical professional, who accepts your plan, and be covered.

How Can You Find Medical Plans? 

If you would like to consider some different options, you may choose to get insurance quotes at a website that allows you to compare multiple companies. You may also speak with one, or more, local agents. Either tactic should help you find the best insurance rates and plans in your area.

Have You Managed To Save Enough Money For Retirement?

Are Boomers Saving Enough For Retirement? 

There seems to be a wide gap between the amount boomers are saving for their comfortable retirement. Some boomers are managing to save a lot of money, while others are really behind. Job stability, a good retirement plan, and other burdens are important factors. Many older people really did start out with good discipline, and a good plan, but economic woes got their retirement plans sidelined.

Can You Still Build Your Retirement Savings? 

Actually, you still do have an opportunity to grow your retirement savings. You may need to take some important steps quickly though.

• Try to become as frugal as possible now. This does not mean you need to shut off your air conditioning, but it does mean you should try to eliminate as much waste as possible.
• If frugal measures are not helping, you may just need to figure out how you can earn a bit more money. Changing jobs may not be an option, but you may want to consider some good ways to earn extra money. 
• If an early or total retirement is not in the cards, but you really need to leave your job, you may consider some partial retirement options. Starting a part time job or business has worked out well for people who not able to quit working entirely. You get the benefits of earning some extra income, maybe even qualifying for more job related benefits, and staying active. But you may be able to leave the stress and burden of full time work behind you. Here is a good resource on semi retirement jobs.

I found a number of great articles on being more frugal, retirement, and flexible work here as well.