The Difference Between POS & HMO Health Insurance

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POS and HMO health insurance policies are two very different types of policies and should be treated as such. Learn about the differences between POS and HMO health insurance policies with help from the president of The Stratford Financial Group, Inc. in this free video clip.

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Video Transcript

Hello, I'm Jeffrey Ingalls. I'm the President of Stratford Financial Group and Stratford Employer Services in Wayne, New Jersey. And right now, we're going to talk about the difference between POS and HMO health insurance. It's important to understand both terms. A POS is a Point of Service Plan and an HMO is a Health Maintenance Organization. Both are manage care plans that typically will utilize a local or national network of participating providers. A POS or Point of Service Plan is designed to provide both in-network and out of network coverage whereby an HMO would provide in-network coverage and would only provide out of network coverage in the event of a true emergency. Under a POS or Point of Service Plan, members receive a higher level of benefits when having services rendered by an in-network participating provider. Typically, in-network, they would pay a copay or lesser deductible in co-insurance than they would out of network where a copay and a large co-insurance may apply. Both plans require their members to select an in-network primary care physician or PCP and also receive a referral from that primary care physician or PCP before obtaining in-network specialty care. Both plans are also often offered in an open access or direct access format which may eliminate the need to select the primary care physician or PCP and will eliminate the need to obtain a referral before receiving in-network specialty care. Both plans also use a network of participating providers who have agreed to a lesser contracted fees. Each insurance company will typically offer an online searchful directory on their website so that you may select the POS or HMO network to look for any differences that may exist. My name is Jeffrey Ingalls. I'm the President of Stratford Financial Group and Stratford Employer Services in Wayne, New Jersey. We can be found online at www.stratfordlink.com and you just watched the difference between POS and HMO health insurance. Thank you.

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