HMO: Health maintenance organization. HMOs are the least expensive, but also the least flexible of all the health insurance plans. They are geared more toward members of a group seeking health insurance. HMO advantages: They offer their customers low co-payments, minimal paperwork, and coverage for many preventive-care and health improvement programs. HMO disadvantages: You must choose a primary care physician, also known as a PCP; HMOs require that you see only network doctors; you must get a referral from your PCP to see a specialist.
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