Short answer: Pros: no PCP or referrals, broad networks, and out-of-network coverage. Cons: higher premiums and higher out-of-pocket costs than HMO or EPO plans.
PPOs trade cost for flexibility. The advantages are significant: see any in-network provider without a referral, use large networks, and still get partial coverage out of network. The downside is price; PPO premiums and cost-sharing are generally the highest among common plan types, and out-of-network care can still leave you with balance bills. They’re a strong fit for people who prioritize choice.