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Health Maintenance Organizations (HMOs) are indeed licensed as health insurance companies, but they operate under a different model compared to traditional insurers. HMOs provide a network of healthcare providers to their members, emphasizing preventive care and requiring members to choose a primary care physician. This structure typically results in lower out-of-pocket costs for members, but it also requires them to navigate within the HMO's network for most services. Overall, while HMOs are licensed as insurers, their operational model focuses on managed care.

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