Private health insurance: a boon or a bane?

In today’s world, where illnesses and diseases spread like fire, people want to live a healthy life free from all these ailments.

Therefore, many people are prioritizing their health over everything else. However, rising health concerns and soaring medical costs are creating a serious concern for people with no health insurance. Believe it or not, health insurance is nothing less than a necessity in today’s world.

Usually, people are skeptical when choosing between private and public insurance. Well, if you want to enjoy maximum health benefits from insurance plans, then private health insurance could be the most exceptional choice for this. Alongside helping your dodge hefty medical expenses, you no longer have to pinch pennies to foot hospital bills.

If you are confused about making the right decision, let us put cards on the table. Look below to see whether private health insurance is a boon or bane:

Pros of Private Health Insurance

Private insurance is providing you coverage for medical expenses, but this is not all. It has a lot more in store for you.

The following are some advantages of private health insurance:

1.    Quick Treatments

Sometimes, people want to get rid of their medical conditions at their earliest possible. However, if you have non-threatening life surgery, you might have to wait for months with public insurance due to excessive crowds. In the private insurance system, the patient is accommodated instantly due to the availability of more medical staff and modern techniques. Thus, with shorter wait times, you no longer have to stand in queues waiting for your turn.

2.    Better Facilities

Public insurance only provides cover for public hospitals, and undoubtfully, public and private healthcare are poles apart. Public hospitals don’t have sufficient funds to equip themselves with modern machines and technology, while private hospitals have the hang of the latest techniques. Although patients pay higher prices for healthcare services, high-quality treatment, procedures, and methods make it worth every penny.

Similarly, if you live near Colorado, then you have the option to choose the best suitable health coverage plans in Co, which offers advanced facilities and maximum coverage. You can get your room rather than staying in a general ward and sharing space with multiple people. It gives patients comfort and makes them feel at home; you can have a private television, restroom, and better-tasting food.

3.    Unrestricted Visiting Hours

Emergencies don’t come knocking the doors; it happens all of a sudden. Therefore, your insurance should also offer medical facilities round the clock.  Even though public insurance provides a high level of care, but private insurance is providing medical care 24/7. Patients can arrive at any time, and they would get priority treatment with the utmost care and responsibility.

Private insurance also offers after-care plans – for instance, after a surgical procedure, the patients would be given a pass to gym or physiotherapy treatments. You might think this is little over the board, but private insurance benefits customers in every possible way.

4.    Personalized Care

Patients undergoing a medical procedure, surgery, or operation are having an adamant time of their lives. Private insurance assures you have everything you need by offering personalized care. The medical staff will assist and accompany you at all times during the medical procedures, while your doctor would also keep a check on your condition.

Nurses would look after you, giving you medicines and injections on time. Moreover, depending upon the intensity of the procedure, they might let your spouse stay with you the whole time. Besides, it offers more choices than offered by public plans like Medicare, allowing you to pick insurance plans pertinent to your requirements.

5.    Choose Your Practitioner

If you are going to the same doctor for the past few years, you must have established a strong bond, while the doctor also knows you very well. He would be familiar with your medical history and existing conditions. Public insurance might not allow you to continue with your existing doctor, and people are not comfortable proceeding with a new one.

Surprisingly, this is not how private insurance works; it gives you the flexibility to select your doctor with the medical facilities you like to avail. Similarly, you can also choose the clinic or hospital where you want to get treated. The insurance plan would cover your doctor’s fee and other medical charges too.

Cons of Private Health Insurance

At the moment, private health insurance might seem like the best possible option, but everything has flaws.

Let us take you through some of the drawbacks of private health insurance:

1.    Higher Costs

Firstly, choosing amongst hundreds of policies is very challenging since more significant benefits come with higher costs. The insurance companies can conveniently make you believe that the benefits offered are worth every penny. Honestly, individual policies cost hundreds of dollars a month, while family coverage is even higher. After all, better healthcare facilities come with massive price tags. So, rather than obsessing over medical benefits, see whether your monthly income can accommodate such expenses.

2.    Do Not Cover All Medical Services

You might come across different health plans offering cover for various medical expenses. However, if you dig deeper, you will realize they are not providing coverage for some medical conditions and illnesses. For instance – if you meet an accident and witness a spinal cord injury, the insurance company would only provide coverage if these details are in your contract.

Everything depends on the policy you are choosing, and the past medical records since the majority of the plans only cover short-term illnesses and injuries. Thus, a little homework is very important before calling the shots, helping you understand whether it is worth coughing up money on insurance or not.

3.    Creates Inequality

Private companies are working towards profit maximization, so people who are willing to pay higher prices get priority over others. Whereas, public systems treat every individual as equal, offering the same order of treatment to everyone with or without money. Some people believe private health insurance might create inequality amongst people since people who have money can buy healthcare. On the other hand, others argue that if someone can afford better healthcare, then why not?

Conclusion

In today’s world, private health insurance seems like the perfect option because of its advanced facilities and better services. However, make sure to consider the high costs and limited coverage. In short, you need to understand all the comprehensive policies to have an idea about how it works. Also, don’t forget to conduct a cost-benefit analysis to see whether benefits outweigh the costs so that you can easily decide whether private health insurance is a better choice for you or not.