The cost of private health insurance is creeping upwards. However, there are many advantages to having a private health insurance plan if you can find the right policy. Many American have private health insurance plans through their place of work or through their spouses, making it much more financially sustainable.
To see the best private health insurance quotes right now enter your ZIP code in the FREE search box!
According to the American Medical Association there are two types of private health insurance. The first type of plan allows clients to choose from a variety of health plans from one company. The second type gives you a choice of plans from several companies.
Why choose a private plan?
Being able to choose which benefits you have in your health insurance policy is a huge plus for private insurance. Some of the common health insurance benefits you may choose to have included in your coverage are maternity health insurance coverage, consultation fees, and even critical illnesses not automatically covered by the original plan. You also have some freedom in choosing which doctor and which hospital to receive treatment from rather than having someone choose for you.
Private health insurance companies will sometimes work with you when it comes to copayments. If you can’t afford the total amount sometimes insurance companies will shoulder a percentage of the amount you need to pay for the treatment you need.
What are some disadvantages of individual plans?
It’s extremely hard to find health insurance for people with preexisting conditions. You can be denied health insurance for several reasons, but a preexisting illness is one of the most common. If you are predisposed to get diabetes or hypertension, or if you have a hazardous occupation, you might have a difficult time getting a policy from private health insurance companies.
Private health insurance can be more costly if you are not receiving it through your place of employment. Health insurance deductibles can be high along with co-payments. Premiums most certainly will not be cheap! The annual cost of health insurance plans might shock those who are seeking out individual private insurance rather than group private insurance. It may be smart to purchase a co-payment health insurance policy to help cover these costs.
What are the advantages of group insurance plans?
If you have a group health insurance plan you’ll find that insurance premiums are often covered by employers either partially or in full. This can make it more financially feasible for people looking for private health insurance. Group plans are generally more affordable than individual plans. Insurance companies make more of a profit from group plans than individual plans, so they cut costs to be more appealing to employers.
There is no need to worry about your medical records, medical history or having to take a physical exam with group health insurance coverage. The health insurance company gives all employees the group health insurance. Members cannot be rejected for having preexisting health conditions.
In group health insurance plans those employees who have families will not have to pay more depending on the size of their family. The rate is the same for both small and large families. The plan also covers maternity for those employees who are planning to have more children or their spouses are.
If you are fired or quit your job you’ll still be eligible for a state continuation program called COBRA. This allows you to continue receiving health insurance while you’re either looking for a job or between jobs.
Is there a downside to private group plans?
One of the big differences between group and individual private health insurance is the ability to tailor your plan. In group private health insurance you cannot make your plan exactly what you want. It’s designed for the whole group without any flexibility for individual employees. You cannot choose the amount of the premium, deductible, type of policy or maximum lifetime coverage the insurance provides.
Another big downside of group private health insurance plans is that the premiums are rising fast. Too fast, in some cases, for employers to shoulder the entire premium expense for all employees. Because of this employees are beginning to be made responsible for paying part of the monthly premiums themselves.
It’s important to research all of your options when it comes to private health insurance. To research the very best private health insurance rates you can enter your ZIP code in this FREE quote tool to find the best policy for you and your family!