Private Health Insurance – Overview of Private Health Insurance

Also known as health insurance plans, Private Health Insurance is marketed by the private insurer and is opposed to government insurance programs. In other words, Private health insurance is referred to as health insurance coverage provided by a private entity instead of a federal or state government. Insurance companies and brokers both fall into this category.

Private Health Insurance - Overview of Private Health Insurance

The insurance is mostly offered by employers as a part of employee benefits. But if your employer does not provide health insurance as an employee benefit program. You can purchase your own health coverage through a private company.   This will help you cover healthcare costs if you are treated in a hospital as a private patient.

Furthermore, there are different types of private health coverage that are less expensive and regulated than regular major medical coverage. These include critical illness plans, dental, vision insurance, fixed indemnity plans, and short term. These coverages are sold by private health insurance for a very limited period of time.

When you Might Need a Private Health Insurance

There are certain scenarios that make it likely for you to purchase your own health insurance plan. Below are these certain circumstances;

  • When you are 26 years of Age or Older
  • A part-time employee
  • Unemployed
  • Self Employed
  • An employer or Business owner who has an employee
  • If you, your spouse, or your parents retire
  • When you are dropped by your Existing insurer

If you find yourself in any of these above situations and lack health insurance coverage, it is very important to get an individual plan.

You might not know when an accident will occur that will require medical attention. So, private medical insurance can cover you.  If you cannot afford the same plan as your employer, any amount of health insurance coverage is good for you than none.

Types of Private Health Insurance

There are various types of private medical insurance. However, below I will brief the types for you, check them out

  • Enroll in a group plan through your employer
  • Choose a Private plan through licensed agents
  • Enroll in Catastrophic coverage if qualified
  • If you are between the plans choose short-term coverage.

Private Health Insurance Cost

While many people are scared of purchasing their own health insurance by enrolling in an employer-sponsored plan. Some studies have shown that it might be more affordable than employer-sponsored pans.

The average monthly premium for an employer-sponsored insurance plan for personal coverage is around $645 and $1,850 for family coverage. However, to purchase your own insurance outside the employer-sponsored plan, the monthly average cost of an individual is $438. For families, the average cost is $1,168.

How Does Buying a Private Health Insurance Work?

Many people get insurance by enrolling in a group health insurance plan through their companies or employer. Medicare provides healthcare coverage to elders and the disabled. And Medicaid offers coverage to low-income Americas.

In addition, Medicare is a federal health insurance program for people who are 65 and above while Medicaid is a public assistance healthcare program made for low-income Americans regardless of how old they are.

If you are not eligible for both Medicare and Medicaid and your company does not offer an employer insurance plan.  You only have the option of purchasing insurance policies from the best private health insurance company.

How to Get Private Health Insurance

The best places to start looking for Privatehealth insurance are the health insurance Marketplace and major health insurance companies. For the best private health insurance companies, you can browse and visit websites to check out available options based on what you want and can afford. The types of plans available will vary based on where you live, your age, and the region.  For Marketplace, visit HealthCare.gov and look through details of private health Coverage plans.

Compare all the costs and choose the one that benefits you the most. You won’t know what you will pay per month so you might have to wait until you apply and provide the company with your medical history. For the company, pricing and type of coverage can vary based on the type of Health Insurance Company. Note; make sure to search for the best Private Health Insurance company before purchasing a plan.

Is this insurance coverage worth it?

Yes, private insurance is worth it. Just like I have mentioned above, you might not know when an accident will happen so it is better to have insurance that helps cover your medical bills. The private medical insurance policy helps to cover the costs of private diagnosis, treatment, and healthcare. In conclusion, it is definitely worth it.

Read More: Medicaid – What is Medicaid, Who is Eligible for Medicaid | Apply for Medicaid