Advantages and Need For Private Health Insurance

Every life that would be prone to health risk would definitely have a private insurance apart from the group and government insurances. Many countries offer concession in rate for private health insurances encouraging the citizens to have a one of their own.

The advantages of having private health insurance over relying on Medicare and the public hospital system are:

  • One could enjoy luxury like TV or phone for entertainment when bed-ridden for many days.
  • Waiting time is reduced when emergencies occur.
  • Immediate treatment and appointment with doctor is possible with a private health insurance.
  • One can choose their own doctor. Many may wish to have family doctors for their continuous and prolonging.
  • One can demand a private ward at their convenience.
  • Couples & singles should go for private insurance
  • More coverage
  • Low fee.

Who Benefits Most From Private Health Insurance?

Sometimes certain issues would be most favorable to certain persons than to others. In such a way, the most beneficial people from private health insurances are,

  • Aged People: Many situations, many relationships, and almost whole of the health condition go wrong at this stage of life.
  • Poor Health: Persons who are health retardant right from their childhood could go for this plan.
  • Sports person: Sport acquainted with risk may cause risk to your health. Hence insuring privately would be most feasible.
  • Hi-risk activity: Other than sports, some other work would have its greater affinity to risk of life. E.g., Persons working with machines, chemical factories, asbestos factories and a lot more.
  • Couples without children could go in for a private health insurance, as this would be more affordable and more feasible at the In-Vitro treatment periods.
  • Moreover In-Vitro treatments does not get successful in one attempt, they may require many attempts depending on the female quality. Hence, to cover all such issues as per our convenience private health insurance would be needed.

Public system vs. Private health insurance

Public health insurance though best with lot of offers fails to cover major luxury, accommodation and emergency transportation and treatment cost in hospitals. It also fails to cover optical, dental, physiotherapy treatments.

Private health insurances assure of having control over ones own emergency. Money would never constraint people from working on things. Its ones own wish to choose hospital, doctors, period of application and cost too!

The Role of the Individual Insurance Market

The individual insurance market would play an expanded role in McCain’s plan. His proposed tax code changes would encourage more people to purchase their own coverage and would let them buy insurance from companies in other states.

While this would expand choices for healthy people, allowing purchases across state lines would eventually remove consumer protections currently in place in some states, potentially reducing access for older people and those with health problems. McCain has proposed to cover those with pre-existing conditions by expanding state high-risk pools.

Obama proposes a National Health Insurance Exchange where small businesses, self-employed individuals, and people without coverage could purchase a private or public plan similar to that offered to members of Congress and federal employees.

Small businesses would be eligible for tax credits to offset premium costs, and affordability for families would be guaranteed through premium assistance on a sliding scale based on income.
Insurers could not reject applicants or charge higher premiums because of pre-existing conditions or other health risks.

“Senator Obama is proposing to build on the broadest risk pools in the system, strengthening large employer-sponsored coverage and expanding Medicaid and the State Children’s Health Insurance Program, while fixing the individual insurance market with consumer protections, benefit standards, and income-related premium assistance,” said Sara Collins, lead author of the report and assistant vice president at The Commonwealth Fund.

“Senator McCain’s plan would shift coverage away from employers to the individual market,
letting people make their own insurance choices but potentially making coverage unaffordable or unavailable for those who are older or who have serious health risks.”

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