The Pros and Cons of Private Health

In recent years, health insurance has become even more confusing and complicated than it ever used to be. Private health insurance has always been available, but now it's sold through private companies, outside of the health insurance marketplace. In other words private insurance works outside of the government-run agencies that provide insurance.

It can get confusing as to what's good and what's bad about private insurance companies over going through the marketplace, as it's different for families, different for seniors, and has quite a few rules and regulations.

Many citizens are choosing to instead go through private health insurance companies to get their health insurance. Whether you are an elder, single, or have a family to provide for, your first step should be to compare health insurance policies before you sign on the dotted line or make any concrete decision about which policy is best for you and your family. It's also important to be well-informed about the pros and cons of private health insurance. You can find a few of those pros and cons below to help you make the right informed decision for your health care needs.

Pro: You get to choose your own doctor

Depending on the type of insurance plan you choose, one of the biggest benefits of having private insurance is being able to choose your own primary health care provider. In most cases, you can choose a doctor within or outside of your network, though this ultimately depends on the terms of the plan.

With an HMO, or Health Maintenance Organization, you have to go to the doctor that is within your network, though this also varies with what type of insurance you choose. In many cases, you can choose a doctor outside of your network, but you’ll have to pay an extra fee on top of your monthly premium.

Con: The costs are higher

In many cases, private insurance doesn't cover the cost of all treatments, which means it could be more expensive on you in the long run. If you don't get your insurance through your employer, it's possible you will be paying even more to be covered.

Pro: The wait times may be shorter

While it may not seem like it to some, private health care facilities make it possible to be seen faster, because they aren't as busy as public facilities are. They aren't as crowded, and you can get seen by a doctor faster, whether it's for an emergency or not. This isn't true in all medical facilities, however, so if wait times are important to you, be sure to ask the receptionist about them before booking your appointment.

Con: Some expenses will be out of pocket

Many private health care insurance providers will only pay for up to 80 percent of your expenses, which means you are responsible for the remaining 20 percent. While that might not seem like a lot in percentage form, it can easily and quickly add up, especially if you have a medical condition that requires you going to the doctor often.

If you do choose to go with a private health insurance plan, it's important to be able to budget for that 20 percent that comes out-of-pocket to ensure you're able to afford to see your doctor when the need arises.

Pro: Private rooms

In many cases, with the right type of private health insurance, you are able to get a private room should you need to be hospitalized. Again, this is according to the type of insurance you are paying for and exactly what that policy covers, so be sure to read the details of your plan and what it states it will cover.

These are some of the major pros and cons of private health insurance as opposed to the marketing place insurance typically issued by the state. If you are still deciding between the two, it's important to weigh the pros and cons heavily before deciding which is the best option for you. Additionally, many people shopping for insurance that that the best thing to do is to compare health insurance policies. Experts, such as those at Iselect, can help make the process and decision of shopping for state or private health insurance that much easier.