Pros and Cons of Private Health Insurance
Health insurance is vital, whichever route you take. You can either plan for it with monthly premiums on insurance or get hit with an unexpected problem. However, any unplanned issue either puts you on a waiting list for years or you have to take out an unsecured loan to cover the costs of getting treatment quickly so what is it going to be? an unsecured loan or private health insurance?
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Private Health Insurance ensures that you get proper medical attention whenever you need it. Before buying a policy, however, you need to know the differences between public and private health insurance. Both have their benefits and disadvantages, but this post will focus on the pros and cons of private health insurance.
Pros
Here are the main advantages of Private Health Insurance…
Shorter Waiting Period
One of the key advantages of a private policy is that you will be attended to a lot more quickly than when being treated in a public facility. This is especially helpful for patients who need elective surgery, a procedure that usually has a long waiting period. As a private health insurance holder, your waiting time will be shorter as compared to that of a patient who’s relying on public health insurance. Receiving faster medical attention means that any emergency can be handled before it worsens.
You can Choose your own Doctor
With the private healthcare system, you get to choose your doctor. What’s more, you can pick any doctor because the system allows you to pick doctors within and outside your network. This means that you can see the same doctor every time you visit a health institution. In most cases, however, you will have to pay an extra fee for this.
Private Hospital Rooms
When you go to a public hospital, most rooms will have several people. This is not always the case when you’re covered by private health insurance. With the private cover, you’ll have the option of requesting a private room to receive your treatment. If you’ve gone to the hospital to deliver a baby, for instance, you can request a private room under this cover, which means that your partner can keep you company in private.
You get Dental Coverage
In most cases, a visit to the dentist is not covered by public health insurance. However, private health insurance has a dental cover. That means that you can conveniently visit your dentist and receive the dental care services that you need. This is quite advantageous because paying for dental treatment from your own pocket can be quite costly
Better Facilities
If you’ve been to a public health facility financed by the government, you might have noticed that the facility is often overwhelmed because of a high number of patients. If you have private health insurance, however, you can go to a private health facility. With their better funding, you’ll find more amenities that enhance your comfort like TVs and better food.
Cons
Private Health Insurance also has its disadvantages, here are some of them…
Higher Costs
When you choose private health insurance over public health coverage, you should expect to pay comparatively higher costs. If your employer doesn’t offer private insurance, you are even more likely to pay more for this coverage. Keep in mind that there are several policies and that the cost of each varies. As a result, you could find yourself paying thousands in premiums annually.
Out-of-Pocket Expenses
Another main disadvantage of private health insurance is that you will have some out-of-pocket expenses. You will find that some insurance companies only cover a percentage of the total cost of treatment. As a result, you will have to pay additional fees to clear the balance. Sometimes, you may even have to take up personal loans or unsecured loans to cover the costs.
Inequalities
If you think private health insurance instantly means better patient care, you are mistaken. This is because private health facilities and insurance providers always prioritise their needs before yours. If you go to a public facility, however, you will find that every patient is treated equally and priority is given according to the severity of medical conditions.
Complex Products
In most cases, private health coverage has a wide array of products and policies, which makes it hard for some people to understand. As such, you might find it hard to determine whether a particular product is included or excluded in the policy you’d like to take.
Excluded/Limited coverage
Another major disadvantage of private health insurance is that it has limited coverage. This means that it does not cover every condition. Consequently, you will have to select a plan that best suits your needs. Otherwise, you might settle for a policy that doesn’t cover the treatment you need, thus forcing you to cover the high costs from your pocket.
In Summary
The NHS do a fantastic job, but occasionally even they cannot provide treatment for you quickly enough and yes, we know that there are other options available but the main ones are; you either pay for the treatment yourself from savings or an unsecured loan or private health insurance.
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