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Private Health Insurance

Just like people go for public health insurance, quite a number of others also use private health insurance. Obviously, choosing the right insurance company, down to a policy that offers everything you need can be stressful.

Private Health Insurance

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But, be as it may, your health and your family need the best coverage there is. This is the reason why a lot of people use private health insurance companies instead of public ones.

Even though it is a bit more expensive, it has some clauses that may not be found when you go for a public health insurance policy.

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Here, we promise to tell you all about private insurance and also compare it with public health insurance. So, read along and find the best you can go for.

What is private health insurance?

Basically, private health insurance is the health coverage that a private company offers its consumers. Private health insurance requires that you have to pay for your premiums yourself, monthly.

More than half of the United States of America citizens are under this type of health insurance. Furthermore, private health insurance can come from your workplace as an employee coverage from your employer.

And, a lot of American citizens are under the employer-sponsored plan. However, if you do not have coverage from your workplace and one that is government-sponsored, then, you have to be in the market shopping for proper private health insurance coverage.

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Where to buy private health insurance

Most people do not bother about buying private health insurance because they are already covered through employer-sponsored health insurance. However, if you are self-employed and not qualified for government health insurance, there are other means to purchase your health insurance.

First, you can use the insurance marketplace in your area. A lot of people prefer using the marketplace to purchase their insurance coverage.

 Again, another route you can go through is directly speaking with a private health insurance company. You can do this through their licensed agents, website, or going to the company directly.

By the way, a health insurance marketplace is like a platform which you can purchase coverage from. Also, the marketplace is exclusive to each state. This means that each state in America mostly operates and runs its marketplace. But sometimes, it is a joint effort from the state and the federal government.

Private health insurance vs Government health insurance

Private health insurance is the insurance provided by a private company. The companies are not government-owned or government-funded. Instead, they are privately run by private organizations, groups, or individuals. However, they are bound to obey some of the regulations set by either the state or the federal government.

Government health insurance

Meanwhile, government health insurance is funded and run by the federal and also state government. More so, the health insurance program sponsored by the government or state is always subsidized or free for its consumers. These government health insurance programs include Medicaid, Medicare, and Children’s Health Insurance Program (CHIP), Obama care.

Medicaid 

Medicaid is a state government health care program. It is meant for all American citizens that are low-income earners that can not afford private health care.

Medicare 

Medicare is a federal health care program for senior citizens in America. Once you get to the age of 65 years old, you become eligible for the program. Possibly, people with disability have a chance of getting health care insurance from medicare.

Obama Care or Affordable Care Act

Affordable Care Act is a health care program that the former president of America, President Barack Obama, signed into law during his tenure in 2010. this act is in favor of all the American citizens that are uninsured.

Children’s Health Insurance Program (CHIP)

This coverage is for the children whose parents earn too much to qualify for Medicaid and too little to afford private health care insurance.

The Consolidated Omnibus Budget Reconciliation Act (COBRA)

COBRA law was passed by the federal government in favor of the employees. Here, COBRA law lets an employee or the employee dependent remain in the group health coverage through the employer, this can go on for as long as 18 months after an employee has been dropped from the job or resigned from the job.

Short-term health insurance coverage 

This is beneficial to people that do not intend to stay in a place for a long time. More like ex-pats or travelers that came into the country for a short period and wish to insure their health. So, the short-term health plan has rules guiding it for each state. And, it can be very affordable.

Who needs private health insurance?

First and foremost, this question depends on some things to decide on before you get an answer. To start with, everyone needs health care insurance coverage. Meanwhile, your decision to go private or public with your health care is dependent on some of your choices and work.

Furthermore, if you are an employee, you get your private health insurance from your employer. But as a self-employed citizen, you can be under your spouse’s private health care coverage.

Again, if you are not an employee and not under spousal coverage, and you are not qualified for the government programs, then you should purchase private health insurance for yourself.

Similarly, an employer needs private insurance for the workers. First, it’s mandatory in most states to offer insurance coverage to workers and employees.

Benefits of private health insurance

There are some perks and pros to this type of health plan. Among them are:

Private hospital rooms

Now, because it’s private and less crowded, everyone gets the VIP treatment, including a private room in the hospital. Government-owned hospitals do not have the luxury of giving their patients rooms to themselves because there are always lots of people at a time.

Less queue

This is another good advantage. When you are in need of health care, you won’t be overwhelmed by large crowds and wait for so long. Private health insurance gives you the opportunity to get your help at the exact time you need it.

Choice of doctors

Most private health plans give the consumers the option of choosing their caregivers or physicians. Not just that but also, the medical team is always warm and welcoming. Unlike the stressed out and not-so-nice team in the public health care.  

Top Private health insurance companies in the U.S

  • Ax Health Insurance
  • Humana
  • Molina Healthcare
  • ANTHEM INC
  • CVS Health
  • Aetna Inc
  • Health Partners
  • Oscar Health
  • Medical Mutual of Ohio
  • Harvard Pilgrim Healthcare
  • UnitedHealth
  • Cigna
  • CareSource
  • CareFirst
  • Independence Health Group
  • Health Net of California
  • Blue Cross Blue Shield of North Carolina
  • Guidewell Mutual Holding
  • Highmark Group
  • MassMutual
  • Kaiser Permanente
  • Blue Cross Blue Shield of New Jersey
  • Blue Cross Blue Shield of Michigan
  • BlueCross BlueShield
  • Transamerica Corporation
  • Health Care Service Corporation HCSC
  • Centene Corporation
  • Metropolitan
  • Blue Cross of California
  • UPMC Health System
  • Premera Blue Cross
  • Golden Rule Insurance Company
  • Independence Health Group

 

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