More than a need than a want nowadays, more and more people recognise the value of having health insurance. Many aids are given to clients through its coverage, especially in paying for hospital and medical bills.
One’s choices include health maintenance (HMO) services, preferred provider organisations (PPOs), and high-deductible health plans. Indeed, health insurance will surely fit anyone’s specific needs and preferences out there.
However, as with many purchases, there are advantages and disadvantages to getting private health insurance. It varies from one country to the other, too.
For instance, private medical insurance in the UK will not necessarily be the same as insurance offered in the U.S.
Advantages of Having Private Health Insurance
Even if it comes with more fees and is subject to evaluation during the application process, the advantages of private health insurance are not to be discounted. It can determine whether one is bound for financial ruin after a critical illness or not.
Below are the benefits of private health insurance that make the purchase worth it.
1. Regardless of context (i.e. employment), it remains yours.
Employees are privileged enough to be offered a fixed lump sum amount upon death or accident. This is often known as group life insurance, which is viewed beyond just having financial protection in the UK.
However, this benefit ceases once a person resigns from a company and works for another. Having private health insurance is a guaranteed way of getting coverage without being tied to a particular company.
Also, a disadvantage of employer-sponsored benefits is that they can get taxed.
2. It offers comprehensive coverage.
One of the primary reasons people procure insurance is due to the coverage it provides. Healthcare expenses are no longer causes for financial worry with the help of a health insurance plan.
Depending on the plan acquired, all treatments are paid in whole or in part. There are even additional riders specific to situations like long-term hospitalisation and surgery.
In the UK, any therapy that may not be available through the UHS can still get coverage through most insurance companies’ comprehensive sickness insurance. These differ per company, but more often than not are offered in both basic and premium plans, with benefits like additional postoperative treatments and mental health treatment.
3. It gives the policy owners and family members peace of mind.
With the help of private health insurance, both policy owners and family members can sleep well at night, knowing that no matter what happens, getting the funds needed for an emergency will not be a significant problem.
Better outcomes are also assured due to shortened waiting times for payment processes. In 2020, UK insurers paid a record high of £6.2 billion, helping more families cope with illnesses, injury, and bereavement.
Simply put, a “safety net” is provided regardless of whether one needs emergency care or outpatient treatment.
4. It provides essential benefits not usually seen in public insurance.
An example of essential benefits covered only through private health insurance is funding prescription drug usage outside hospitalisation. In addition, public health insurance doesn’t always cover dental and optical services.
Other insurance companies have also introduced remarkable riders such as guaranteed coverage for ticketed travel and those engaged in dangerous hobbies and sports.
In the context of the UK, most citizens and employees enjoy supplementary benefits like dental insurance, health cash plans, virtual GP services, income protection against long-term disabilities, dental insurance, and even retirement sponsored by employers.
Note that these benefits are on top of the publicly-funded healthcare system provided by the NHS.
5. It complements the use of public health insurance.
Flexibility in finances regarding health care is guaranteed with private health insurance because private ones can almost always be co-used with a complimentary public one.
For example, if one owns both, private insurance can cover prescriptions, while public insurance can cover basic medical costs.
It’s a win-win situation other than relying on out-of-pocket expenses.
Private Power
All in all, there are benefits of private health insurance that truly outweigh relying on public health insurance. This includes the reality that not all public insurance benefits are equal.
Some countries provide better public insurance over others, too.
Also, getting private health insurance might just be one of the best things to do as an adult. After all, we can never predict accidents, and medical attention is always an essential need in times of emergency.
Minor fractures alone can cost a lot for the uninsured. How much more will critical illnesses and the desired treatment plan cost, such as having an angioplasty for heart disease?
Therefore, before choosing a plan, consider the factors that matter to you, such as maximum annual benefits, including vision and dental coverage, pregnancy benefits, and even other speciality services like physical therapy.
Some will argue that the additional costs that come with acquiring health insurance might not be worth it in the long run, but there is power in what’s private. Get your health insurance while you still can.
