Private Health Insurance: Pros and Cons Author:    Posted under: Health InsuranceHealth Insurance questions answered

Consider yourselves lucky if you are employed, and if your employer has made it an additional incentive for you to have health care insurance.  With the current state of the economy and with everyone looking to cut down costs, most people are left with such limited options when it comes to insuring themselves.  For those who are unemployed, or are self-employed, perhaps the only option left is to turn to private insurance.  Deciding whether to push through with it or not?  Here are some pros and cons to this decision-making process for you.


The luxury of choice.  Having private health insurance assures that you get to choose which benefits you want to be included in your package.  These benefits include coverage for consultation fees, maternity, and other critical illnesses.  These also include choosing the hospital that you wish to visit, and the doctor that you wish to get treatment from.

Co-payments. If you feel that your budget won’t be able to make the cut, the insurance company may be able to shoulder a percentage of the amount of the treatment that you need to avail.

Portability. You don’t need to worry about losing your health insurance when you lose your job, transfer to a different employer, or are traveling abroad.  Your private health insurance stays with you whenever and wherever you need it.


Pre-existing illnesses. Remember that private health insurance would require you to undergo a battery of medical tests in order for the company to determine whether you can be insured or not.  You can be denied health insurance for a number of reasons, and it can be a disadvantage if you have any pre-existing health problems that you want to be treated.  This may also be the case if you are predisposed to getting diseases such as diabetes and hypertension, or even if you are employed in what can be classified as a ‘hazardous occupation.’

Cost. Choice comes with a price, and thus, private health insurance is more costly. Co-payments are possible but they still only shoulder the average cost of what treatment you are getting.  You may also be required to pay high deductibles, but still have cash out when you avail of your health services.  Other out-of-pocket expenses may also include the high premiums that you are going to pay.  These premiums may increase as you age, as different needs for your health may arise as well.

Again the option to acquire health insurance still rests with you, the consumer.  I would say that a little bit of compromise should come in when it comes to your budget, in order to fit insurance needs in it.  It’s important that you secure these things first as you never know when you will need it.  Definitely, it will be better for you and your family to have that peace of mind instead of having to zero out your account when you need it the most.



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