You have the option to choose between private and public health insurance plans if you’re looking for the best health insurance plan. However, the best insurance plan depends on your needs and financial situation. Here are a few things to know about private vs. public health insurance.
Private Health Insurance
Individual companies like private insurance companies or employers offer private health insurance plans. We have two types of private health insurance plans.
Employer-sponsored plans: These are plans provided by employers to the employees.
Individual plans: These are plans you get without association with an employer or organization.
Pros of Private Health Insurance
- Quick medical attention.
- You choose your doctor.
- It provides the best comfort.
- It provides private rooms that give you the needed privacy.
- Most plans allow unrestricted visiting hours.
Cons of Private Health Insurance
- Most plans don’t cover all conditions.
- Some policies require you to pay out-of-pocket costs.
You are likely to pay more to get preferential treatment.
Public Health Insurance
Public health insurance is run by local, state, and federal governments, and the government covers most of the people’s healthcare costs. These policies include:
Medicare: It’s a federal health insurance plan for people aged 65 or above, and it also applies to people with renal disease and those with disabilities.
Medicaid: It’s public health insurance plan backed and funded by the state and federal governments for low-income people. It covers children, people with disabilities, pregnant women, and older adults.
Pros of Public Health Insurance
- This plan is an affordable option.
- You can combine more than one plan.
- You can still get help with out-of-pocket bills.
Cons of Public Health Insurance - These plans have strict requirements.
- Some facilities don’t accept public health insurance.
