Studies have shown that approximately 62% of people over the age of 65 have cover for health insurance in the US. Most receive this as a benefit from their employer.
Politically this is a difficult area and some are working on providing an adequate care program to all US citizens.
So let’s consider what the pros and cons of private healthcare actually are:
- The most obvious benefit to private healthcare is that if there is a problem and you need admitting to hospital or need to see a doctor, no waiting will need to be had. The treatment will be provided as quick as possible.
- You can choose your physician.
- You obtain a private room in a single sex ward in a hospital. You may also have your own en suite.
- Visiting hours are unrestricted for many private healthcare patients.
- Care is provided by experienced doctors, rather than new qualified or medical students.
- Specialists can be requested without a referral from a doctor.
- No matter what medical condition occurs, the insurance will cover most medical problems.
- Physicians with the best and most advanced equipment can be selected by patients.
- Private healthcare can be costly. If you don’t get it provided through an employer, you are likely to spend a significant amount on purchasing a policy as an individual.
- With so many options, the costs can be significant as mentioned. The more the patient wants, the more they have to pay.
- Some policies only pay up to 80% of the costs.
- Some policies only allow patients to choose physicians or hospitals within a network. (Sometimes additional costs can be incurred if you choose outside of this network)
- Some provides allow patients to save money for any medical conditions. However, the catch can often be that you need to use or lose the money. As you never know when you’ll need the cover, it can be wasted money.
- Insurance is paid every month whether you need the services or not.
- If you have a pre-existing condition you may find some policies will not cover you for any care required for that condition.
So clearly some very strong arguments for either case. Hopefully this article is helpful and provides some more clarity when you’re making a decision on whether you should get private health cover or not.