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Private Health Insurance

Private health care insurance has been in use for a long time, but today it has become more advanced and democratized. The demand for private health insurance is increasing with the rising cost of health care and medical facilities. Before the advent of health insurance plans, patients had to pay health care costs out of their own pockets. Slowly there was the development of modern health insurance programs.

A private health insurance (PHI) policy is a contract between an insurance company and an individual in which the the health care costs of the individual are covered by the health insurance company. The type of health insurance and the amount to be covered are specified in advance and this varies from one policy to another. The contract can be renewable annually, monthly or be lifelong. Today, almost all private health insurance programs cover the cost of routine, preventive, and emergency health care procedures and in some prescription drugs also.

Health insurances offer a invaluable service to our modern society. In combination with the public health system, private health has become one of the main causes of why the present life expectancy has increased compared to yesteryears. As a first step of private health insurance contract, there is the need for a complete medical exam of the person who wishes to obtain an insurance policy. After determining the ailments that the person has, the insurance company will determine what kind of medical policy is suitable for him. Even if the person has no ailments, he or she still can apply for medical insurance.

Various Types of Private Health Insurance Plans

- Health Management Organization (HMO): This covers preventative, emergency and long term medical care. They are affordable insurance plans for individuals. HMO offers various types of coverage and provide you an option to choose from various co-pay and prescription plans.
- Preferred Provider Organization (PPO): This plan is expensive compared to HMO though the plan is more or less similar to HMO. The PPO plan is also more restricting in terms of the place from where you can receive health care. But you can reduce your monthly premiums through this plan by adjusting your deductible amounts.
- Point of Service (POS): This insurance plan does not need a referral to treat a condition requiring special care. It allows you the freedom to select a doctor or a health facility that is not in the plan.
- Fee-For-Service or indemnity policy: In this policy, a fee for service plan needs to be annually deducted before the insurance pays. This plan also enables you to take the service of any doctor or medical facility.

Selection Tips for an Affordable Private Health Insurance

- Type of coverage needed: Do you want a plan that provides insurance for you or for you and your family?
- Health needs: Are you and other members in good health? Do you have any preexisting disease or special needs that need to be considered?
- How much coverage is needed: It is better to go for only the requisite coverage amount as this will enable you to obtain the best possible premium rate from insurers.
- Look for health insurance quotes: Try getting quotes from various insurance companies before making a final decision. But then again, do not always go for the cheapest plan.
- Flexibility: While some private health insurance plans let you to select from their team of treatment providers. There are others who give you complete freedom to choose your doctor and hospital. Consider these issues while selecting a policy.



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