The Pros And Cons Of Purchasing Public Health Insurance
Having Public Health Insurance in this age and time has become a necessity that we can’t do without. Furthermore, with medical costs skyrocketing, the need to have health insurance has become a financial reality.
The primary vehicle that most consumers used in paying for medical, and hospital bills is known as health insurance.
The different types of health insurance we have are private and public health insurance.
Private health insurance is insurance coverage offered only by a private entity.
Insurance companies and brokers fall into these categories.
How to enroll in private health insurance
- You can enroll through the federal or state market plans.
- Through licensed agents such as eHealth.
- Through a group health plan.
For private health insurance plans, you can get benefits like catastrophic coverage, short-term plans.
Furthermore, you get to benefit shorter waiting period for health treatment. This can be particularly helpful in elective surgery since the waiting time is long.
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In addition, you also get the luxury of having a private room to yourself. In a public hospital, you are often placed in a room with four to six people with different ailments. Also, you can select your preferred doctor or surgeon.
In contrast, the potential drawbacks of private health insurance are; it can be very expensive due to its policies. In addition, Excluded treatments.
Pubic health insurance like Medicare is a federal program for Adults not less than age 65, and certain disabled individuals.
While Medicaid is the state’s program that caters to low-income individuals.
The distinct differences between private and public health insurance, are the matter of eligibility.
Moreover, the criteria that qualify an individual for public health insurance are Age and income.
In other words, you can get private health insurance if you do not qualify for the public health care insurance plan.
The primary role of public health insurance is to improve the equity, efficiency, effectiveness, and responsiveness of the health system.
In recent years there has been a general acceptance, of the role of primary health insurance in providing cost-effective health care.
In countries with health insurance systems, the size and number of funds along with the number of risks, are a major source of concern. Public health insurance is being provided by the government, either state or federal. Citizens can purchase so that their health care can be covered.
How Public Health Insurance should be run.
1. It should be paid for only by those in the program. It has to be self-sustaining.
2. It should be tax-subsidized through government taxes.
3. Individual states should administer public health insurance, after setting up their guidelines.
It should not be only regulated by the federal government alone.
People that should be included in public health insurance plans.
1. People that are unable to afford the expensive private insurance plan.
Most especially does that work for organizations that don’t offer health insurance packages as a bonus.
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They should rather use public health insurance as it is more affordable.
2. People with pre-existing health conditions should also purchase this plan.
Think of the public health insurance like deposits, keep paying when you are younger, so that when you are of age you can reap the benefits.
The pros of public health insurance.
Some of the major pros of primary health insurance are:
1. It serves as coverage against critical illness.
Primary health insurance providers offer packages such as critical illness insurance policies.
Such a policy provide coverage against life-threatening illness like heart failure, kidney failure, loss of limbs, bone marrow transplants, stroke amongst others.
You are entitled to a large sum of money upon any diagnosis of the above-listed illness.
This amount is required to meet your financial obligations, the treatment of your illness e.t.c.
2. Provide huge coverage over very expensive medical bills.
The main purpose of the insurance policy is to receive the best medical treatment without having to break the bank.
Health insurance covers hospitalization expenses, ambulance charges, daycare procedures.
With this insurance, your focus is on your recovery and not on the high bills awaiting you at the end of your stay in the hospital.
3. Lowers administrative cost
4 forces and doctors and hospitals to provide a high standard of service for a low price.
A competitive environment like the united state achieve this by offering newest technology, they target the wealthy.
5. Create a healthier workforce.
A study has shown that preventive care reduces the need for expensive medical care.
The cons of a public health insurance policy
The cons of a public health insurance policy all boil down to the professionals involved in the healthcare system.
Eventually, it gets to affect the patients too.
1. Most private health insurance providers have the beliefs that public health insurance will put them out of business.
Because it would have much-negotiating power and cost far less than what they are providing. They would fail to sustain their financial levels of service.
Or they would need to keep paying their investors.
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They also have the fear that many people will flock to the public health insurance policy and leave theirs.
Health providers are also concerned that they would be reimbursed at a lower rate due to lower patient costs.
Lack of financial incentive to stay healthy.
2. People may find to overuse doctors and emergency room without any financial incentive to goad them into staying in health.
3. Government cost-cutting can lead to reduced care availability.
4. Long wait time
5. Healthy people tend to pay for the sick.
For public health to work, people should be willing to pay a premium or additional taxes, to pay for healthcare. Everyone will have access to quality treatments at a low cost.