Private insurance policies are more affordable than Medicare. Private health insurance can be tailored to fit the needs of the individual person. There is a premium associated with every policy, but there are many options available to you. Depending on your current health, age and medical history, you may pay different premiums on Medicare versus private health insurance. If you currently receive Medicare benefits, and you have not reached the eligible age to switch to private health coverage, the cost of your premiums may be one of your deciding factors as to whether to enroll in Medicare. Here are some of the ways that Medicare may affect your premiums.
o Health Improvement Services. Medicare does offer several options to help individuals who are struggling with chronic health conditions to afford the coverage they need. For example, it offers four different programs for patients who are 55 or over, or who have disabilities. All four programs are designed to provide for customized health insurance plans to suit the specific needs of the applicant.
o Certified Nursing Assistants (CNA). Some private health insurance plans include certified nursing assistants who can work in the home to help those who are receiving long-term care. CNA training can last from a few months to three years, depending on your level of education. To find out if you would qualify for this coverage, contact your state’s department of social service.
o Employer Sponsored Plan. There are basically two types of private health care insurance plan available to the employed. The first type is an employer-sponsored plan, which means that your employer pays for part or all of your coverage. This type of coverage usually allows employees to select their own doctors, and sometimes even their own hospitals. However, most employers do not contribute to the costs of any medications, which can make the premiums somewhat high.
The other type of employer-sponsored health insurance plans available to the employed are Medicare and Medicaid prescription drug coverage. Medicare is a federal program for elderly and disabled individuals. A portion of the Social Security payments goes to Medicare, which provides the bulk of the medical care coverage that people with Medicare receive.
Medicaid is a federal Medicaid program for the low-income and disabled. Each state has different laws regarding its Medicaid program. Some states cover all of the costs of Medicaid, while others cover a percentage of the costs. States that participate in a Medicare supplemental insurance program may also have varying laws in addition to those that cover Medicare. One thing you should remember about Medicaid is that the premiums paid for coverage are deducted from the income of the recipient, just as Medicare supplements do. In order to qualify for Medicaid, you must meet certain requirements.
Private health insurance coverage is available to many people, regardless of their income, health status or family size. However, there are certain circumstances that will require you to look into and research private insurance quotes before you open enrollment. If you are considering buying health insurance because you or one of your family members has a serious illness or condition, or if you or a member of your family is in certain conditions that are considered to be medically unnecessary, you may want to begin looking for a policy immediately.
The most important thing that you need to know about the health insurance plans offered by private healthcare providers is that they all offer a “fee for service” option. This means that once you sign up for the plan, the healthcare providers will take care of the rest. However, if you have any existing conditions or do not want to pay for healthcare right away, you can choose to “select” the health plan. Some HMO’s and PPO’s also allow patients the option of paying a deductible and premium on a monthly basis.