Private and Public Health Insurance
What's the difference between Private and Public Health Insurance
today we're gonna talk about the difference between private insurance and public insurance,
well there's a lot you really need to know here and I'm way too much to go into in in this article but I'm gonna give you the gist of it .
on one side you have the public insurance: people really like kind of nickname at public but in reality what they're referring to is the Affordable Care Act marketplace so we'll just call out the marketplace.
on our marketplace you can roll in a plan and the plans vary by prices they go from cheapest the most expensive and typically you know for the cheaper plans you're gonna have less access to doctors and hospitals you're going to have a little bit more of a deductible which is basically the amount you need to meet before the plan covers you.
you might have some bigger co-pays on those plans you know you can enroll in them without any medical questions ask if you want something a little bit more expensive and you have more of a better budget or that includes a certain doctor you may need to go on the more expensive side on the public insurance if you really want to keep your same doctors in hospitals that's really what I see the most of.
now the good news about those plans is that as long as you're within the enrollment period which is typically November 1st to December 15th and keep in mind that it could change at any time but that's how it would where it is right now or you have what's called a qualifying life event which is kind of like an exception meaning that it allows you to get on to one of those plans like at another time of the year based on some kind of a qualifying life event you can get on to one of those plans without any medical questions asked all you have to do is you give them your bank information tell them which plan you want and you're good to go you sign up the premiums are all gonna be about the same based on age so it's not gonna be based on health and those plans on the marketplace they've got to cover there kind of standard plan so they've got to cover certain things that they all have to cover in order to be sold on that marketplace it's kind of like the rules of them the standards for them being able to be sold on their they have to cover these things so you can bet that they all cover these certain things and that they're gonna give you free preventative and they're gonna cover pregnancy pay benefits on Mental Illness and all kinds of things like that and you can also bet that they're not gonna ask you medical questions that's a guarantee so here's where the the conundrum lies:
often I get a lot of people that come to me and they say you know I have this really expensive health plan a couple of years back or now or present they have it and you know I never use it I I'm super healthy I do yoga every day I eat healthy I'm a vegan I take no prescription medications I don't even go to the doctor I go to a private doctor I pay him out-of-pocket what do I really need insurance for should I just go without insurance and I mean the answer is no because in reality like the deep lying fear of all people when it comes to insurance and even these healthy people like me are what if something unexpected happens what if cancer comes I mean cancer can hit anybody we've all heard stories of that happening and their families are among their friends circles and so what would happen to that person without any coverage so here's where the private option is really becoming something more popular and something that a lot of people are really looking as an alternative.
and so the private side gives you a little bit more customizable approach, to get on one of these private plans they do ask medical questions and they ask questions about your budget your health the kind of coverage that you need your goals and all of that is to really give you a plan that really fits for you and fits out with your budget and that's um kind of cater to your family's needs because it's not one size fits all anymore so that's the advantage of having a private plan
what I would say is just look into it and see if if private would work for you better or public would work for you better and you don't need to do that on your own use a licensed adviser someone like me I'd be glad to help you walk you through all of your options and let you choose the one that's best suited for you
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