Public healthcare systems offer us many advantages. If you’re lucky enough to be covered by healthcare already, then you’ll probably enjoy the perks that come along with it such as easy access to a doctor and preventive care measures that will reduce the chances of you getting sick in the first place.
However, whenever public healthcare is spoken about, private healthcare is often included in the discussion. You can usually think of private healthcare as an add-on to public healthcare. It’s supposed to be improved in virtually every way and cut down on some of the downsides of public healthcare such as queues while also providing a superior service. After all, you’re paying extra for private medical insurance and healthcare, so it should really be better.
Unfortunately, private healthcare can often be out of reach for many people and they need to make a decision whether or not it’s worth the added cost for extra peace of mind. So in this article, we’re going to explain a couple of the pros and cons associated with private medical insurance to help you decide if it’s ultimately worth your time and money or not.
Why do you need it?
The first question to ask yourself is why you need private medical insurance. It’s a very personal choice but also an expensive one especially if you have to cover more people than just yourself. Family medical insurance can save you quite a lot of money, but it’s still not what most people would call cheap or affordable.
Here are a couple of the most common reasons why you’d want to pay for private medical insurance.
- You prefer not to wait in a queue at public hospitals and clinics
- You want to pay for a service that is made to be superior to what’s publicly available
- You want to be covered for certain procedures and drugs that aren’t available on public healthcare
- You want to save money in the future on complicated or uncommon procedures
- You want specialist care for long-term conditions and injuries that aren’t included in your main policy
- You want peace of mind knowing that you have medical attention ready to take care of you at a moment’s notice
As you can see, there are plenty of good reasons for why you’d want to invest in private medical insurance. The main focus here is that you’re getting a better service that is available on-demand as opposed to waiting in queues and being held up by public healthcare options. You’re essentially getting a faster and more dedicated service since you’re willing to put money forward and pay for a more expensive service.
What are the advantages?
Private medical insurance is typically better than whatever is publicly available, but what advantages can you expect to see for your money?
- Less waiting time – You ultimately spend less time waiting around, meaning you can be seen almost immediately whether your issue is urgent or not
- Referrals to specialists – You’ll be referred to specialists that can help you deal with various conditions in a more efficient manner
- Private rooms – If you need to stay at a hospital, you’ll get access to private rooms. However, this treatment can vary depending on your medical insurance plan
- Specialist treatments – Some treatments and drugs won’t be available on public healthcare plans, so private medical insurance ensures you get access to the latest options
- Physiotherapy access – Physiotherapy sessions can often be frustrating to book and you need to fit the timetable that’s being offered. With private medical insurance, you can be the one controlling that timetable so that it fits your needs
- Some reduced costs – Whether it’s reducing vasectomy cost or lowering the amount of money you pay for specific drugs, you can save a lot of money over a long period of time
- Better check-ups – If you’re worried about a health concern or want to undergo a scan, you’ll experience better service and fewer delays during your check-ups
- Choose your doctor – You can essentially choose your doctor if you go with private medical insurance, offering you more choice and peace of mind.
What are the disadvantages?
Let’s keep in mind that private medical insurance isn’t flawless and there are some disadvantages that you should keep in mind.
- It’s very expensive – You can expect to pay thousands per year to cover your family with private medical insurance
- It can be complicated – Understanding all of the terms and conditions of what’s covered or not can be confusing and complicated
- Public options can be just as good – Healthcare is dealing with your life, so there are going to be times when public healthcare can be just as good or even better than private medical insurance especially if it’s offered by a reputable hospital or clinic
Not everything is covered
Although you are paying more money to take better care of your health, it’s good to keep in mind that not everything is covered and you need to look at the individual terms of your medical insurance to see what you get help with and what’s not included. For instance, pre-existing medical conditions may not be covered by your new private insurance, and cosmetic surgery typically isn’t included either.
Certain chronic diseases such as HIV/AIDs, diabetes and hypertension might not be included in your private medical insurance either, but mental conditions such as depression could be included. As a result, you need to take a good look at what your medical insurance is offering and read the fine print to see if your conditions will be covered. The point of private medical insurance is to give you more peace of mind so make sure you take a good look at all of the terms and conditions before you put your money down.
Bottom line
Private medical insurance can be well worth the money and it comes with many advantages, but do keep in mind that even public healthcare can be effective so long as you take good care of your body and can cope with longer waiting times.
