There is a national debate brewing in the United States over whether health insurance should remain private or whether healthcare should be a public service. No matter which side of the debate you land on, the importance of health insurance coverage is universal.
If you get your healthcare coverage through a private insurer and are considering dropping your coverage, you have a lot to consider. You don’t want to make a choice that could leave you without coverage for crucial health services, especially if you have a serious health condition. Continue reading to get an idea of some things you should consider before you cancel your private hospital coverage.
1. Medicare doesn’t cover emergency ambulance costs.
When thinking about getting rid of or changing private health insurance plans, one of the main things you need to consider is ambulance costs. A trip in the back of an ambulance costs hundreds of dollars depending on your emergency and how far you travel.
While Medicare does offer a more affordable public insurance option, it doesn’t cover emergency ambulance costs. Could you imagine having a medical emergency and then getting slapped with an $800 bill for a ride to the hospital?
There are all kinds of insurance plans on the health insurance marketplace and if you don’t search diligently, you could end up with less coverage than you need. If you have a serious health condition, like myocarditis, that frequently sends you to the emergency room, then emergency ambulance coverage isn’t something that you can afford to be without. Myocarditis research has come a long way in recent decades, but not so far that you should feel comfortable giving up emergency ambulance coverage.
In addition, Medicare doesn’t cover dental care, custodial care, or even eye and ear exams. If you’re planning on dropping your private insurance plan in lieu of Medicare, then you need to be aware of the services you could be sacrificing.
The best thing about private health insurance is that you can pick and choose the level of coverage that works for your health needs and budget. With so many options to choose from, online insurance comparison websites like iSelect are a powerful research tool for people shopping for private insurance plans. With iSelect, you can compare different insurance companies, deductibles, and premiums to help you to make the best choice.
2. Assess whether you are getting value for money from your extras.
Sometimes, people want or need medical care that is deemed nonessential such as dental implants or plastic surgery. One of the best things about private insurance is that you can get health insurance coverage for nonessential procedures if you’re willing to pay.
When shopping for health insurance, you need to be diligent about finding the best prices for any “extras.” Healthcare plans that cover special services and procedures are typically expensive in nature, but you should still shop for the best price.
If you just go with the first company that offers health insurance coverage for the special services you want, then you could end up paying exorbitant premiums and high deductibles. Before switching or dropping a plan, assess the level of value your getting from any extras in your plan.
3. If you’re determined to cancel your private hospital cover, consider having some other insurances.
Even if you decide to cover your private hospital coverage, then you should consider getting some form of supplemental insurance. If you drop your private health insurance for public insurance, then you could end up forfeiting crucial services.
Public options are more affordable than private health insurance, but they don’t cover nearly as many procedures and services. Having supplemental insurance coverage is a great way to ensure that you’re still able to get vital care from private specialists.
