Private health insurance may seem like an unnecessary expenditure when you are already being offered health insurance by your company. But you can get private health insurance for yourself and your family if you need it.

How it works

Employee health insurance is prepared and provided for employees at the same price. But private health insurance is completely dependent on your personal health, age, weight, current health history, occupation and smoking status. Any preexisting condition could automatically raise your premiums immediately as each premium is decided by underwriters according to your personal condition. If you already have diabetes, heart conditions or cancer, you could already be considered ineligible for a policy. Furthermore, each company will have different conditions on how the policy is granted. States like Vermont, New York and New Jersey offer a regulated private health insurance for all their customers but this result in an automatically higher premium for everyone.

What are the benefits of private health insurance?

There are many advantages to taking on private health insurance for yourself and your family. For example, with a private health insurance policy, you can choose the hospital you want and the doctor who will work on you. There is also a much shorter wait for all elective surgeries. Good health insurance policies will also pay for dental treatment, ambulances in case of emergencies, home nursing, podiatry care, glasses and contacts, prostheses and other ancillary care.

When do I need to take on private health insurance policies?

You might not really be sure about the kind of private health insurance policy you want to buy. It's a very good idea to talk to your family doctor as they will be able to guide you. Your family doctor can review your family history, your life history and your current lifestyle and let you know what you might require for the future. It will also help you determine what you require for your family to ensure its health. The advantage here is that you can tailor make your health insurance policy to your needs. If you are over 25 years of age and single, you can ask your insurance company to remove any hip surgery coverage. When you have had your family, you can ask the company to remove obstetrics coverage. This will automatically reduce your policy price and you can get value for the money you are paying.

Buyer beware

No matter how attractive the private health insurance policy appears, you have to read the fine print. Make sure that you are buying comprehensive coverage to protect you in case of you falling sick. Also ensure that you check the company's claim paying ability with agencies like Standard & Poor.