Private Medical Insurance

You May Already Have Private Medical Insurance

Medical insurance coverage is broadly divided into two categories: private or public. Private medical insurance is coverage by a health plan provided by a non-government third party. These third parties include an employer, a union or other trade organization, or purchased directly from a private health insurance company. Public insurance is generally issued through government sponsored programs. Most non-government employees probably have private medical insurance.

Private medical insurance plans can be purchased from several sources. Employment based plans provide coverage issued through one's employer. This can also include plans offered through a trade union or through self employment. The direct purchase type of private medical insurance means coverage provided directly through a private insurance company, without a union or employer as an intermediary. Most citizens with private medical insurance plans likely fall into one of these two types of coverage.

Public insurance is usually offered through a government program at the local, state, or even federal level. In contrast to private medical insurance, these public plans are funded and administered by the government. Public plans include Medicare, Medicaid, and the State Children's Health Insurance Program or SCHIP. Private medical insurance policies are issued by privately held companies that must make a profit to continue operating. Government plans depend on funding from taxes and other sources.

Your private medical insurance plan operates much like many other mainstream plans. You can be reimbursed for most or all of your routine health care costs. Deductibles and co-payments will apply, and each will have an effect on the size of your monthly private medical insurance premiums. Prescription drug coverage is a feature of most good plans. This benefit provides low cost prescription medications, especially of a generic drug is prescribed.

Often your medical provider will submit your private medical insurance claims on your behalf. You will only be responsible for an office visit co-payment, and whatever portion of the bill is not paid by your private medical insurance.

There is nothing mysterious about private medical insurance. It is simply a classification to distinguish it from publicly funded or government insurance. Many employers provide private medical insurance plans, although they are more well known as group insurance. Whether you or your employer is paying for your private medical insurance, it is a helpful and money saving resource.

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