Why Take Out Private Health Insurance?

Private health insurance is often seen as a policy for those living in countries without a public health service. In regions such as the United States or Canada, the cost of routine care services is so astronomical that bills can’t be covered unless an insurance policy is in place. However, there are advantages to why everyone should consider private health care insurance, even if a public system covers emergency treatment. Let’s take an in-depth look at these below.

Contents

• Why is it Important to have Insurance?
• What is Private Health Insurance?
• Do I Need Private Healthcare Insurance?
• Benefits of Private Healthcare Insurance
• Conclusion

Why is it Important to have Insurance?

It’s important to have insurance because no crystal ball can tell us the future. Insurance is a means of being prepared in the event of unfortunate circumstances. Health insurance covers a person during illness or accidents and safeguards any monetary savings or investments. The right insurance will mean you’re covered for surprise bills and won’t have to dip into your financial nest egg to pay them.

What is Private Health Insurance?

Private health insurance is a policy taken out by an individual with a privately owned insurance company. Some policies are also included in work-related compensation packages. Some countries – such as the UK – have a public healthcare system, whereas others – such as the US – do not.

As of 2020, over 90% of Americans had some health insurance, purely to enable them to pay healthcare bills should they arise. But private insurance is also a worthy consideration in countries with a public healthcare system. Such a policy can enable a person to cut down on waiting timescales, have greater choice when it comes to doctors/specialists, or cover costs in cases where regular medication is needed due to a specific health condition.

Do I Need Private Health Insurance?

The need for private health insurance is a personal thing. There’s a growing awareness of the benefits of taking out a policy. Even in regions with public healthcare – in Malta alone, health insurance claims have reached £17 million in recent years.

For example, a person needing long-term dental work might take out private health insurance. This is because a public healthcare system won’t cover that work. Similarly, someone living in a rural area might take out a private healthcare policy as their nearest hospital is of a low standard. Paying a premium would give them a choice as to which hospital they attend in the event of an emergency.

There are multiple circumstances as to when a person might need private insurance, and it should be a strong consideration for persons of all ages. After all, we never know what’s around the corner.

Discover more with our article on 5 essential tips for choosing the right insurance plan.

Benefits of Private Insurance

Knowing you’re insured offers peace of mind for starters, and a private policy also offers the following benefits:

• Immediate Appointments

Public healthcare services may have lengthy wait times for a doctor or specialist, sometimes for many months. Although life-threatening conditions naturally have to take priority, some non-life-threatening conditions can cause immense pain and discomfort. Not having to wait in order to get a problem dealt with can greatly improve one’s quality of life.

• Non-essential ‘Essentials’ are Covered

Public healthcare systems don’t cover treatments such as eye tests or dental check-ups. Costs for services like these can quickly start to add up. Likewise, a private policy may offer you a level of cover for a white dental filling over a silver one.

Or other additional expenses, such as lens-width reduction when it comes to getting spectacles fitted. Such treatments may not be deemed essential but can make a massive difference to an individual’s well-being.

• Choice

Private healthcare insurance grants you access to whichever hospitals or healthcare services you wish. The closest hospital to you may not be the best, and a private healthcare policy will allow you to go with your own personal preferences.

• Wider Access to Medication

Some drugs may not be available via a public healthcare system as they’re too expensive, and the wider demand isn’t there. In some private policies, you can access a wider choice of medication, should you need it.

• Cover for Your Family

Private healthcare insurance isn’t just a personal thing – it can cover your whole family. Family policies are available from many insurance providers, and they often work out cheaper than taking individual policies.

It’s also worth noting that private healthcare may be an essential criterion in certain circumstances. For example, in Malta, where GasanMamo is based, anyone applying for a working or student visa will require health insurance as standard. Those considering working or studying overseas should naturally check if private insurance is required. This would be in accordance with the laws of the country they’re moving to.

For a deeper dive into this subject, find our article on Exploring the Advantages of Health Insurance.

Conclusion

In an unpredictable world, private health insurance can help guard against whatever the future may throw at you. It may also save you money in the long run, depending on your own personal circumstances and any non-life-threatening healthcare needs you might have. Regardless of your age, it’s well worth researching a private policy and reassessing your individual needs yearly.

Begin your own search for the right plan by looking through our clear and transparent benefits on our health insurance page.

GasanMamo Insurance is authorised under the Insurance Business Act and regulated by the MFSA.