In the year 2010, Obamacare was prominent in the market as it was promoting affordable healthcare and insurance plans which were openly cost-effective for the general public. After 2015, all employee-sponsored health insurance plans went under the Affordable Care Act (ACA) or Obamacare urging employers with 50 employees or above to provide affordable healthcare to all.
Pro-Obamacare experts have been well-known to state that the policy helped to reduce the rise of healthcare cost and cover pre-existing conditions.
But with the recent financial state of the US, ACA has implemented strict rules in regards to the health insurance plans purchase.
With the rise in the rate of income tax and excessive tax on non-Obamacare civilians, there has been a decline in people’s choice of this healthcare plan. For people second guessing if they can opt for private healthcare, certain misconceptions come in the way. Many have their opinions for the entire private insurance vs. government insurance.
In this post, we are addressing some of the most common myths and misconceptions surrounding healthcare insurance in the USA.
1. No strings attached
Private health insurance plans are not bound to you. In fact, it is possible to revert back to Obamacare during the next registration session.
2. Pre-existing Conditions
Yes, Obamacare is well-approved for its inclusion of pre-existing conditions and mental health. But all these require mandatory payment, whether your requirement is inclusive of such conditions. This compulsory inclusion and payment are not a part of private healthcare insurance.
3. Punishable Tax
The Affordable Care Act or Obamacare tax the civilians not opting to go under Obamacare. This compulsive taxation is not a part of how private insurance companies function. Educating the mass about sudden accident coverage draws in more customers.
Obamacare covers the majority of health benefits such as prescription drugs, hospitalization, lab tests before and after diagnosis, maternity and newborn coverage and mental health coverage.
So do reputable private health insurance companies. Private healthcare offers more choices regarding doctors, hospitals, operations cost, and hospital stay expenses. The cost of it all sums up to 2 million dollars a year under a private health insurance plan.
5. Health Inquiries
Private insurance plans require you to answer correctly in regards to your health. You’ll have to clearly share all diseases and disabilities from the time you fill out the first form. Asthma, diabetes, frequent decline in health(mental or emotional) and also small accidents which affected you are shared with the insurance provider. This information decides the insurance plan you are eligible for and the coverage you can expect when seeking medical treatment. \
For Obamacare, coverage prices are high for any difficult health conditions. With an increased amount of income tax payment, people either pay the excess income tax in place of premiums or cancel the plan altogether due to the increased cost.
So the choice of healthcare, private or Government, depends entirely on the civilians’ affordability. With the rise in medical expenses and income tax, increased expenses of pharmaceutical companies, increased the cost of prescribed medicines, you have to make your choice carefully..
To understand the difference between private and public healthcare, we will need to know the advantages and drawbacks of each. Let’s look through these points of comparison between the two.
1. Choice of Treatment
If you choose private health insurance facilities, the options of hospitals, treatments, and doctors will be better, more professional and approved.
But for Public insurance, there are limited options when it comes to provisions of doctors or hospitals which accept the policy.
The purchasing quote for private insurance might be higher, but it also indicates a higher quality of coverage and services.
As for public health insurance, it is the most affordable. But the low price may take create a burden on the healthcare centers as they may not have the resources to deal with the influx.
Private insurance policies make sure that payment of premiums takes place within time, even if you don’t need the service right then. For public insurance policies, there are at times, chances of deductibles which make the premium cost lower the amount paid are higher than the premium rate.
When it comes to difficult diseases, it may require a higher expense for surgeries. But private insurance companies never give up on the policies and expenses to provide for the surgeries and healing procedures when necessary.
But due to the cut in the cost of public health insurance in order to make them affordable, not all treatments come under cover.
Both private healthcare insurance policies and Government insurance such as Obamacare promote the need to purchase health insurance for safety and medical caution. But in case of emergencies and tough treatments, private healthcare policies can tip in the consumers favor because of their extensive reach!