Private insurance is insurance sold by a private insurer. Some of the types of insurance this can include are health, dental, vision, and more. It will not include government benefits, like Medicaid or the Children’s Health Insurance Program (CHIP).
Private health insurance refers to any health insurance coverage that isn’t offered by a state or federal government. Private health insurance is offered by private entities. An insurance company or broker is a good example of this. An even better example of this is, Eugene C Yates Insurance Agency. So, if you need help finding out what is private healthcare insurance? Give us a call (916 – 313 – 6100), and an agent will answer all of your questions.
What is a private exchange health insurance?
Private exchange is an online resource that is set up by brokers, insurance carriers or benefit consultants. It’s somewhere individuals and employers can shop for health insurance. They can enroll in a plan, or receive any customer support that’s needed. Every time you visit a health insurance comparison site and turn in an application, you are using a private exchange. They’re not part of the Affordable Care Act, they have been around for awhile.
They can be used in individual or group markets. Public exchanges that were established by the ACA will have options for individuals & small groups. It’s well known that private exchanges in multiple states will assist new applicants enrolling in public exchanges. What this means, is that you may be able to use your local broker to help you enroll in a subsidized public exchange plan.
There aren’t any public exchanges for large groups. This tends to make private exchanges more popular. Especially as brokers and insurance carriers work on helping large employers find plans that accomplish their goals. They must conform to ACA regulations as well.
What is the average cost of private health insurance?
We know it’s a little out of the ordinary to buy your insurance outside of your employer. That is the way the majority of people choose to go. But, there are recent studies that have shown that you can and will save money by getting private health insurance.
As an example, the Kaiser Family Foundation found that the average monthly premium for employer-sponsored insurance plans for individual coverage in 2019 was $603. For family coverage it was $1,725.
According to the Kaiser Family Foundation, if you purchased insurance on your own outside of an employer-sponsored plan, your average cost of individual health insurance would be $440. The average monthly premium was $1,168 for families.
If you purchased coverage through the Health Insurance Marketplace, you may qualify for a Cost-Sharing Reduction subsidy and Advanced Premium Tax Credits. There’s a chance these will lower the amount you pay for premiums. As well as getting you a lower deductible. It should also lower any co-payments and / or co-insurance you’re responsible for paying.
What is the point of private health insurance?
Private health insurance plans are designed to split the cost of medical care between you and the insurer. This ultimately makes medical care more affordable for you. You share the cost with deductibles, copays, and coinsurance.
The point of private health insurance is to give you more flexibility and control over who you chose to get health care from. The savings are an added bonus.
In conclusion; private health insurance is right for just about everyone. If you need help or still have questions, visit our main health insurance page here.