How long are private healthcare coverage policies in effect?
Private healthcare coverage policies can have longer term periods (12-36 months) than exchange plans.
Unlike employer healthcare coverage policies, private insurance has no contract obligation, meaning that the coverage is month to month. Some carriers do have rate guarantees for more than 12 months of coverage.
Private health insurance coverage is generally divided into hospital coverage and outpatient treatment coverage, such as cancer treatment.
Out patient accident coverage is also known as urgent care. Ambulatory care is also known as outpatient testing.
Ambulance coverage may also cover life flight coverage. Be sure to ask your agent. Life flight bills are expensive and many policies do not offer the benefit.
Private Healthcare Insurance Options
You have lots of options for private healthcare insurance coverage. There are PPO major medical or hybrid PPO plans that are more cost-effective, with these plans having normally better benefits than an exchange plans. The Exchange plans currently offer HMO high deductible plans, short-term and limited benefit plans.
If you got sick and had to be admitted to the hospital, the daily hospital charge for your room and board could easily be $2,500 a day, not including any medication, surgery, surgeons fees, anesthesiologist, doctor visits, laboratory costs and other related expenses.
If you were out on a 4-wheeler and had a bad fall that caused very serious injuries, you might be sent to an Intensive Care Unit (ICU). A stay in the ICU can cost as much as $3,000 a day!
According to the Journal of Health Research and Reviews, the average ICU length of stay is 4 days. And, for every day spent in an ICU bed, the average patient spends an additional 1.5 days in a non-ICU bed.
Starting January 1, 2019, you won’t be penalized for not having a health insurance policy in place for 2019. However, you will pay dearly out of pocket without healthcare coverage in place to protect you from life’s health surprises.
Your Healthcare Expense Spending Can Be Lowered
According to the Bureau of Economic Analysis, American spent $6.68 trillion on physician and dental visits in 2017, up 4.4% since 2016 and up 25.8% since 2007.
You can definitely lower your spending on healthcare expenses with a private healthcare insurance policy.
Take some time to discuss your options by phone or schedule a webinar with a licensed healthcare insurance expert. Review the exact healthcare benefits that you can have for 2019 and you can ask questions.
Call 281.979.5441 or contact us via email to setup a day/time that’s convenient for you to discuss your current health care coverage!
It may be the most informative 2-3 minutes of your life.