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Do I take out Private Medical Insurance or Group Medical Insurance?

Taking out a medical insurance policy isn’t something that should be done carelessly. When you are taking out such a policy there are a number of aspects that you should keep in mind, including what you expect from your policy and your monthly budget. It is also vital that you consider what type of medical insurance policy that you wish to take out.


There are a number of policies available to you when it comes to your chosen health care plan, two examples of which are private or group insurance. Every policy available to you has an array of services and these are no exception. However deciding whether to opt for a private or group medical insurance policy is one of the most important decisions you can make when it comes to the health care cover you take out. So what are the differences between the two and which one will benefit you the most?


The biggest difference between these two medical insurance policies is how they are supplied. A private plan is something that you take out yourself whereas a group plan is provided to you via your employment. In some cases you may not even have a choice between these two policies, I say this because some employers may not actually offer you group insurance. In cases such as this you should look into the most valuable form of private medical insurance available to you and when I say valuable I don’t just mean the price. Although it is important that you take out a policy that is value for money, it is more important that said policy covers you for the greatest amount of complications possible, but what if you do have the choice between the two? 


There are a number of benefits associated with taking out a group medical insurance plan, for example you are offered smaller premiums, better tax concessions and an extended length of coverage and best of all pretty much all business owners are able to offer this to you. With this type of medical coverage your premiums would basically be decided based on your work and the other employees as oppose to simply your healthcare background. Factors such as the average age of employees and the nature of your work as well as the history of illness amongst employees would all be taken into consideration.


What this type of policy basically means is that your employer will provide you with comprehensive healthcare cover as oppose to you having to take out a separate policy yourself. They way in which this is usually paid is the amount you have to pay will be taken out of your monthly wages. The biggest reason for taking out this policy is defiantly the amount of money you would be saving, so why should you consider taking out a private policy?


If there is a history of illness connected with the people you work with or your fellow employees are considerably older than you then there is a chance a private policy would be cheaper. Basically this form of affordable medical insurance exists as a means of giving you peace of mind. You are reassured that if you are ill or injured that treatment will be available to you and as a private patient you have a lot more choice open to you.


You choose where your treatment will take place and who treats you and during your hospital stay you would have your own en-suite room as well as other home comforts to make your recovery as easy as possible. You also have a choice of policy. If you take out group medical insurance you are restricted to the type of policy they have in place. However if you take out a private plan you pick the policy most tailored to your needs and budget.


Ultimately with a private policy you are more in control and all of the choices surrounding your policy are made by you but this does mean you will probably be paying more money than if you took out your insurance with your employer. The most important thing to keep in mind when it comes to choosing between these two is that you make your decision based purely on your needs. Take the advantages and disadvantages of each and apply them to your personal circumstances, this way you are making the most of your policy and you will be paying for something that can only benefit you and not something that when it comes down to it won’t help y

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