Your health is the most important thing in your life. It is the source of your life, which includes your wealth, your well-being, as well as the people who are important in your life.
If or when you ever come across a situation where illness strikes you or members of your family or loved ones, you want to make sure every option is available to help you. Nowadays, many options exist. However, it is up to you to make the choice of what you feel fits best for you.
Insurance coverage is very important. Based on your age, health status, and other important factors, finding the right coverage may be challenging.
Private insurance versus medicare insurance are usually the most common choices for the disabled and the elderly. Below are a few factors that should be considered.
Cost:
Private Insurance: Varies depending on insurance company Medicare: May have slight changes every year. Checkout 2010 Medicare & Medicaid premiums.
Coverage:
HMO – Doctors and medical service providers must be chosen within the HMO network.
PPO – Doctors and medical service providers may be chosen in or out of the PPO network. Medicare – Medicare covers individuals who are 65 years or older, individuals with disabilities, and those who have end stage renal disease. For more informatiion on coverage details, please visit Medicare.gov or checkout Medicare’s 2010 changes.
Benefits and Disadvantages:
According to an article by The Commonwealth Fund, “private insurance holders are actually less satisfied with health care and more concerned about costs than Medicare beneficiaries.” Their studies show a higher percentage of satisfaction with Medicare despite the higher cost. Due to the 2010 increase in Medicare costs, many patients (the elderly in particular), are already changing their Medicare plans to private insurance.
The elderly have a greater need of health insurance due to their increased risk of illnesses and chronic disease. Therefore, finding the answers to the above questions and weighing them carefully should be considered before making a decision.
