Private health insurance is a popular insurance component, but it isn’t for everyone. Learn the pros and cons of having it, and decide if it’s right for you.

Let’s start with the pros.

• It covers medical expenses 
  A private health insurance policy covers certain medical expenses that public health system or Medicare doesn’t.
• It covers (some) hospital expenses.  In the event that you’ll require hospitalization, a private insurance policy could cover some of your expenses, and you’ll be treated like a private patient.

And now for the cons – and there’s a big one:

• The cost.  This will be a real problem if you’re already in poor health and don’t have any kind of group coverage. Usually, individual health insurance policies can cost around a few 100s of dollars a month.