What is the difference between public and private insurance?

Public insurance and private insurance are both types of insurance that are available to people in Rhode Island. Public insurance is insurance that is provided by the government. Examples of public insurance are Medicaid, Medicare, and the Children’s Health Insurance Program (CHIP). These programs are either fully or partially funded by the government and provide coverage to those who qualify. Some of the common benefits of public insurance are no copays or deductibles, no premiums, and access to a variety of medical providers. Private insurance is insurance that is provided by private companies. It typically covers health, life, vision, dental, and other types of insurance products. Private insurance plans require the policyholder to pay premiums each month in order to maintain their coverage. These premiums are typically based on age, health, where you live, and other factors. In addition, private insurance plans often have copays and deductibles that must be paid before the insurance will cover any medical expenses. Overall, public insurance is typically more affordable and accessible than private insurance and is available to those who qualify. Private insurance is usually more expensive and provides a wider variety of coverage options, but requires the policyholder to pay premiums in order to maintain coverage.

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What is the difference between public and private insurance?

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