Health Insurance for Millennials: A Guide

When the careless, worry-free period of your life ends, “adulting” must commence and with it a large set of obligations and responsibilities. Securing a full-time job, paying your own bills, starting to take care of yourself financially, in full. Being an adult also implies you are no longer allowed to use your parents insurance policy, rather you should obtain your own. The process of acquiring insurance may be unfamiliar and even a bit frightening; avoiding it should not be your solution to the problem and this is why this guide will lead you through the basics of the health insurance process.

The numbers acquired from a recent report suggest that the millennial age group had the highest rate among uninsured individuals, an astounding 16% in the United States alone. The reasoning behind this fact is usually the lack of information and knowledge about the subject, where one of the more popular answers was not knowing how to enroll, not having enough time during open enrollment and the complex sentiment behind the navigation between a health insurance and not feeling well informed about the subject.

In the situation where you choose to go without a health insurance plan or acquire a plan that’s not personalized nor suitable for your specific needs should not be considered as one of your options. Unexpected and fairly expensive medical bills may be the outcome of the previously named options; this is the reason why you should know what your options are, as well as how to choose them properly. For any insurance purchaser, these are some of the most common choices out there: low deductible, balanced or high deductible plan. 

Low Deductible

The low deductible plan is perfect for those individuals who intend to use quite a number of health services or if they require several prescription medications. The monthly premium, which is the price you pay every month for your health insurance and thus all the services you may need, will be a bit costly, if you happen to choose a low deductible plan. On the other side, your deductible and out-of-pocket expenses will be minimized. 

Balanced

The balanced plan is perfect for those who intend to save up on a monthly premium. The chief principal of this plan is based on a monthly premium that saves you money, but also keeps your out-of-pocket costs at a low.

High Deductible

A high deductible is a monthly premium devised for those people who do not require a lot of health care services. Also, if you have the means to pay the deductible upfront if any unforeseen expenses are incurred, this is a well fitting health insurance plan for you. Premium costs are lower, but the out-of-pocket costs and a greater deductible must be paid if this program is chosen.

Depending on the stage of your life that you’re at, different benefits may be your priority and those priorities may be the deciding factor that ultimately aids you in making a decision regarding your new health insurance plan. For example, maybe you are pregnant or plan on getting pregnant and this life changing event implies that you will possibly need more frequent visits to the doctor’s office. The low-deductible plan will be more expensive, but well coordinated with your current life situation, while the out-of-pocket maximum will be lower. The money saved by using this plan will be revealed in the long run. Lastly, before choosing a suitable plan, do not hesitate to consult a professional, who will provide you with additional advice and ultimately might even help you make the decision.

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