Young adults who are under or over 26, should consider other options to get affordable health insurance, especially since they can save a lot of money in the long run. Since most young adults are relative healthy, choosing a plan that will meet their needs, and at the same time saving them money should be considered, as well as making sure they are at least covered for catastrophic health issues in the case that happens. With that aside, here are the top tips young adults should consider before buying a health insurance plan.
1. Don’t Purchase Your Parents’ Plan
Automatically, selecting the same plan your parents bought means, you are most likely spending more on insurance than you need or will ever use. Your parents might be seeing a doctor more often or take prescription drugs regularly.
“If you stayed on your parent’s plan, they might have picked richer coverage because of their stages in life,” said Lauren Fifield, head of new product operations at Gusto. Their plan also could be more efficient because either their employer or your parents chose to pay for vision or dental insurance. Young adults can frequently find a low-cost provider for basic vision or dental care.
2. The best time to purchase life insurance is when you are young. Although it depends on the amount of coverage you want, usually the younger and healthier you are when you purchase insurance, the lower your premiums will be. The reality is, your health can change without warning and it is less stressful and more affordable to have coverage before you need it.
3. Premiums Are Just One Factor
Young adults facing student loans and credit card payments are often working with a less financial plan, but they should think about how much they can afford to spend for out-of-pocket expenses if they had an accident and rushed to the emergency room. The monthly premiums is still a large concern for buyers but do not overlook your deductible, copays and coinsurance. Those three items can add up faster and into the thousands.
Before you acquire a new plan, ensure the physician you wish to see is accepting that plan. If not, appointments with that doctor can be tremendously costly, particularly if your plan does not cover physicians who are out of network.
4. High Deductible Plans
High deductible plans are cheaper, and the premiums are much lesser than other options. These plans work well for consumers who do not have any health issues and hardly see a physician outside of their yearly physical.
5. Where to Purchase a Plan
The marketplace to purchase health coverage is growing quickly, so check out healthcare.gov, the government health exchange, or your state exchange along with private companies. Under the former healthcare (ACA), insurance brokers cannot discount premiums less expensive than what Healthcare.gov provides.
You ca also purchase private individual and family plans at HealthCoverageFast.com, and their licenseed agents will be able to guide you through the process if you have any questions or concerns.
6. Catastrophic Plans
The “catastrophic” plans are only accessible to young adults who are less than 30 years old. The essence of these plans is to offer coverage for a serious ailment or injury. The deductibles are ranges from $6,000 to $7,000 per year. According to Hooper, he said, “Preventive care is included because it is an ACA-compliant plan, but if a young adult is ill, he must pay everything up to the deductible themselves.”