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Three Things That Millennials Need To Know Before Getting Health Insurance

Millennials don’t always have it easy in life, mostly due to the way things are with the economy right now. They don’t have the amount of money that baby boomers had before them, and thus, the expectations around them can be unreasonable and almost unrealistic. This applies to health insurance as well, but what many people might fail to understand is that health insurance is more of a way to save money rather than waste it.

Unexpected injury or sickness can happen to anyone at any given moment, and if your emergency fund isn’t doing too hot when your need for money arises, you’re going to be in a whole lot of trouble and might find yourself in debt, which won’t do you any good if you’re already neck deep in student debt. If you haven’t reached your late 20s yet, here are some things that you should know about health insurance – it might be the difference between living comfortably or losing out on thousands of dollars.

Realize That Medical Bills Are Astronomical

If you go without insurance, you’re going to have to get your head around the fact that most medical bills are pretty costly, something not everyone can afford. Recent changes in the tax bill mean that you can legally go on about your business even if you don’t have any insurance, which might be an attractive option for people who just graduated from college and are looking to establish themselves in their career and social lives. However, a simple trip to the doctor for a check-up (which doesn’t include any tests or x-rays) is estimated to cost over $100. Not having insurance means that you’re going to lose out on a whole lot of cash the moment you’re worried that something might not be right with your health.

Health Insurance Is Complicated

You’re not going to simply step up to a provider and ask to be insured. There’s a lot of nuances to health insurance that you need to know about before you opt for a deal that suits you. If you’re the type of person who never gets sick and is considering not getting insurance due to this fact, you should simply play it safe and go with a minimal package that doesn’t cover everything. This way, you won’t have to pay too much on insurance and will be covered by it whenever you’re suddenly and extremely sick or get injured in a car accident. Such insurance plans won’t make you pay too much for your premium so you’ll be saving money overall; however, you’re going to have a higher deductible which means the money that you’ll have to pay out of your pocket before the insurance starts covering 100% of your medical needs. You should consider putting aside some money for your deductible so that you can easily pay it off if you’re ever feeling under the weather. Some plans will have lower deductibles with more premium fees, so if you know that you’re going to be needing medical treatment, such plans might end up saving you good amounts of money in the long run since you won’t have to pay thousands in medical fees.

You Might Have a While Before You Decide

Depending on your age, you could have some time on your hands before you have to make a decision based on what sort of insurance you want. In most states, the insurance that your parents cover you with expires the moment you turn 26, which is when you’ll really need to make a quick choice on whether you want insurance and what type of insurance you want. If you’ve got a few years ahead of you, you should use it wisely and do your research on which doctor you’re comfortable with and which insurance package covers them. In general, you’re going to have 120 days to make a decision as to which provider and plan you’re going for after you turn 26 years of age.

Whether or not you get insurance is entirely up to you, but you need to make sure that your decision is calculated and not made hastily. As mentioned, you could lose out on more money than you can afford if you make the wrong decision when it comes to health-related matters.

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