Health insurance as a young adult is so important. As I mentioned in a previous post, keeping up your insurance when you are young and don't have a lot of money is one of the best things you can do for yourself. When you are on a tight budget, it can be hard to think about paying for multiple types of insurance each month. Realistically though, if you get into an accident and your car is totaled or you require a hospitalization, you will be so happy for that insurance.
Does your job provide health insurance? If so, it's typically cheaper to go with your company plan than it would be to search on the open marketplace. However, if you want to search for an alternative plan you can.
Open Enrollment Friday, November 1- Sunday December 15, 2019
Health Insurance Marketplace:
- For those who do not have insurance through a job, Medicare, Medicaid or CHIP
- If you have insurance through your job, plans through the marketplace will be full price unless your coverage at work does not meet certain standards
Insurance offered through an Employer:
- Often cheaper because they are group plans
- Choose between plans available through your employer
Individual Plans:
- Plan is not tied to a job
- Can choose the insurance company you want and choose a plan with the doctors and hospitals you prefer
- Change plans during open enrollment on the open marketplace
Basic Health Insurance Terms to Know:
- Copay: predetermined rate (flat dollar amount) you pay for health care services in addition to what is paid by the insurance company
- Deductible: amount you must pay before an insurance company will pay a claim
- Maximum Out of Pocket Cost:the maximum you have to pay for covered services during the year (note the word covered here)
- Premium: Monthly amount paid for the insurance coverage
- Coinsurance: percentage of the claim payment that the insured must pay
Health care is expensive. Many people avoid going to the doctors because of the cost of health care. However, this can lead to some conditions going undiagnosed and you risk getting really sick. Most insurance will cover preventative care at little or no cost to you. So even though you are young and healthy, take advantage! Keep up with yearly doctor's appointments and get your flu shot.
For more information regarding the Health Insurance Marketplace go to: