Affordable Health Insurance For Young Adults
Getting health insurance is one of the most important things you can do as a young adult to protect your finances. However, it can seem expensive. Here are some things to consider.
Young adults often don't see the need for health insurance because they feel healthy -- even invincible. What's more, when you have limited funds the premium can seem like an unnecessary expense. A single accident or serious illness can hit you though, and could end up costing thousands of dollars in medical expenses.
Because of this, financial advisers strongly recommend that young adults maintain some sort of health insurance coverage. The question is, can you find coverage that's affordable?
If you are a full-time student, your college or university may offer student health insurance plans at a group cost.
If you work, it's a good idea to find out if your employer offers health insurance benefits. This is probably the best way to go if you are eligible, because your employer most likely has a group plan. Group plans tend to have lower premiums, and employers often help pay for some of the costs.
If your employer doesn't offer health insurance, or you're not eligible, you should consider an individual health insurance policy. There are different plans available for individuals that offer a variety of benefits. One of the simplest -- and more affordable -- is a plan that provides coverages for catastrophic illness or injury. There may be limits to the coverages, and there may be high deductibles, but since a serious injury or illness could wipe out your finances, this is better than having no coverage.
Not only do plans vary from one company to the next, but so do the costs. It's very important to do some comparison shopping for quotes. An easy way to do this is online. Either check out some health insurance companies to see what they offer, and then request a quote. Or, visit an insurance comparison site.
A comparison site doesn't represent a single company. Instead, you only need to complete one online quote request and then you'll get several different quotes back. The Insurance Information Institute recommends that you get at least three quotes from different companies for comparison.
Once you find a quote you like, make sure you fully understand the coverages, deductibles and co-pays before you purchase. If not, ask questions.
You may also be able to participate in a form of group insurance through an association. If you are a member of an association, or are aware of any in your area that you can join, check to see if they offer access to health insurance.
Young adults often don't see the need for health insurance because they feel healthy -- even invincible. What's more, when you have limited funds the premium can seem like an unnecessary expense. A single accident or serious illness can hit you though, and could end up costing thousands of dollars in medical expenses.
Because of this, financial advisers strongly recommend that young adults maintain some sort of health insurance coverage. The question is, can you find coverage that's affordable?
If you are a full-time student, your college or university may offer student health insurance plans at a group cost.
If you work, it's a good idea to find out if your employer offers health insurance benefits. This is probably the best way to go if you are eligible, because your employer most likely has a group plan. Group plans tend to have lower premiums, and employers often help pay for some of the costs.
If your employer doesn't offer health insurance, or you're not eligible, you should consider an individual health insurance policy. There are different plans available for individuals that offer a variety of benefits. One of the simplest -- and more affordable -- is a plan that provides coverages for catastrophic illness or injury. There may be limits to the coverages, and there may be high deductibles, but since a serious injury or illness could wipe out your finances, this is better than having no coverage.
Not only do plans vary from one company to the next, but so do the costs. It's very important to do some comparison shopping for quotes. An easy way to do this is online. Either check out some health insurance companies to see what they offer, and then request a quote. Or, visit an insurance comparison site.
A comparison site doesn't represent a single company. Instead, you only need to complete one online quote request and then you'll get several different quotes back. The Insurance Information Institute recommends that you get at least three quotes from different companies for comparison.
Once you find a quote you like, make sure you fully understand the coverages, deductibles and co-pays before you purchase. If not, ask questions.
You may also be able to participate in a form of group insurance through an association. If you are a member of an association, or are aware of any in your area that you can join, check to see if they offer access to health insurance.
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