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Health Insurance: What All Millennials Should Know

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Health insurance may be the last thing in your mind as a Millennial, but it is as important as buying insurance for that new car that you purchased. Some people tend to skip health insurance because they find it very confusing, but in this article, you will be able to understand everything that you need to know about health insurance.

1.What Are Deductibles

Deductibles are the amount of money that you need to pay out of your pocket before your health insurance kicks in. For instance, if your plan has a $2,000 deductible, your health insurance will not start paying bills until you spend $2,000. Just remember that some deductibles don’t apply with preventive services, including vaccines and wellness visits.

2. What Are Premiums

Premiums are the needed payments to ensure that your policy will be maintained.

3. What Is A Coinsurance

A coinsurance is the share of any medical service claimed. For example, you may be required to pay 20% of the cost of service, while the insurance will be the one to pay for 80%.

4. What Is A Copay

There are some services wherein the health insurance company will need you to pay them a copay. Usually, this will consist of a flat fee; for instance, some companies will require you to copay $40 every time you visit a doctor.

Usually, the plan can or will not require you to pay coinsurance and copays. Usually, copays will only be necessary when buying prescription medications. So if you regularly see a doctor or you are on medications, it would be best to look for plans that have low copays.

5. Buying Health Insurance in the Health Insurance Marketplace

If you are a US resident who doesn’t have access to any health insurance coverage through your parents or work, you can purchase insurance from a health insurance company or a government-run marketplace.

6. What Will Happen Once I Turn 26

Based on Obamacare, until you reach 26, you will be under your parent’s health insurance. Before you turn 26, it would be best to start shopping for a nice health insurance plan to avoid any gaps in your coverage. You can start enrolling before the 15th of the month to ensure that your coverage will start on the first of every month.

7. Is A Catastrophic Plan Ideal?

Having a catastrophic plan is ideal, as this will help protect you from a worst-case scenario, including serious illnesses or a costly accident. Also, this type of plan will cover preventive shots and screenings and is only ideal for individuals 30 and below.

Now, if you prefer to get a catastrophic plan, know that you will not be eligible for any premium tax credits. Also, you will only be paying for a standard price, which means it might not be that expensive.

Conclusion

This is all the information that you need to know about health insurance. As a millennial, you shouldn’t worry about the complications of getting insurance because shopping for it will be easy once you get to understand them. There are people who can help you in getting the right health insurance plan based on your needs. Health insurance company people will gladly assist you.

Based on Materials from Clark.Com
Photo Sources: Tccancer.org, Pexels, Investopedia, Fortune.Com

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