Millenials and Health Insurance: What You Should Know

​Health insurance is probably not the first place most Millennials want to spend their hard-earned money. It's hard to imagine health insurance being as enjoyable as a huge flat screen TVs or an iPad. But even still, the investment in health insurance is one that every millennial needs to make.

​Without having the right health insurance an unforeseen illnesses or severe accident can be financially devastating. The expenses that you have to pay during this event could haunt you and your financial status for the rest of your life!

More than 11 million Americans do not have health insurance. And sad to say, half of that figure consists of Millennials. For millennials who don’t have coverage because they are concerned about their financial ability to pay or still confused about their choices, read on to know more about health insurance and its benefits.

Advantages

The coverage includes the essential health benefits mandated by the government. Even if you already have a pre-existing condition, health insurance companies can’t deny you for coverage. There also several free services that you can use such as preventive shots and even screening tests. However, you have to prepare a small amount for other services covered by your insurance policy such as the expenses for emergency care.

Monthly Premium

Your health insurance premium will depend on the amount you’re expected to make the following year. With the help of the government, you can have tax credits so you could have lower monthly premiums. This option is available to employees who have a modest income. There are also subsidies catered to lower-income clients so that they will only have to shell out a small amount to cover other expenses.

The Penalties

If you opt not to have a health insurance, you have to file for an IRS exemption. Otherwise, the IRS will fine you. And you surely wouldn’t want to pay a penalty worth 2.5% of your yearly household income or $700 each adult – whichever is higher.

More Considerations

Don’t just compare monthly premiums when looking for the right health insurance. When shopping for policy, you also have to consider the deductibles or the amount you have to spend before your insurance sets in. There’s also the co-payments and the maximums from your pocket which could cost you a lot if you don’t have the right coverage. You also have to check if you can use the policy in any hospital, regardless who the doctor on duty is.

At Choice Enrollment, we have agents who will give you all the details and options to see the right health insurance for you. Call us now at 719-481-1616 or click here to reach our agents at your most convenient time!