In the United States, individuals do not necessarily consider health insurance and health insurance options until they are twenty-six years old. Before that time period, we are on our parents’ health insurance plan. With that said, we do not consider the cost of all things medical. For example, since 2015 healthcare costs (deductibles and out-of pocket) have gone up by about 30%. Additionally, the average cost of an emergency room visit is around $1,233. Lastly, prescription drugs increased by 9% between the years of 2014 and 2015. The theme here is increasing, increasing, and increasing! It seems as if everything is so costly. But, fear not! Take a deep breath! If you’re a millennial who is researching health care plans, this should help! Here is some information you should know about health insurance.
When you’re on a search for health insurance you may feel overwhelmed, anxious, and as if the entire process is impossible. However, it doesn’t have to be. Finding the proper health insurance plan for you can actually be simple. Here’s why:
Health Insurance Broker
You don’t have to go through the health insurance process alone. Health insurance brokers can help you. Health insurance brokers are independent licensed agents, and they can represent many different health insurance companies all at the same time. They are the experts on different policies as well. They know how to match each individual with the right company.
Each individuals’ life and situation is different and unique. Health insurance brokers understand this and they’re here to help! They can safely find a plan that works for all of your healthcare needs. Additionally, they can help you compare insurance companies and policies. Health insurance brokers can answer all of your questions from copays to different advantages. Most importantly, these brokers will explain all the terms in a way that’s easy for you to understand. They thankfully take all the confusion and anxiety out of the process. They make it simple! After helping you research, buy, and set up your insurance they’ll be your new best friend!
There are different forms of insurance for your life situation. Here’s information about a few of them.
Individual Insurance
Some people do not get insurance from their employer. This is becoming somewhat common for millennials. But, fear not! There are personal health plans that you can purchase for yourself. An insurance broker can help you find the right plan for you. More importantly, there are a handful of advantages when it comes to individual insurance. First, you can choose a plan that includes the doctors and hospitals you trust and are comfortable with. Since your plan is not included in your job, you can change jobs without losing health insurance. Lastly, if you’re eligible for a subsidy the federal government can help you pay for your insurance.
Employer Insurance
For many jobs, your employer selects and purchases insurance. Your employer will then offer you the insurance. This is called a group plan. There are also advantages when you have employer insurance. Typically, your employer will split the cost of the premium with you. Your employer makes all the choices and does all the work choosing the plan. Employer insurance can lower your taxable income, because the premiums from your employer are not subject to federal taxes. With employer insurance you don’t need to worry about the process and you get benefits as well!