Not having insurance is not an option in today’s world. In fact, for 2016 there is a substantial fee increase totaling $695 for people without health insurance. So if you want to avoid being hit with yet another bill, it’d be wise to know the top 3 options for Millennials.
#1 Subsidized coverage
Benefits that are subsidized is by far the best option, especially if you’re a Millennial fresh out of college up to your eyeballs in student loans. Subsidized insurance is when you don’t pay a dime out of pocket, nada, zip, zilch. You will still have a copay, but what’s $25 every 6 months? #NBD
This is a rare offering, but it does exist and it wouldn’t hurt to be on the lookout because this could ultimately add $5,000 to your salary. Before signing up however, I’d ask for a second, third, and even fourth opinion. It’s possible the company you’re working for offers subsidized insurance with a not-so-reputable health care provider, in which case you may end up spending more money in the long run. Most companies offer partially subsidized insurance with a reputable health care provider like Blue Cross Blue Shield or Aetna.
#2 The Health Insurance Marketplace
The Marketplace is rather brilliant. It analyzes your current salary and creates 2-3 options for health care plans that fall within your affordability bracket. From Medicaid to ObamaCare, The Marketplace has it all. This option is best for people who are self-employed, freelancers, or working for a small business that doesn’t offer benefits at all. Another nice bonus The Marketplace offers is its extensive search index ranging from tax info. to tips on how to lower your monthly insurance costs.
#3 Blue Cross Blue Shield
I was formerly associated with BCBS and let me tell you I was covered for everything under the sun, literally. I only paid a copay for a full body scan and biopsy from my dermatologist! With BCBS, your monthly premium is contingent upon which plan you choose: Bronze, Silver, Gold, Platinum. (Here’s a breakdown of the Bronze plan for reference.)
If you’re paying independently (i.e. are self-employed) you will have a higher premium than if you were working for a company who offers BCBS because you’re a one man show and covering all the costs. However, if you’re at a point in your career where the cost doesn’t matter 1. pat yourself on the back, and 2. pick a realistic and cost effective option so you can maintain your monetary achievements. Sure it’s nice to only pay $100 for an ER visit, but that means your monthly costs will be higher. You should strongly consider the amount of times you actually seek medical attention each year. Taking your age and medical history into account is a crucial part of the decision-making process.
As we’ve learned by now, getting your benefits in check is serious business so be sure to consult a parent, professional, or someone in your HR department before making any decisions. Disclaimer: This information is a brief beginner’s overview, I’m by no means a health care expert.
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Written by: Brittany Johnston (24 Seven Marketing Assistant)