Health Insurance Pros

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Previously, young adults lost their health insurance before 24 if they were no longer full-time students. Today, however, the Affordable Care Act allows dependents to remain on a parent’s health insurance plan through age 26. Not every young adult has access to health insurance through a parent. Althoughyou may choose to go without, being a healthy “young invincible” isn’t a good enough reason to take this gamble. Avoiding treatment could result in more serious health problems, and a single trip to the ER may tack a hefty sum onto an already stretched budget. Fortunately, there are many health insurance coverage options available to twenty year olds today—largely due to the Affordable Care Act. To begin with, young adults may consider COBRA …show more content…
COBRA premiums can be relatively expensive, especially for young adults who are just starting out. Those who elect COBRA continuation coverage must pay the entire monthly premium plus a 2 percent for administration costs. Additionally, uninsured young adults waiting for new coverage may consider temporary health insurance. While it is by no means comprehensive, temporary health insurance— also known as short-term medical insurance—may be a safety net in the event of an unexpected illness or injury. Temporary health insurance premiums are usually a fraction of COBRA’s. Plans may last as few as 30 days or as many as 12 months. Once a plan expires, it is possible to apply for another policy. Furthermore, twenty year olds may also consider limited benefit medical insurance. Limited benefit medical plans offer inexpensive, creditable, non-catastrophic coverage. Stated benefit amounts are paid for physician office visits, preventative care, diagnostic work, emergency room visits and more. Individual health insurance plans closely resemble group health insurance offered through employers. As such, individual health insurance plans sold today must adhere to …show more content…
Young people have fewer diagnosed and undiagnosed health conditions than older people, and are less likely to develop health problems. For applicants whose families have a history of certain medical conditions or ailments, the premiums may be higher. Applicants with a family history of cancer, for example, may pay higher insurance premiums than applicants with no family history of cancer. People exposed to hazardous chemicals or radiation, or who work in jobs with high injury rates, have much higher insurance premiums than those with less dangerous jobs. There is also a trend to charge higher insurance premiums to those who have extremely sedentary jobs, requiring them to sit in one place all day, or to perform repetitive tasks or motions. International business travel may also impact the cost of health insurance. Strangely, married couples live longer and are generally healthier than single people. Getting married usually causes a drop in health insurance premiums, although the benefits are greater for men. I also believe credit history and driving experience play a major role in indicating your eligibility for health insurance. In my opinion, COBRA would be the best choice. After age 18 all adult life insurance options are available. The popular and most inexpensive choice for coverage is term life insurance. Term life insurance provides coverage for a fixed duration of time generally 10 to 30 years depending on the
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