How to save money in health insurance when you’re young

Recently, I asked my twenties friends, what they want to know about getting health insurance yes. The most common response? “Everything.” Obviously, I can understand, those of us navigate the maze of health insurance for the first time less than clear in context. In addition, pay for health insurance coverage, but when you do not have much spare cash drag.

But skip it may be more expensive. Although the number of young people without insurance is declining, due to the requirements of most insurance companies allow children in the parents’ health plans up to 26-year-old new federal rules, more than a quarter of young people are still not covered. In 2010, AB out of the 18-24 years of age 27% 25-34 year olds 28% of people without health insurance, according to the US Census Bureau. “I’ve seen about the young man who ended the huge medical expenses bear so much of the story,” Kathleen Stoll, American families, health advocacy organizations covering the Deputy Director-General said. “It’s not something you want to take the risk if you can find an affordable source of coverage.” Here is how to get good coverage without going broke:

Personal Insurance

Even if you have employer or parents coverage options, you can find yourself a cheaper coverage. In most countries, health, young people can be in the private market individual policy premiums of about $ 150 a month to $ 200 Ankeny Minoux, the president said, Medicare Education Foundation. High-deductible policies may run closer to $ 100 per month. On average, a single premium of $ 921 to cover the cost of the employer by the employee per year, or about $ 77% per month, according to the Kaiser Family Foundation. But costs vary widely by employers. You can buy and sites such as eHealthInsurance.com compare policies. Or find a broker who can help you get coverage through www.nahu.org.

Double-check your plan for executive directors, Alan Smith, the young undefeated, an organization that advocates health care of young people. You may find, for example, that you frequently visit certain prescription or a doctor does not cover. And remember, your premiums will be paid by the employerYou payche deducted pre-tax CK, a perk you will not have with individual coverage.

In addition, if you have health problems, you may difficult to find coverage in the individual market. (You can, if you live in one of six states, in each market to ensure that, regardless of your health cover to get a policy – Maine, Massachusetts, New Jersey, New York, Vermont and Washington Note, however, often the premium is higher than the average level significantly for everyone in those countries – not just those health conditions) employer plan can not deny you health insurance or overcharge you because of pre-existing conditions, although it may be able to impose waiting coverage with you stage of disease. (For more information on medical history and health insurance, see the Fami lies America’s “HIPAA fence to guide you.”) There are those who have no previous history of insurance, at least in the past six months can look at the US government’s pre-existing condition insurance plans; roughly the same market premium rate, a healthy person. Many states also have high-risk pool of people with pre-existing conditions, they have different eligibility requirements than the PCIP. Rate more often than the standard market interest rate is much higher – if you’re in a swimming pool in the state already, you are not eligible for PCIP. See www.coverageforall.org status information from the state.

Parents coverage

In the Affordable Care Act, most insurance companies now cover those who are under their parents Polić 26Y, as long as the policy related reports – for many young people who are looking for their first job or work part-time work benefits a good choice. (For those of you sending in the troops parents insurance plan, the good news TRICARE: you are now covered, too, although the rule is different from managing other policies to see different KIM: military health plan now covers adult children for more information. )

Once you get a full-time job is to provide health insurance benefits, your parents’ policy no longer need to make sure you unless they buy it in the individual market, or if you plan to set up after March 23, 2019 check waiting period if your new boss will be imposed before health insurance registration; if you do, ask your brackets TS ‘if the insurance company’s policy will cover you during the waiting period. Such asIf not, you might want to get a short-term policy until your employer coverage kicks. (For more rules, young people see the government cover page. For information on obtaining the status of national health insurance for young people, see www.gettingcovered.org/toolkit.)

Employer coverage

Congratulations – you have the benefits of work! Or maybe you have your moment (still an achievement to be congratulated!) Work, you just come up the year open enrollment section (in the meantime, you can select or time to change your employee benefits). Either way, now is the health benefits that you check your employer’s choice of a good time. You can for hepatitis E in several plan options – for example, three have different premiums, deductibles and coverage – or you may only have one option.

Tempting as it may be, not just whitewash thick booklet outlines the plan, which should include the benefits summary reported in detail. “Reading it is not always fun,” Smith said. “But this is done in a smart financial decision is very important.” And now it is critical, because employers passing more of the cost of health insurance rose to workers.

You need to understand some of the key elements of your plan:

Premium Most employers do not pay the full premium, so you may have money from your paycheck automatic drawing, pre-tax, to cover the rest. If you choose a high deduction plan IBLE (pocket you pay before the insurance kicks in the amount of medical services), your premiums may occur if you choose a low deductible plan somewhat lower than that. Remember, the only change in the price difference between premiums and deductibles may not planned; the co-payment for certain types of services, for example, may change.

Deducted. many young people to work in entry-level wage is short-term savings. So, if you are thinking about to reduce premiums by choosing a high deductible plan, make sure you can afford, Stoll said. Calculate your potential pocket beyond the maximum year – the maximum amount you have in health care costs, including your deductionsAnd co-payments or co-insurance payment (but not premiums), until the insurer to bear the full cost.

Many health insurance plans cover preventive care, no deductibles and co-payments required, so you may not have to pay such annual service checks and blood screening. If you have a health savings account or flexible spending account, you can use tax-free funds to pay out of pocket costs and more (see tax-deferred accounts to use more of these types of accounts). If you choose a high deductible plan your employer may donate money to your HSA.

Network . If you go to a doctor within their network insurance plans tend to provide the maximum amount of coverage. If you have a pre-existing condition or some expert, you often see, select PREF errors provider organization (PPO) is probably your best choice. Typically, PPO will provide coverage outside their network of doctors, but you have to pay more pockets of service. If you are healthy, with the use of health maintenance organization (HMO) option, you can save money because costs are often lower. However, you are likely to be more restrictions on, you can get insurance for any amount of access to a doctor.

Future coverage

When changes in your life, your insurance needs is all about. marry? You may be able to get better coverage or lower premiums through your spouse’s plan, and vice versa. If you have children, you should evaluate your plan to see if the child may be most appropriate. You may even find that individuals and families combina tion policy is to cover your new home (see How to beat rising health insurance premiums) is the lowest cost, most effective way.

In addition, many of the provisions of health care reform is not yet valid. Since the existing law, in 2014, you will get coverage, or if you do not have to pay – unless you are below the very low income limit, or to meet other specific requirements. In addition, no insurance company will be allowed to turn you down or charge more because of pre-existing conditions or set an upper limit on the amount of coverage you can receive.

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