“Health coverage is for boomers,” said Cynthia, who later on got hit by a truck while crossing the road.
Except for wiping her nose with a handkerchief during seasonal changes – thanks to the cold germs that make sure they’re inclusive to everyone on the block – Cynthia would never get sick or injured – until now. We’d like to apologize for the disclaimer mentioned above, but youngsters in their 20s – 30s don’t want to think about the worst that could come their way – especially when their health is in concern.
Health Coverage – Choosing Life over Premiums
According to the All American Act (ACA) imposed by the government in 2010, it was required of every young American in their 20s or 30s to sign up for health coverage premiums. Each adult was to be charged with a penalty of $695 or, if more convenient, at least $2.5% of their total earnings with their tax returns as of 2018. However, in 2019, they ruled off this mandate in order to convince people with logic and reason instead of inciting reservations and non-compliance with penalties.
For people who have had impeccable health during the early brink of their adult years, opting for a health coverage policy ‘this early’ might seem invalid. But here’s what we think it is – not only will every independent American be ready to surf through a catastrophe, but so will they get to save money and put it in the bank under their ‘medical emergency fund.’
Taking money out for a catastrophe can leave you bothered – especially when you have to make and serve coffee as a barista right after graduation. But, if you take a few of your earnings every month and purchase an acceptable health coverage policy, you can take a break, smell the flowers, and not be worried if you encounter a major medical bill shortly.
While many youngsters still depend on their parents after moving out, the ACA demanded them to opt for a convenient health coverage policy once they are beyond 29 years of age. Also, there are many insurance companies, Lifeshield Health Insurance, for one, which also offers life insurance in addition to health coverage. By signing up for health coverage that offers you life insurance as well, you’re not only preparing for any emergency out of the blue, but also for the inevitable.
Today, we are going to give you five reasons why you should choose your life over premiums – as youngsters, boomers, or newlyweds alike.
1) You can pay for Medical Emergencies
If medical emergencies don’t kill you, their bill at the hospital will definitely. Once you encounter a medical emergency, you would probably not think about your leg in a cast, but about your crippled bank account. Even if you take good care of your health, you can never be too careful with slips, trips, inadvertent falls, and other traumatic situations such as an emergency appendectomy or tonsillectomy.
Plus, if you think that your company will give you the freehand at work once you’re back on your toes, you might be wrong. One, you might even miss out on getting the pay if you’re hospitalized, not to mention the amount of work you’d have to catch up once you drift back to your office. Two, you would need some monetary help to cover your scheduled hospital visits once you’re discharged.
Nobody is telling you to check into a ‘gold’ or ‘platinum’ health coverage plan. Gathering that most health insurance plans don’t usually reimburse the fees spent on routine clinical visits, they readily do prepare your bank account for a medical or surgical emergency.
2) Helps to prepare you for Raising a Family
You’re all set to walk the aisle and tie the knot, but are you physically prepared to take care of your family or raise your kids once the time arrives?
Raising a family is a big responsibility, and the government offers basic health and life coverage policies to take care of them for you.
If you want to check into an independent health coverage policy, you need to notify your company and choose a plan with an estimate ball-park figure in your mind. Choose a plan that allows you to pay a fraction of your annual salary so that you can invest in your life and reap dividends in the end, as well.
3) Helps you to take action with Minor Interventions
Suppose you feel a minor lump in your axilla upon palpation of your chest in the shower. Whilst you were waiting for your bank cheque to cash in, you postpone your follow-up visit to the doctor and soon forget about your condition. Months or years apart, this condition grew its roots and spread into cancer.
To prevent such a situation in the present or the future, try looking into a health coverage plan so that you can opt for immediate interventions and preventive medicine. Many illnesses are treated with preventive or conservative management. Once you stop putting off timely treatments, you can prevent severe conditions from developing and ruining your health completely.
When choosing a health coverage plan, there are many factors that you can keep in the notice. For instance, check your options and line them up with your healthcare priorities. See if you want a plan for emergency backup, prescription medications, or routine lab tests as per your medical condition or opportunity for unforeseen health risks.
Also, correlate your coverage plans with your deductibles. For instance, if your bank account is already struggling, try choosing a lower health coverage plan that you can pay monthly instead of paying premiums on a bigger policy that will wipe you out completely.