Health Insurance Tip: Millennials navigate the market
November 20, 2015
Healthcare.com CEO Jeff Smedsrud offers tips for millennials on buying their own health insurance policy for the first time:
• If you're turning 26 in 2016, don't wait until your actual birthday to get a plan — buy one at the beginning of the year. That way, if you are a heavy consumer of medical services, you won't end up paying two deductibles.
• Before shopping a plan, calculate your annual income, which may qualify you to receive a federal insurance subsidy.
• Jot down your healthcare consumption history over the past year, including the number of prescriptions, doctor visits, emergency room visits, X-rays and other tests, and any medical procedures you had, or may be having in the coming year. This will come in handy when answering healthcare utilization questions to determine your best plan.
• With your anticipated healthcare needs in front of you, think about your budget, and how much you can afford to spend on healthcare during the coming year.
• Don't rush through the insurance shopping process. While the HealthCare.com website makes it possible to pick a plan in a matter of minutes, this isn't like buying car insurance. Do the prep work in advance, and take the time to evaluate how well each recommended plan fits your needs. It will save you money in the long run.
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— Source: Healthcare.com— Source: Healthcare.com