Health insurance can protect you from many unexpected and unknown accidents that might occur during the course of time. Not seeking health plans can have dire consequences in the case of an injury, and unfortunately, many young adults (due to their age and the lower possibility of serious illness) choose not to take up an insurance plan. No matter the age or profession, having a plan can be life-saving. With this said, we are left to ask one simple question: what should we look for in an insurance plan, and what is the most appropriate for our age and profession?
Under the Affordable Care Act, young adults are now eligible to stay on their parents’ health insurance plan until the age of 26. This refers to all adults under this age limit, no matter if they live with their parents or not, are full-employed, married, or attend school. This option made it possible for millions of young adults to stay covered health-wise while working on their business, attending college, or simply struggling to make it in the world. Of course, this does not mean young people should solely rely on this insurance plan, as many options are still open.
What if your parents don’t have health insurance? Fortunately, even in the case of the parents’ not having a safe and well-covering insurance plan, younger people can look for school health plans often provided by the college they are currently attending. Many of these programs are inexpensive and cover most medical bills, and, of course, you are not depending on the goodwill of anybody.
Also, the premium amount will be lower the younger you are, as most health insurance companies count on the fact that young people are, in general, less prone to serious illness or ailments than older adults, which means the costs of managing the insurance are lower the younger you are. This is, of course, the case in situations where you are looking for insurance plans on your own, searching the market, and scanning for affordable options.
Another idea is to look at what your employer has to offer in terms of plans and coverage. If the plan is sufficient enough and the costs are affordable, maybe this is the best option available.
In the case of certain professions, the chance of sustaining a serious or even life-threatening injury can be drastically higher than usual. Even though these professions are often well-paid due to the increased risk factor, most employers, aware of these statistics, are offering poor insurance plans that cannot cover most of the medical bills and possible expenses.
Possibly, the best option in such scenarios is to go for a Medigap insurance plan and literally fill in all the gaps in your current insurance plan. Sometimes, even regular medicare plans are not sufficient enough in the case of professions with a higher risk factor, and although they cover most of the basic expenses, you are left with a lot of “gaps” unaddressed and not covered.
Thankfully, once you are eligible for a basic Medicare plan, you can look for Medigap plans that are most suited for your profession and financial possibilities. The best thing is that you’ll have to worry only about the monthly premium and nothing more, and you’ll rest assured in the case of unexpected hospital visits. This comes in handy for people whose employers are not offering sufficient and well-covered insurance and even for entrepreneurs who love travelling and extreme sports, as most plans don’t account for such accidents.
Another option for people working in heavy industries is looking at “catastrophic health insurance plans”. As the name suggests, these plans are specifically designed to help and protect people who are facing life-threatening situations. These plans cover most of the medical bills in the “worst case scenario” and also cover three visits to the doctor per year until you meet your deductible. It also covers many preventive services and is perfect for the above-mentioned lovers of extreme sports as well. So, if you happen to work in certain industries with higher exposure to chemicals and certain metals, or you love hiking and extreme sports, or even in the case of having bad habits that are increasing certain risk factors (recreational drug use and smoking), a plan like this will cover you.
The elderly and middle-age
The elderly people above the age of 65 are mostly covered by the Federal Medicare program, but this leaves a large portion of the population from the age of 40 to 65 without a sufficient medicare insurance plan. If you happen to be a minimal-wage earner or if your employer does not offer sufficient medicare insurance plans, we highly recommend looking for available options on the market. What should you look for? Well, the best way to determine the most sufficient Medicare plan is to look at your family’s health history, genetic predispositions, and all the increased risk factors due to age, lifestyle choices, and habits. Once you eliminate the less likely and unlikely scenarios, you are left with the most possible options, and this can narrow down the choice of the insurance plan.
Basically, look for something that will cover the most expected scenarios and count on all the common and widespread ailments that are common during this age period. You can look for subsidised state programs and Medicaid, which is another government-funded program offering assistance to people of low income. Look at all the options, seek professional help and counselling, and don’t hesitate to act immediately.
Having an insurance plan nowadays is not a privilege for the rich, but rather a must for most adults above a certain age. It’s common sense to seek an insurance plan rather than leave things unresolved.
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