Just over a year ago I made a really big decision. I decided to leave my comfortable job of 5 years to advance my career. The new job included a more positive atmosphere, higher pay, retirement options, and plenty of vacation. But it lacked one really important thing: health insurance. This was a little scary, as I had never been without health insurance before. I am not even 30 years old yet, and health care is not cheap. I could not afford the low-deductible co-pay plan that I was used to. So I took a chance. I opted for an affordable high-deductible plan. After much thought, I decided this was best for me because I have no medical conditions that would result in me frequenting a doctor or hospital, and I am rarely sick. But accidents happen and people get sick. So I need to make sure that I am financially prepared for anything. If you are a Millennial in the same boat as me, you need to have a back-up plan.
What are your options?
1. Health Savings Account
With a Health Savings Account, you can have a portion of your paycheck directly deposited into the account. You get to dictate how much gets deposited, which makes financial planning much easier. This is a great option for those who have a high-deductible insurance policy because you can save money tax-free against medical expenses.
2. Supplemental Insurance
Aflac provides individual and group voluntary insurance products that give you the opportunity to focus on recovery, not financial stress. The company’s voluntary insurance policies, which are designed to supplement major medical plans, pay policyholders directly for unexpected costs associated with a covered serious illness, injury or loss. In addition, the cash benefits can be used to help pay rent, gas, groceries, child care or any other out-of-pocket expenses a worker may have. Aflac offers accident, dental, life, vision, cancer, hospital intensive care and more voluntary insurance policies.
3. Coverage Under Parent’s Insurance
If you are under 26 years old, you may qualify to be covered under your parent’s insurance. Even if you are married, have a job, or are not living with your parents, this is an option that you may want to look into.
4. Online Resources
Sites like BetterHelp allow cost effective alternatives to traditional therapy.
Don’t take risks when it comes to your health. For more information, check out “One Emergency Away From Financial Disaster.”