CareHealth Guide

HMO for Millennials

Millennials now make up a good portion of the workforce. The eldest of the Millenials are closing in on age 40, with the youngest being close to age 24. This means that they are generally as healthy as they'll ever be; however, they will soon be experiencing the health problems that begin with middle age. Many millennials use the health care system differently than older consumers. Those differences can be important factors when choosing a health care plan. Understanding your options, insurance usage, budget, and health priorities can help you make choices for your health care and adjustments as you age.

Even younger, healthy people develop ailments, catch diseases, or have accidents. The key benefit of acquiring insurance when you're young is that you'll find the monthly cost of insurance more affordable than it is when you are older. If you are uninsured, or underinsured, you might consider finding some health coverage that will assist with the costs that increase with age. As with any new expenditure, calculate how much you can pay each month, and then ask yourself how much you’re willing to pay.

Health insurance costs have been volatile in recent years. You can get an idea of what it will cost you to get

coverage by comparing offerings at the national healthcare exchange, Healthcare.gov; or at a private online exchange such as eHealth. (Your state may have its own healthcare exchange, but you can start with Healthcare.gov.) Given your age—assuming you're fit and live a low-risk lifestyle—opting for a high-deductible plan might help you keep your premium costs (monthly payments) down. If you're under age 26, current law allows you to stay on your parents; policy, but that doesn't mean it's the best option available to you.

Conduct your due diligence to find the best price and coverage for your circumstances by comparison shopping. When you turn 26, you have 60 days to get your own insurance coverage if you’re still on your parent’s plan. Generally, if your employer offers one, it might be the most
cost-effective plan you can get. However, some employers are passing off much of the cost to employees—you might do better on your spouse’s plan or by shopping independently. If you don’t have employer-based coverage, you may be eligible for a subsidy or the Healthcare.gov exchange.