According to a recent study conducted by Washington, D.C based think tank Young Invincibles, Millennials earn 20 percent less than baby boomers did in 1989. They compared 25-34-year old’s in 2013 to the same age group in 1989. In 1989, the median income was $50,910. In 2013, the median income was $40,581. Based on these figures, it is easy to see why a lot of people are uninsured. Health insurance costs are simply too costly.
So, what are Millennials today doing about health care and costs? What could they be doing differently than the same age group back in 1989? Below are some clever ways to still treat when ill and/or injured and have little to no health insurance coverage:
Pre-26 and Student Health Plans
If under the age of 26, it may be cheaper to stay on your parents plan versus switching to your employer’s plan. Before the Affordable Care Act, insurance companies offered to keep children on the plan after age 19 if the child was enrolled in school full-time. Now, with the Affordable Care Act, parents can keep their children on their plans until age 26.
Most universities have student health plans that can be purchased. SHIP (Student Health Insurance Plans), where the school pays claims directly instead of hiring an outside insurer. You can use financial aid to pay the costs for coverage. There is also the benefit of medical treatment on campus.
Going with low cost plans
Going back to the previous year and getting an idea of your usage; the number of times you visited the doctor, a clinic, ER visits, etc. What were prescription costs? Were you treating short-term or long-term? Are there any current of past health concerns? What about physical therapy and/or chiropractic treatment? If you find that you are overall healthy and take preventative care measures, it may be more cost effective to go with a low-cost plan. It will save you money on your premium.
The world is so different than it was in 1989. Back then, there were no camera phones. Today, we can visit the doctor via Skype like technology!
Hire a Medical Billing/Coding Consultant
There are some estimates out there that support about 8 in 10 hospitals have multiple billing/coding errors. Identifying these errors can save a lot of money and the consultant can save you the trouble of fighting the health care provider over incorrect billing.
Clinics instead of Emergency Rooms
It costs far less to visit a retail clinic such as the ones found in Walgreen’s and CVS, than it is to visit an ER. If your situation allows, consider this as a treatment option. It will save you money later.
It is best to exhaust all possibilities and ways to save before going without. You may feel healthy, however; illness and injury can happen to everyone. In addition, there are government penalties that can be faced if you go without health insurance.
About Travis Etheridge
Travis, the co-owner of The Insurance Alliance, joined the insurance industry in 2011. He is married to his lovely wife Anica, and has an amazing son Henry. Travis is passionate about helping people, so the insurance industry is a natural fit. The thing he loves most about the industry is being there for his clients at their most trying times. He believes everyone is an individual and they deserve an individual plan best suited for their situation.