As twenty-somethings, we tend to think of ourselves as invincible, and with good reason. We see health issues as something associated with people “over the hill.” And as we bask in our youth, health insurance is often the last thing on our mind.
However, our lives can change in a heartbeat. In the blink of an eye, any one of us can be faced with a health emergency. Whether it’s an injury from pickup basketball or a fever forcing a trip to the ER, health insurance is essential to safeguard you from what could be catastrophic healthcare costs. In addition to emergency healthcare coverage, health insurance can give you other benefits, including preventive care (such as checkups and flu shots) and gym membership reimbursements (always a plus).
Cigna, one of the nation’s largest insurance providers, recently conducted a national survey and one of the key findings was that U.S. consumers believe health costs could have a major impact on their financial well-being. The survey also found that forty-two percent of consumers note hospitalization as their number one health cost concern. A majority — 80 percent of the 1,847 participants surveyed — say they wish “doing healthier things didn’t cost so much.” And cost is the number one reason people give for not going to the doctor.
With the passage of the Affordable Care Act (better known as Obamacare), you will also now be charged a yearly penalty for not being insured. This is in addition to any out of pocket cost you may incur from unexpected emergencies.
Young adults may continue to be covered by their parents’ insurance until age 26. However, after that, we’re on our own. Fortunately, this grace period gives one time to find a secure job in the post-grad years that offers subsidized health insurance to employees.
With the open enrollment period now under way , these are important things to keep in mind. There is ample information available to young people looking to enroll in health insurance. Cigna offers many valuable resources explaining the mechanics and benefits of healthcare. Check out their resources here and definitely make sure you’re covered by health insurance for the upcoming year.
This post was sponsored by Cigna. All opinions are our own.
