I'm not technically a milennial but I'm only a couple years removed. I certainly identify with many of the challenges facing their generation. I mention this because they are the most financually burdened generation. And I just read that 72% essentially do not know how to gauge what health care costs. 46% are not prepared to pay out-of-pocket health-related expenses.
In fact, the 2014 Aflac WorkForces Report found that only 15% of millennial workers agree that managing health care expenses is an important part of their financial plan, and 19% say they don’t consider health care expenses a part of a financial plan at all.
I was talking about health insurance with friends yesterday at brunch and I couldn't help but think about what an overwhelming thing it is. How many of us have stared at those forms? When I begin any job, I put a lot of effort into prcrastinating those forms. Inevitably I have to call one or more relatives for help.
Here are the conclusions I've come to, though, about health care; about signing up for health care.
- Don't mess around. Is there anything more worth investing in than your health?
- Pay the bills. Because you want those guys on your side.
- To that end, SAVE. Keep money aside for medical expenses. Better yet, for emergencies. You could be one emergency away from financial disaster.
- Ask lots of questions. Research never hurts. Be informed.
- Bundle your insurance policies if you can. For example, Aflac offers accident, dental, life, vision, cancer, hospital intensive care and more voluntary insurance policies.
Think of health insurance premiums as a monthly budget essential like rent, rather than a discretionary expense, like entertainment.
f your company offers a health savings account as part of a high deductible health plan, contribute as much as the plan allows so you’ll have money set aside to help meet the deductible and other payments. (This is a hard decision to make when you live paycheck to paycheck. But you'll be glad you did later.)
I was selected for this opportunity as a member of Clever Girls Collective and the content and opinions expressed here are all my own.