If you’re like me in your 20s (or maybe you’re in your 20s now) you will have little benefit for health insurance. I remember thinking I’d pay the $33 a week deductible from my paycheck just in case, but if they raised the rate that much more, I wouldn’t give them another dime. It just so happened that I worked for a major bank and they managed to keep their insurance premiums at a good level throughout the 6 years of my career with them. I still paid more (and they paid a lot more) over the years than I got out of it. I honestly don’t think I’ve been to the doctor more than twice in six years of mass coverage.
When I was 30, I decided I wanted more freedom in my work schedule and instead of selling investments and insurance through the bank, I was going to sell health insurance on my own. I knew I was going to need health insurance, “just in case,” and well, that was my go-to now. However, given my previous experience with health insurance, I was in no rush to get a new policy. After about two weeks at my new job, I applied for health insurance. This was before Obamacare (ACA) and it usually took 1-3 weeks to get approved for new health insurance. About a week after applying, I had a terrible accident. The only thing I remember in the ambulance was asking the doctor if I had health insurance. After they refused, they took me to the district hospital, where I stayed for 4 and a half days. Two months later, missing commissions and a $72,000 hospital bill, I was ready to start working again with a story to warn others about the dangers of not having health insurance. The only time I really needed health insurance and I didn’t have it.
I may not have covered my medical bills, but one thing I always mention to my clients is how well my accident plan worked. You made a one-time payment of $4.80 on the policy. Two weeks after I was released from the hospital, I received a check for over $10,000. Had my health policy been approved, I would have been able to pay the deductible and leave several thousand in my pocket to continue to “put food on the table” and pay the daily bills. I am very grateful for the accident policy, but the moral of the story is that a good health plan is something that pays you and the doctor. Don’t wait too long to apply for health coverage, you don’t want any coverage gaps.
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Even if you’re just between jobs, waiting for mass coverage to start or haven’t been responsible on that front in the past, get something. It doesn’t have to cost a lot. A long-term plan can be a $60 deductible. I’d rather have to set payments for a $7,500 deductible than a $72,000 hospital bill. Never go a day without health coverage.
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