Adulting is a concept that many young people dread. Some aspects of adulting are paying bills on time, cooking home cooked meals instead of ordering in, and yes, understanding insurance. During high school, teenagers are taught how to read, write, and perform mathematical equations, but what about real-world applications that will help them out later on in life such as learning about taxes or insurance? Thoroughly understanding insurance seems complicated and turns young adults off, but learning about it is necessary. Health and life insurance helps cover you in the case of an untimely illness or death. A common misconception is that young people don’t need to learn about health insurance because they’re healthy, but in some cases, this isn’t always true. Keep reading to discover five important things that college grads need to know about health insurance.
1) Healthy Young Adults Need Health Insurance
If you’re healthy and young, you may think that you’ll save a lot of money by not purchasing health insurance. However, not purchasing insurance costs more money in the long run. In the rare case that you do get sick, out-of-pocket costs for prescriptions tend to be extremely expensive, if not unaffordable. Typically, with health insurance, discounts are offered and copays are cheap, depending on the insurance provider.
2) Long-term Disability Insurance is Vital
Some young adults don’t start saving until they find employment upon graduating. If you were to get hurt on the job, then a steady income wouldn’t be coming in. Some employers don’t offer long-term disability. Therefore, it’s best to look into what insurance companies have to offer.
3) Insurance Protects You From Financial Detriment
The reality behind medical expenses is that a high percentage of Americans go bankrupt behind it. You don’t want to become a part of that statistic. Your future is valuable. Although you may not foresee what use insurance can be to you right now, you don’t want to be ill-prepared in case of an emergency or incident. Think about it. The cost of a hospital ride can cost up to $700 by itself without health or hospital indemnity insurance!
At age 26, most young adults are kicked off of their parent’s health insurance unless they have a debilitating condition. If you’re a soon-to-be college graduate, you should start asking vital questions about insurance before you wake up to a rude awakening. It’s never too late to start preparing for your future.
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Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter,Facebook, and Linkedin.