Health Care Costs: Take Charge in Your Twenties
You’re in your 20s right now, so why do you need to worry about health insurance? You don’t – well, maybe you don’t. You see, you’re “indestructible” now, but you won’t stay that way. It’s hard to imagine a life where you take pills, are bedridden for days, and have to go to the doctor on a regular basis. But this is usually what happens to most people after the age of 30. All that partying and that care-free lifestyle finally catches up with you when your hormone levels start to drop off, you find it harder to bounce back from illnesses, and you start growing older.
Go With A High Deductible
When you’re young, you probably don’t need a lot in the way of medical care. But, that doesn’t mean you don’t need anything. You’re most at risk for catastrophic illnesses and injury. Get a high deductible or catastrophic plan. Those plans require that you pay a higher deductible than co-pay driven plans, but that’s OK for now. Set up an HSA (health savings account). It allows you to save money on a pre-tax basis and pay for medical expenses on a tax-free basis.
Talk To Your Doc About Generic Prescriptions
Don’t just assume that the prescriptions you do have to take are the cheapest. Often times, young people trust their doctors a little too much. Doctors aren’t always aware of the costs of prescription drugs, so they don’t always prescribe the cheapest meds.
Ask your doc if he or she is aware of any generics, talk to the pharmacist, and don’t forget to talk with your insurance company.
Keep Tabs On What You’re Being Charged
It’s easy to assume that all of the charges from the insurer or your doctor are legitimate. Sometimes, offices make mistakes. You might be overcharged for a visit, a blood test, or a diagnostic scan. The best way to keep from overpaying for services is to simply ask the doctor or billing department at your doctor’s office, for pricing on all services they offer.
Likewise, get into the habit of asking what blood draws cost, what various tests cost, and what miscellaneous charges there are for office visits. You might be surprised by what you’re paying for.
Your Policy Will Eventually Change
Eventually, you won’t be able to keep your catastrophic plan anymore. The rules under the ACA will force you out of the plan once you’re older than 30. Then, you’ll have to go for a higher-priced plan. Eventually, when you’re retired, you may need to speak with companies like MediGapAdvisors.com to get additional or supplemental coverage for Medicare. Just realize that your insurance will change over time as you get older. Plan ahead for increased premiums.
Stay Healthy
Your best defense against rising health care costs is to stay healthy. Seriously. Stay ahead of chronic illness, injury, and disease. Spend time in the gym doing barbell lifting. Take frequent walks throughout the week. Eat nutritious whole foods and try to minimize consumption of processed junk food.
Susan Thomson researches the healthcare industry. She often writes about options and responsibilities people have concerning their health.
