Sunday, Dec. 13, 2020 | 2 a.m.
View more of the Sun's opinion section
There’s one inescapable truth: Sometimes the transition to the world of “adulting” really sucks, especially for millennials.
There’s always a checklist of must-dos that only seem to take away your hard-earned money — pay the rent, chip away at your student loan, make a car payment, buy groceries, remember to pay the phone bill — always more bills. Now you’re supposed to obtain health insurance.
What’s the point? You’re young and healthy. But truth be told, if you don’t buy a health plan, you’re leaving yourself open for financial catastrophe. Without health insurance, a car accident or major unexpected illness can turn into bankruptcy. Forget carefree skiing, going to the gym, traveling, dance parties or bike rides, which all carry the risk of injury or, these days, possibly contracting COVID-19.
It’s important to know your options for getting health care coverage and check off this major to-do.
Let’s be real: No one actually likes buying health insurance. But buying a health plan doesn’t have to be the palm-over-your-face nightmare it’s made out to be. In fact, some health care insurance companies are recognizing that millennials not only research and shop plans differently than their parents, but want plans tailored to them.
If you’re a millennial shopping for health care insurance, here are some basics. Let’s start with three key terms you’ll see a lot:
No. 1: Catastrophic plans
Catastrophic plans are built specifically for healthy folks under the age of 30. These plans have the lowest price tags and generally offer the simplest health benefits like a few free doctor visits a year and a free annual check-up. And it will cover you in case of a catastrophe.
No. 2: Health network
This is the group of doctors, hospitals and other medical providers who have agreed to provide services at a discounted rate for insurance company members. A health plan is only as strong as its health network. You need to know for sure that you’re getting access to a team of highly skilled, reliable doctors and hospitals.
No. 3: Deductible
A deductible is the amount you need to reach before your insurance pays for part (or all) of your medical care. A good rule of thumb: high deductible = low premium (what you pay each month). Some plans have health benefits that your insurance pays for before you reach your deductible. We’re talking about perks like free doctor visits, free generic prescription drugs and discounted urgent care visits.
Now, here’s some advice on shopping for a plan.
Keep it simple. If you’re under 30 and pretty healthy — like you get sick maybe a few times each year — consider getting a really basic plan, like a catastrophic plan or bronze plan. Being uninsured is a really bad idea, but it also isn’t great to be over-insured. That is, paying for insurance coverage beyond what is necessary based on how young and healthy you are.
Don’t always judge a plan by its premium. A smart approach to saving on health insurance isn’t always by comparing monthly premiums. It’s by evaluating health plans based on how much you’re going to pay over the course of the year when you add up premiums. Even if two plans have the same premium, if one requires you to pay a lower cost for doctor visits and prescriptions, it could save you money in the long run.
Here are a few points to consider in evaluating which plan level might work best for you:
• Does the plan allow you to access the services you use most at a cost that works for you or for free?
• What’s the co-pay (flat fee you pay each time you see the doctor or buy a drug) or co-insurance amount (the percentage you pay for services after you’ve met your deductible) for the medical services you use most?
• If you are in good health and don’t anticipate any major medical procedures, consider a high-deductible plan that costs less per month than plans with a lower deductible.
Do you get your health insurance through your company’s group plan? If you do and you’re not loving it, you should see what’s available on the individual market. It might be less expensive to get insurance on your own.
Are you a “gig” worker, entrepreneur or self-employed? Fortunately, new health insurance carriers on the Nevada Health Link, the state’s portal to coverage through the Affordable Care Act, offer plans that are simple and affordable since they are designed specifically for the growing number of people who buy their own health insurance.
Health care enrollment runs through Jan. 15. If you’re purchasing health insurance through Nevada Health Link, you have until Jan. 15 to enroll in a health plan. If you enroll by Dec. 31, you will be covered as early as Jan. 1. If you enroll by Jan. 15, your coverage begins Feb. 1.
Not all health care insurance companies are dinosaurs. There are health care insurance companies that aren’t technologically stuck in the 20th century. Nevada Health Link, for example, is one of the more progressive health insurance exchanges that is bringing in new carriers and plans to provide Nevadans with even more options. Affordable Care Act-compliant carriers meet millennials in their comfort zones with affordable simple plan options that include free doctor visits, no-cost mental health coverage and free generic drugs as well as cost-transparency, digital communication, and scheduling apps.
Oh, and one more thing before you enroll. See if you qualify for financial help. If you make under $47,000 a year, you might get substantial funds to help out.
If you do one adult thing this year, just buy health insurance. Your grown-up self will thank you.
Sal Gentile is CEO of Friday Health Plans, a new carrier on Nevada Health Link.
