Why millenials need health insurance: 10 reasons

Is there an app for broken bones? Sooner or later, everything in a millennial’s life goes through their cell phone. There are more and more apps to monitor your health, manage chronic conditions, such as diabetes, make doctor’s appointments, and control your medical records. Determined not to waste time on a complicated health system, the growing use of technology in the health care system is encouraging more and more millennials to seek medical care.

Yes, viruses reach college campuses. If you are still in school, are under 30, and aren’t on your parents’ health insurance, there are insurance plans available to you known as catastrophic plans. They offer low premiums and cover essential health benefits. Subsidies are not available for these types of plans.

One of the most popular regulations of the Patient Protection and Affordable Care Act (ACA, also known as Obamacare) is that it allows children to be included on their parents’ health care plan until the age of 26. But, do you really want your mom to know about every prescription you need? Your preferred birth control method? If you got tested for sexually transmitted diseases? Maybe it’s time to explore the insurance market and your own needs.

If you haven’t put much thought into your health before, when you have a baby, the idea of your own mortality will suddenly be on your mind. There are many coverage options available for young families, and depending on your household income, subsidies which can ensure that baby and parents have all the necessary tests, vaccinations, and services they need.

A study published by the Transamerica Center for Health Studies showed that the three most common conditions of millennials are depression (17%), obesity (15%), and stress and anxiety disorders (14%). People who have insurance through their employers report having better health than those who don’t, though only 22% have a primary care provider.

Compared to their parents, aunts and uncles, and grandparents, millennials are in relatively good health. However, a Transamerica study revealed that 50% of them stated that they have a chronic health condition, and many were shocked at the high cost of emergency medical care. Without insurance, even just a sprain or strained muscle from lifting at the gym can amount to thousands of dollars.

Although a sedentary lifestyle spans all age ranges and social and economic backgrounds, 65% of millennials continue to engage in exercise and sports, which increases their risk of injury. A survey carried out by Sports Marketing USA showed that there has been a boom in adult sports leagues, and the majority of people participating are young adults under the age of 35. If any of these players are injured and don’t have health insurance, they will have to pay thousands of dollars in an emergency room.

The health services a millennial might need go beyond a simple checkup. Although vision problems usually begin after the age of 40, with nearly 12 million people having them, over 20% of millennials use glasses or contact lenses far before then. A vision plan, included as part of your medical insurance package, is the best way to prevent vision problems in the future, so you can avoid becoming a statistic.

There are many medical conditions related to your genetics or family history. For example, if your mother had or has breast cancer caused by the BRCA1 or 2 gene, there is a possibility that you also have the same gene. Genetic testing and exams to find out if you have the gene are available starting at age 20. It is also important to observe other conditions in your family medical history, such as high blood pressure or diabetes, mental disorders, alcoholism, or addiction.

It’s likely that you have college debt, a car loan, or a high credit card balance. Having medical insurance is a smart way to not only prevent illnesses, but avoid incurring more debt as a result of a medical problem. Remember that medical bills are one of the main causes of financial crises. Six hundred and forty-three thousand consumers declare bankruptcy each year in the US as the result of the high costs of medical care.

If you are a millennial and adding a monthly health insurance bill seems like a lot to you, we’re here to help you find a way to do it in the most intelligent and cost-effective way. Although premiums imply an additional monthly expense, they can be lower if you qualify for subsidies and choose your plan wisely. This way, you'll have coverage that will protect you from financial ruin if you become ill or are injured.