NEW YORK (MainStreet) — For Americans 30 and under choosing a health care plan – many for the first time – there is no shortage of moving parts to consider.
For keeping costs low for younger consumers who habitually make the lowest incomes, accepting a high-deductible plan in exchange for lower monthly premiums (or payments) might be the way to go. After all, the 30-and-under demographic is not only the youngest section of the workforce, it’s also the healthiest, and accepting some elevated risk of using high health care plan deductibles can make good sense.
To find the best option, Harley Gordon, co-founder of Agent Review, a Bellevue, Wash., online insurance agent reviewer, advises the younger generation to focus on the “three H’s”:
1. Measure your current health. Do you get sick a lot? “If, for example, you’re a teacher surrounded by germs or have a high-stress job that impacts your health, you might consider a lower-deductible plan so you’re not paying for every visit to the doctor or trip to the pharmacy,” Gordon says.
2. Evaluate your everyday habits. Do you visit the doctor often, whether you’re sick or not? “If not, a high-deductible plan could work for you, because you only pay when you actually seek out medical treatment,” he adds.
3. Weigh whether you're high-risk. Do you live an active lifestyle? Do you snowboard? Do CrossFit? “If chances are high you’ll break a bone or otherwise get injured, you might be paying more for hospital bills out of pocket with a high-deductible plan – consider a low-deductible option,” Gordon says.