If you’re like me in your 20s (or maybe you’re in your 20s now) you will have little benefit for health insurance. I remember thinking I’d pay the $33 a week deductible from my paycheck just in case, but if they raised the rate that much more, I wouldn’t give them another dime. It just so happened that I worked for a major bank and they managed to keep their insurance premiums at a good level throughout the 6 years of my career with them. I still paid more (and they paid a lot more) over the years than I got out of it. I honestly don’t think I’ve been to the doctor more than twice in six years of mass coverage.
When I was 30, I decided I wanted more freedom in my work schedule and instead of selling investments and insurance through the bank, I was going to sell health insurance on my own. I knew I was going to need health insurance, “just in case,” and well, that was my go-to now. However, given my previous experience with health insurance, I was in no rush to get a new policy. After about two weeks at my new job, I applied for health insurance. This was before Obamacare (ACA) and it usually took 1-3 weeks to get approved for new health insurance. About a week after applying, I had a terrible accident. The only thing I remember in the ambulance was asking the doctor if I had health insurance. After they refused, they took me to the district hospital, where I stayed for 4 and a half days. Two months later, missing commissions and a $72,000 hospital bill, I was ready to start working again with a story to warn others about the dangers of not having health insurance. The only time I really needed health insurance and I didn’t have it.
I may not have covered my medical bills, but one thing I always mention to my clients is how well my accident plan worked. You made a one-time payment of $4.80 on the policy. Two weeks after I was released from the hospital, I received a check for over $10,000. Had my health policy been approved, I would have been able to pay the deductible and leave several thousand in my pocket to continue to “put food on the table” and pay the daily bills. I am very grateful for the accident policy, but the moral of the story is that a good health plan is something that pays you and the doctor. Don’t wait too long to apply for health coverage, you don’t want any coverage gaps.
Even if you’re just between jobs, waiting for mass coverage to start or haven’t been responsible on that front in the past, get something. It doesn’t have to cost a lot. A long-term plan can be a $60 deductible. I’d rather have to set payments for a $7,500 deductible than a $72,000 hospital bill. Never go a day without health coverage.