Open Enrollment Health Insurance Ends December 15th! Why this matters.
Open enrollment for Health Insurance for 2018 will end on December 15th. If you do not have a Health Insurance Plan by that date, you could be fined a minimum of $695 in 2018.
Are you covered? Do you need to be?
Many jobs give some kind of health care. But not every millennial is lucky enough to have a job with these perks, or good enough coverage to really help them in an emergency.
What is Health Insurance for?
Health Insurance is there to help you in a crisis. Hospital bills can be extremely costly - with the average cost of a stay in the Hospital being $10,000! (https://myphysiciansnow.com/how-much-will-that-hospital-stay-cost-you/)
Emergencies happen, and you need care. Health Insurance makes this more manageable. Instead of having to pay all of that amount, you make monthly payments of anywhere between $20-$300 (depending on what you want and what you qualify for. See link at bottom of this post to get your own quotes).
After the monthly payment, you also have a deductible. A deductible is how much you will have to pay before your Health Insurance plan will cover the rest. For example: If your Deductible is $2,750, and you had a hospital stay of $10,000, you would only have to pay $2,750, and your Insurance would cover the rest. They would also cover the rest of your health bills if you need anything else in the year (if that's the plan you get.)
So having a good Health Insurance plan can save you thousands of dollars in crisis!
What if I REALLY don't want to pay for Health Insurance?
Well my friend, there is a toll to pay. There is now a penalty for not paying for Health Insurance in the United States. That fine is $695, or 2.5% of your income above a certain threshold. They pick which ever one is higher (so the minimum is $695 on your taxes. Ouch!) Getting some kind of coverage for $58 a month is equal to this amount. The government really wants us to have Insurance. You can choose to see this as good or bad- but the fact of the matter is you have to pay something: either for health insurance or straight to the government.
When do I have to start?
If you are 26 or older, it is time to pay for your own health insurance. The month after you turn 26, you start having a monthly amount going against you towards that tax amount.
And if you want these fines to stop, you MUST sign up for health insurance by December 15th for the 2018 year! There is a window of time each year to make adjustments to your plan. There are also a few other exceptions (like marriage) when you are allowed to make changes. But to get on board and avoid fines in 2018, you need to sign up before December 15th.
It's not all bad. Having that Insurance is really great for all emergencies. And if you are a couple looking at having kids soon, you will definitely need some good coverage. A baby with no complications will cost you about $8,802 for the delivery, stay, and post-partum health care (http://www.parents.com/pregnancy/considering-baby/financing-family/birth-hospital-costs/).
To get quotes and see what kind of Health Insurance coverage you qualify for:
https://arkinsurance.benefitgeek.com/?id=8f30c770-3966-4eed-a695-237aefd0d21e
To get a Health Insurance Plan or talk to someone about your options:
http://lovemyplan.com/
If you have any questions feel free to contact me:
elisablack47@gmail.com
Are you covered? Do you need to be?
Many jobs give some kind of health care. But not every millennial is lucky enough to have a job with these perks, or good enough coverage to really help them in an emergency.
What is Health Insurance for?
Health Insurance is there to help you in a crisis. Hospital bills can be extremely costly - with the average cost of a stay in the Hospital being $10,000! (https://myphysiciansnow.com/how-much-will-that-hospital-stay-cost-you/)
Emergencies happen, and you need care. Health Insurance makes this more manageable. Instead of having to pay all of that amount, you make monthly payments of anywhere between $20-$300 (depending on what you want and what you qualify for. See link at bottom of this post to get your own quotes).
After the monthly payment, you also have a deductible. A deductible is how much you will have to pay before your Health Insurance plan will cover the rest. For example: If your Deductible is $2,750, and you had a hospital stay of $10,000, you would only have to pay $2,750, and your Insurance would cover the rest. They would also cover the rest of your health bills if you need anything else in the year (if that's the plan you get.)
So having a good Health Insurance plan can save you thousands of dollars in crisis!
What if I REALLY don't want to pay for Health Insurance?
Well my friend, there is a toll to pay. There is now a penalty for not paying for Health Insurance in the United States. That fine is $695, or 2.5% of your income above a certain threshold. They pick which ever one is higher (so the minimum is $695 on your taxes. Ouch!) Getting some kind of coverage for $58 a month is equal to this amount. The government really wants us to have Insurance. You can choose to see this as good or bad- but the fact of the matter is you have to pay something: either for health insurance or straight to the government.
When do I have to start?
If you are 26 or older, it is time to pay for your own health insurance. The month after you turn 26, you start having a monthly amount going against you towards that tax amount.
And if you want these fines to stop, you MUST sign up for health insurance by December 15th for the 2018 year! There is a window of time each year to make adjustments to your plan. There are also a few other exceptions (like marriage) when you are allowed to make changes. But to get on board and avoid fines in 2018, you need to sign up before December 15th.
To get quotes and see what kind of Health Insurance coverage you qualify for:
https://arkinsurance.benefitgeek.com/?id=8f30c770-3966-4eed-a695-237aefd0d21e
To get a Health Insurance Plan or talk to someone about your options:
http://lovemyplan.com/
If you have any questions feel free to contact me:
elisablack47@gmail.com
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