Daily News Updates - Health Insurance News

The Young and Healthy, Pt.3 - The myth and the figures.

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Mr. Zirkelbach provides us with some interesting figures to support this. He shares that almost all of this group (90%) who apply for health insurance are accepted. Further, their premium rates are ‘reasonable’. For the age group between 18 and 24, inclusive, the average annual cost for health insurance premiums is $1,359. That is about $113.25 per month. The annual health insurance premiums for the age group between 25 and 29, inclusive, averages around $1,534. Or, about $127.83 per month.

The much greater expenses lie elsewhere. These are the huge medical bills that seem to come out of nowhere, shortly after ‘something’ does happen. If they are not defrayed by health insurance they can prove to be crushing. Bankruptcy is at the door. Especially the young and healthy are at risk. The reason is that catastrophe is almost never foreseen. Those with lesser health are more likely to be ‘already in the system”. They are incidentally protected by health insurance they have for other reasons. This umbrella, inadvertently, also covers the ‘least-expected’ devastations. Those in good health often don’t have this ‘inadvertent’ umbrella. Wealth Engineering LLC of Scottsdale, Ariz. founder, Dave Hernandez, explains it this way: "It's the last thing someone at that age thinks about because they're in top mental and physical shape with the whole world ahead of them." Ultimately, one immutable axiom prevails – Accidents will happen that cannot readily be foreseen. Not a viable substitute, but a special application is called ‘short-term’ health insurance. These are very good for transitions between coverage, like a gap between changing jobs or graduating school and seeking employment.

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