Investing in Health Insurance for Young Professionals

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Increasing income, paying off debt, building a successful career, and growing a network– these are some priorities of young professionals. Nonetheless, there’s one thing that many people often ignore – health insurance. 

If you’re in your 20s or early 30s, don’t just focus on career planning. If you don’t have health insurance, it’s time to pause and reflect. You should never see it as an unneces

Benefits of Investing in Health Insurance While You’re Young

Health insurance is one of the most important employment benefits young professionals are looking for. Nonetheless, even if it’s one of the perks of your career, don’t be content with what the employer offers. It’s better to purchase a policy with more coverage. The best time to do it is when you’re young. Doing so offers many benefits of health insurance, including the following:

Lower Premium 

In most cases, the cost of health insurance is lower if you apply at a younger age. The chance of having a serious medical condition is slimmer compared to those who are already old. You might not have pre-existing conditions at this point. Hence, insurers may perceive you as a lower risk, resulting in more affordable premiums.   

Lower Chance of Rejection 

The older you get, the higher the chance that you’ll have health problems. In turn, insurers may reject your health insurance application at their discretion. Young professionals are often in a better state of health than their older counterparts, which lessens the possibility of being rejected. 

Enjoy Tax Benefits 

Health insurance is tax-deductible, making it a great way to minimize your expenses. Nonetheless, take note of the rules. For instance, it can vary whether you are self-employed or not. Ask the insurer or anyone who’s financial-savvy to explain the potential tax benefits of your health insurance. 

Minimize Healthcare Costs 

One of the general benefits of health insurance is that it can lessen your healthcare costs. The premiums may seem expensive, but once you have a healthcare need that requires a lot of money, you’ll realize insurance is worth every dollar. You can minimize financial burdens when you have the right policy or coverage. 

Finding the Right Health Insurance

The options abound, but they’re not all the same. To help you weigh your choices, here are some things to keep in mind.

Evaluate Your Earnings and Expenses 

One of the first things to do is to assess your income. You must also consider other expenses that you have, especially the essentials. From here, you can determine how much money you can invest in health insurance. It’s a need, so make sure to prioritize it when allocating your monthly budget. If you’re short on budget, consider buying a basic policy first and add coverage once you’re in a better financial situation.

Know Your Eligibility 

Save money by learning about your eligibility for different health insurance plans. For instance, you might be able to ride on the plan of your parents. You can do so even if you no longer live with them. More so, you might be eligible for insurance through your employer. 

Know Who You Can Add

As you look for the right policy, you’re probably curious – who can I add to my health insurance? In most cases, you cannot add your parents. Meanwhile, you can add your spouse or child. Nonetheless, the terms can vary from insurer to insurer, so don’t hesitate to clarify your concerns. 

Look at the Benefits Design 

Take time to research the benefit design of the different choices you have for health insurance. Some might allow you to see medical professionals outside of a network or eliminate the need for a referral to consult a specialist. Some plans will offer greater flexibility and fewer restrictions, but they tend to be expensive. 

Check the Network of the Provider

The provider network of health insurance impacts where you can get medical care when needed. You might not be able to use the insurance if the medical care provider isn’t a part of the network. It’s more flexible if you can get out-of-network care, but that also means it can be more expensive. 

Choose a Reputable Insurer 

It’s heartbreaking to be paying premiums only to end up finding out that the insurer is a scam! Avoid this by practicing due diligence. Research the company. Read reviews and learn from the real-life experiences of other people. Learn how to spot health insurance scams to prevent wasting your hard-earned money. 


For young professionals, health insurance is a must-have. The younger you apply, the lower the premium can be. It can provide a financial shield against unexpected medical needs. Nonetheless, not all policies are the same, so make sure to scrutinize your options to make the right decision.

I'm Allison Dunn,

Your Business Executive Coach

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