3. Research health insurance options. While the number of young people with health insurance has been increasing due to the Affordable Care Act, they’re still less likely to be covered than other demographics. Many young men forgo insurance because they feel like it’s cheaper to pay the penalty to Uncle Sam than it is to pay a monthly premium for a service they’ll likely never use.
While I understand this cocksure attitude, it’s always better to be safe than sorry. As someone who has worked in the bankruptcy courts, I’ve seen firsthand the financial damage that unforeseen medical expenses can cause. Most of the folks filing for bankruptcy were there because they weren’t able to pay for unexpected medical bills.
Don’t take that risk. Just get the darn health insurance. If you have a job that offers health insurance, explore your company’s options. If you don’t have a job that offers health insurance, search your state’s insurance exchange for an affordable plan.
If you’re healthy, you can save some money on health insurance by opting for a high deductible plan and opening up a health savings account (HSA). You’ll pay a lower monthly premium, and the money you set aside in your HSA is tax deductible.
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