Are you on the younger side of the age equation—under 30? Then, as a young buck get ready to pay more for your health care, thanks to Obamacare.
According to a new study conducted by members of the American Academy of Actuaries, adults under the age of 30 will find their insurance premiums rise by more than 40 percent under health care reform. Happy New Year, youngsters!
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How do these folks then save money on health care? The premiums for coverage are only one aspect of paying for health care. You can find ways to source cheaper insurance, such as working with brokers and agents, searching online insurance tools and websites, and talking to friends about their coverage. Paying for your benefits is definitely going to cost more if you are under 30, but the cost of care is also going up, and you need to find ways to control those expenses as well.
According to Kiplinger, anyone can find better ways to save money. If you're like most Americans, you're shouldering a larger portion of your health care costs. But as more insurers raise deductibles and switch from fixed-dollar co-payments to coinsurance—which bases out-of-pocket expenses on a percentage of the total costs—you have an incentive to take more control over how much you spend. They have listed 30 tips to accomplish this task including these examples:
1.) Pick the right provider.
2.) Save on prescriptions.
3.) Get no-fee preventive care.
4.) Use tax breaks.
5.) Know the rules.
6.) Do your homework.
Even if you feel like you're invincible and are going to live forever, you aren't and you won't. Under 30 now means paying more for health care. Be smart, and find out how to improve your bank account and your health. If you employ some of these twenty-somethings, offer them ways to keep more of their money if at all possible.
After all, even if they don't say it to your face, they may tweet how nice you are as a boss.
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