MyInsuranceExpert recently had a 25 year old client who was apprehensive about purchasing health insurance, and didn’t see the benefit of a high deductible plan. After working with an Advisor he was convinced that some coverage was better than none, and opted to apply for catastrophic coverage. Only two months later he called in to thank his Advisor for their guidance and efforts. The client explained that he had torn a hole in his esophagus on a steak bone, and incurred almost $300,000 in medical expenses!!! Because of his proactive approach in finding coverage, even if it was a high deductible plan, the client only paid $7,500.

Individuals who are 19 to 29 years of age represent the largest group of people who lack major medical coverage in the United States of America. A major component to this dilemma directly correlates to the struggling economic times our country is facing; specifically, with a lack of employment opportunities comes a deficiency in group coverage. In 2009 1.5 millions individuals graduating with a bachelor’s degree will compete with the remaining 1.8 million college graduates who are jobless (Gerdes, Lindsey). With an insufficient opportunity for employment and exhausted bank accounts, what options are available to young Americans trying to protect themselves from major medical expenditures?

Young individuals should not discount the value of benefits offered with a higher deductible plan. Many already believe themselves to be invincible, and walk around wearing a cape feeling as if nothing will ever happen to them. So why pay significantly higher premiums for a lower deductible that will only be met in the event of a catastrophic event? Today’s insurance companies truly understand and strongly encourage individuals to take care of their annual preventive needs. This benefit is frequently covered at a 100% with high deductible plans allowing one to a catch health issues before they become life threatening. Furthermore, the major reason for young individuals even receiving a medical bill is being a victim of an accident. This is easily covered by adding an accident benefit rider to your plan. Accident benefit riders will provide you FIRST dollar coverage for any accident, making the insurance company pay your bills before you pay your deductible. The moral, be proactive and understand that it CAN be too late to get health insurance.