Contact: Yeraldin
Deavila, Public Information Officer
Phone: (775)
687-0772
E-mail: ydeavila@doi.nv.gov
FOR IMMEDIATE
RELEASE– October 22, 2015
Week 2 of the Fall Health Insurance Campaign: Young Invincibles: What
Millennials Need to Know about Health Insurance
CARSON CITY - Consumers between
18 and 34 years old are considered millennials or young invincibles, a group
that some researchers say aren’t getting health insurance. According to a 2014
United States Census report approximately 20% of consumers between the ages of
19 - 25 years old are uninsured in Nevada.
Insurance is confusing for many,
not just millennials which is why education is key to understanding health
insurance and making educated decisions when purchasing a health insurance
policy.
Last week, the Division of
Insurance provided information about common health insurance terms and online
tools that help consumers compare the cost of health insurance policies. This week’s message is about why millennials
need to consider purchasing a health insurance policy.
By purchasing a health insurance
policy, millennials can protect their health and their wallets. Unexpected
accidents and illnesses do happen. For
instance, a mountain biking activity results in a trip to the ER, or a weekend
game of soccer sends you to orthopedic group or that nagging pain in your right
side is diagnosed as an appendicitis attack.
The bill from the doctor or hospital will not only hurt your bank
account it can turn into a credit nightmare. Plus, preventive care is usually
part of a health insurance policy. This includes vaccines, health screening /
counseling, an annual physical, and women’s health care.
Millennials worry about the cost
of a health insurance policy; however, insurance doesn’t have to be expensive. A
high deductible plan may limit a possible financial disaster. Catastrophic and
bronze plans are available for as low as $100 a month for a nineteen year old
and people in their twenties can easily find a plan for around $200 or less a
month. To view health insurance rates visit http://healthrates.doi.nv.gov/Wizard.aspx
The price to pay for not having
health insurance is increasing. In 2016,
the penalty for not having health insurance jumps to $695 for an individual and
$2,085 for a family or 2.5 percent of your income, whichever is greater.
Additionally, millennials may be
eligible for free or significantly reduced-cost coverage through Medicaid or
tax subsidies. To learn whether these
savings might apply please check online at Nevada Health Link.
Under the Affordable Care Act, a
person may stay insured under their parent’s health insurance policy until they
are 26 years old. After that, millennials need to purchase their own health
insurance. It may be a good idea to start shopping before the age of 26, so the
new insurance policy may begin when the old one stops, avoiding any gaps in
coverage.
Investing in a health insurance
policy now, can save you a lot of money later. Don’t begin your career with a
bankruptcy or poor credit because you were caught unprotected by a health
problem or an injury. The cost of two
nights in a hospital can be the difference between good credit and years of
rebuilding to resurrect that good credit.
About the Nevada Division of Insurance
The State of Nevada Division of
Insurance, a Division of the Nevada Department of Business and Industry,
protects the rights of Nevada consumers and regulates Nevada’s $11.9 billion
insurance industry. The Division of Insurance has offices in Carson City and
Las Vegas. In 2014, the Division investigated more than 2,800 consumer
complaints and recovered nearly $4 million on behalf of consumers. For more
information about the Division of Insurance, visit DOI.NV.GOV or download the
Division’s smartphone app NDOI Connect today in the Apple App Store and Google
Play.
###