Life Events and Health Insurance

Many people, especially young people, debate about the best time in life to get health insurance, specifically when it is not provided through an employer. The choice to get individual health coverage is often delayed until something happens. Perhaps this something is reaching a certain age. For college students or those covered under a parent’s plan, one of those milestones is reaching the age of 26 – the age at which children can no longer be covered by their parents’ insurance. For others, there is no such grace period to figure things out. They either pay for coverage or take the risk from the beginning of adulthood.

So many major life events occur in one’s twenties and thirties. Many choose to start a family during these years. Marriage is one of those major reflective life moments. It’s a lot easier to take chances with your own health than with that of someone you love. If you have a child, that sense of responsibility is even more powerful. If, by the time you reach these life-changing events, you still don’t have health insurance through an employer, you either have to figure out a way to afford your own plan or accept some very uncomfortable and potentially life-altering risks.

Another insurance milestone occurs in the period between retirement and age 65. If you are successful or lucky enough in your career to retire before reaching 65, the age at which American citizens qualify for Medicare, there is another risky proposition to face. Health insurance plans grow more costly as we age because we are more likely to use them on a regular basis. Purchasing an individual plan to bridge the gap until 65 can be costly to get and extremely risky to avoid.

The risk of catastrophic illness is always with us, but as we grow older, the odds increase. A recent retiree trying to make it without health insurance for a few years before receiving Medicare can put their entire retirement at stake. A cancer diagnosis and subsequent treatment will cost almost $250,000 each year. Surgery will increase this amount. A heart attack can cost as much or more in a single year. The risk is not the cost of healthcare but the potential to lose your entire retirement fund in a single year due to an unexpected illness and a lack of health coverage.

No matter what age or stage of life, the risk of catastrophic injury or illness is exponentially greater than any funds saved on insurance premiums. Think long term and protect yourself with quality and comprehensive health insurance. Decide how much or how little is right for you. Shop plans and compare prices online quickly and easily with My Arkansas Insurance.

Explore your options at MyARInsurance.com.