Health Insurance / By Jesus Martinez
In the 20th century, there wasn’t much need for different types of health insurance so there weren’t many options for health care available. As the medical system improved, the costs of medical care and the need for insurance both increased. U.S. health care spending has reached 3.5 trillion, or around $11,000 per person each year (cms.gov 2017). There are three ways health care is funded: 1. The government (Medicaid) 2. Private health insurance plans (generally provided by the employer) 3. Out of pocket. The question is how this may affect you and your future job. Let’s look at how much a person has to pay for medical services. Just a simple blood test ranges from $50 - $3000 dollars (InternationalInsurance.com 2019). This is why it’s important to start to manage one’s own money, look at one’s priorities, and chose a health insurance program. Due to of the high cost of health care, a young adult should keep an eye out for benefits that are provided by jobs. Kiara, a young adult professional, states, “As a young adult, I receive insurance through my job. They provided a list of different packages with PPO and HMO options, most of the differences ranged in price and services. I weighed the pros and cons of each and provided them with an answer.” Kathy Sweedler, a Consumer Economics Educator at the University of Illinois, recommended young adults obtain a Flexible Spending Account—a limited fund with pre-tax dollars to be used for health care costs—or a Health Savings Account—an account similar to a Flexible Spending Account, but for those with high deductible insurance plans—to save for health care costs. Tracy Frizzell, Director of the Economic Awareness Council, recommends that young adults consider benefits as they apply for jobs, and if they are not offered health insurance benefits, to look into the Affordable Care Act. The Affordable Care Act offers affordable health insurance and you can apply at https://www.healthcare.gov/marketplace-in-your-state/. In conclusion, young adults should start to look into jobs that provide health insurance or other affordable health care options.