Are you a “Young Invincible”?
If you are in your 20s and shun health insurance either because your age makes you feel invulnerable or because you find health insurance outrageously expensive, you are not alone. The health industry calls you the “Young Invincible.”
In other words, you are “willingly uninsured”! The Young Invincible along, with many other self employed people in the US are willingly uninsured or underinsured. They can afford the premiums but would rather take the risk and save that money for something else.
As Young Invincible you also have not one, but two top honors:
First: you are the nation’s largest group of uninsured— there were 13.2 million uninsured nationally in 2007, or 29 percent of the population, according to the latest figures from the Commonwealth Fund, a nonprofit research group in New York.
Second: you are the insurer’s top choice as a target customer. You are least likely to use services the health insurer will have to pay for. Your health premium goes a long way in paying for health services utilized by the “high risk” population, the older and the not so healthy.
This is how the insurance system works. The healthy pay for the sick, in the hope that when they, the healthy, get sick the next set of healthy people will pay for them.
As a Young Invincible whether to get health insurance, and if you do decide to, what type of health insurance you should get depends on your risk tolerance, your health condition, and your employment status.
We at HealDeal believe that there should be alternatives available to people without health insurance or government coverage. If you passed the “Young Invincible” test, you fall in that category and you should also have the choices and power to demand better value from your health care spending $$$. That’s why we build this platform, to empower you the same way the insured folks are.
We would love to hear your opinion. After all, you are the generation that will be shaping the future of healthcare in this country. Send us an email at feedback@healdeal.com or post it right here.
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Simon B said,
March 20, 2009 @ 12:09 am
I remember when i was young, i knew everything. well everything that i thought i needed to know. your articles focuses on states that charge based on age gender and health. unfortunately the youth think they’re invincible and are saving money by opting not to buy a plan . whether they’re employed, self employed or or unemployed. health insurance is not a luxury but a necessity
HealDeal said,
April 2, 2009 @ 2:09 pm
Simon, its interesting to hear your view point. Thank you for your comment.
When you are young its actually quite easy and relatively affordable to get health insurance because you are low risk - your estimated burden on system is expected to be low. Contrast it with auto insurance, where as a young individual you are considered high risk and hence pay a higher rate. Thats how the insurance industry works.
You should get health insurance if you can afford it because you are fortunate that you pass the test. Unfortunately, there are 48 million of us who dont or cant afford it and that’s a big problem.