COVID-19 And Insurance For Millennials - What And How To Buy?

April 19, 2020

A huge number of workforce in the US consists of millennials. Many of them have lost jobs due to the coronavirus outbreak. Others faced a considerable reduction in working hours and drastic pay cuts, making it impossible to manage monthly premiums.

As the COVID-19 pandemic continues to develop in the United States, many continue to look for health insurance that covers them against coronavirus. Millennials, who were not taking it seriously, are now on the look for an insurance that gives them full coverage against the threat.

According to the New York Post, millennials may be at a higher risk of catching COVID-19. Millennials are people born between 1981 and 1996. It makes the oldest millennials reaching their 40s, and soon they will be prone to health problems that come with middle age, as the immune system weakens. On top of that, the COVID-19 pandemic has made it harder to obtain insurance to provide full coverage.

Do you know you may be able to keep your employer’s healthcare benefit plan, even if you lost your job? Yes – if you have lost a job, federal rules COBRA allow you to continue the plan you had with your employer.

Health Insurance against Coronavirus

If you are a millennial with no insurance, then you need to get one as soon as possible. However, if you already have existing insurance, then you have an option to either stick to it or consider an alternate policy with better coverage.

According to The Wall Street Journal, people have lost their health insurance coverage due to COVID-19. However, many insurance providers are offering a promising package for millennials. Here are some factors you must consider as you shop an insurance cover.

Coverage

It is the most critical aspect when buying your health insurance. You have to ensure what your insurance provider is offering in the name of covering coronavirus. Some companies may offer only to include the testing for COVID-19, and partially cover the treatment for coronavirus. Therefore, get a confirmation quote in writing and read the terms and conditions to know your coverage.

Pre-existing Conditions

According to the Centers for Disease Control and Prevention, people with pre-existing health conditions are at increased risk with COVID-19. Some insurance providers do not entertain such scenarios. Therefore, confirm with your health insurance company if they are providing full coverage in case of exposure to coronavirus with pre-existing conditions to avoid any disappointments.

Premiums

It is another matter that concerns millennials as many are losing jobs amidst this pandemic. Insurance providers offering a cover for coronavirus are more likely to hike up the prices of medical insurance. The New York Times predicted the insurance premium to increase by up to 40 percent.

Therefore, do your research and compare the prices with different insurance providers before buying health insurance. If you have health insurance and the existing provider has offered to cover COVID-19, check if they may spike the premiums in the near future to cover the cost of your treatment.

Employer’s Insurance

If you are a millennial covered by employer’s health insurance, check with both employer and insurance provider about your coverage. It is essential to know if you exceed your insurance limit, will your employer cover the cost, or will you need back-up health insurance to fall back on.

Make an Informed Decision

These are tough times for everyone. Therefore, you must not risk your health during coronavirus pandemic. Here is a list of insurance providers across the US offering health insurances coverages.  Search from one of these or Google other options that are more viable for you. Stay Home, Stay Safe!

Sources

Link 1

https://www.propertycasualty360.com/instant-insights/coronavirus-and-insurance/?utm_source=email&utm_medium=enl&utm_campaign=dailynews&utm_content=20200324&utm_term=pc360&enlcmp=nltrplt2&slreturn=20200302081433

Link 2

https://nypost.com/2020/03/18/millennials-may-be-at-a-higher-risk-for-catching-coronavirus-official-says/

Link 3

https://www.wsj.com/articles/what-to-do-if-you-lose-health-insurance-during-coronavirus-pandemic-11585578454

Link 4

https://www.cdc.gov/coronavirus/2019-ncov/need-extra-precautions/people-at-higher-risk.html?CDC_AA_refVal=https%3A%2F%2Fwww.cdc.gov%2Fcoronavirus%2F2019-ncov%2Fspecific-groups%2Fhigh-risk-complications.html

Link 5

https://www.nytimes.com/2020/03/28/health/coronavirus-insurance-premium-increases.html

Link 6

https://www.dol.gov/general/topic/health-plans/cobra

Link 7

https://www.ahip.org/health-insurance-providers-respond-to-coronavirus-covid-19/