How to Pick Health Insurance for Millennials Based On Life Events

May 09, 2020

Health insurance for millennials is very tricky terrain. If you are a millennial, then mortality seems like a far-fetched idea. It is already difficult to deal with day-to-day challenges of juggling brunches, managing your love life, and dealing with a micro-managing boss, etc.  Therefore, thinking about what may happen to you in the next few years is the last thing on your mind.

However, life comes at you in a wink, and suddenly you are in your mid-thirties. Just like any other stage in your life, in this phase, your life goes through a lot of changes. It may be getting married, a career change, or moving for various reasons. Maybe you are not quite there as of yet, but some version of these life-changing events are staring you right in the face.

Not everyone requires life insurance. However, the probability and practicality of having one increases as you hit significant milestones in life.

What Qualify as Life Events?

Typically various instances qualify as life events.

Changes in your household

Some events that may happen in your life may qualify as events to trigger the need for health insurance for millennials.

Birth of a child, Adoption

If you have an addition of a child to your family, you have sixty days from the event to apply for insurance coverage. The coverage will cover you from the day of the event, i.e., the birth or adoption of the child.


You can buy insurance in case of the death of an insured family member who's insurance plan had you covered, and now you have lost coverage.  

Marriage, Divorce, or Separation

In case you got married, it is best to get medical insurance for yourself and your life partner. If you get a divorce or legal separation, you can get medical insurance for the lost coverage due to legal proceedings.

Changes in Residence

Whether you are moving due to work or relocating to a new state for university, you may want to get yourself appropriate health coverage for unforeseen circumstances.

Loss of Health Insurance

Were you covered under the insurance plan of parents or a spouse and lost it? Maybe you lost your health insurance by an employer. In all of the above cases, you should consider buying insurance of your own.

Other life events may include becoming a US citizen, starting or ending services, such as AmeriCorps State, NCCC or Vista member, and leaving incarceration.

How to Buy Insurance Based On Life Events?

You can start by looking at your recent medical history to predict your insurance needs in the future. You must consider the following factors.

  • How many times have you seen a doctor or been in an emergency?
  • How many times did you drop the idea of going to see a doctor or to an emergency because of the cost of treatment?
  • How much did you spend on prescription drugs, and if you have any ongoing needs?
  • Do you have any injuries known to cause problems later?

Once you have decided to go for insurance, the next step is to figure out your health insurance budget and shop around. Calculate your finance on how much you can afford to pay per month for your insurance premium and then consider how much you are actually willing to pay.

Health insurance for millennials’ costs and premiums has been volatile recently. However, you can get an idea by comparing different plans on the national healthcare exchange. Some of the states have their own health exchange, or you can also consider other insurance price comparison websites, just Google it.

If you are under 26, you can still stay under your parents' coverage; however, it is not always the best option. Once you turn 26, you have sixty days to get your own coverage, unless you have coverage by an employer (which is your best option).

 Although, some employers do pass off much of the premium cost to the employees, in which case you are better off getting your own coverage. If your employer does not offer you insurance coverage, you may qualify for a subsidy or the insurance plan.

Prioritize your Health Insurance

When choosing health insurance for millennials, you must pay due diligence while comparing insurance plans to get suitable coverage at the best price. If you are a millennial, you are more likely to be a freelancer or self-employed, which means you will prefer retail clinics, emergency rooms, and urgent care centers. In this case, you must find a plan that offers to cover these types of medical expenses. You may also check plans offering telemedicine or e-communications for minor illnesses.