Because of your age, you can no longer stay on your parents' health insurance plan but you are living paycheck to paycheck and are worried about how much insurance is going to cost. You have received quotes from different insurance companies, but every plan is expensive and more than you want to pay. What would be a wise financial decision?

Question

Because of your age, you can no longer stay on your parents' health insurance plan but you are living paycheck to paycheck and are worried about how much insurance is going to cost. You have received quotes from different insurance companies, but every plan is expensive and more than you want to pay. What would be a wise financial decision?

A.
Wait until you are older to buy health insurance.
B.
Purchase some type of health insurance to minimize long term financial risk.
C.
Pass on health insurance until you are in a better financial situation.
D.
Don't get health insurance because it is too expensive.

Answer 1

B. Purchase some type of health insurance to minimize long term financial risk. Even if it may be expensive, having some type of health insurance is important to protect yourself from potentially high medical bills and long-term financial burdens. There may be options to choose a lower-cost plan with higher deductibles or to look into government programs for assistance. Skipping insurance altogether can put you at greater financial risk in the long run.