Newly 26-Year-Olds: Insights on Everything Insurance-Related

Navigating adulthood can feel like a labyrinth, but understanding the world of insurance will help you conquer it like a pro. As you move past 26 and leave the comfort of your parent's health insurance behind (except for certain states), it's time to step up and take control of your future.

The Insurance Glossary

To succeed in the game of grown-up responsibilities, learn these essential insurance terms:

Premium: Your reward for subscribing to the peace of mind of insurance.
Deductible: The amount you'll pay out of your own pocket before your insurance takes the reins.
Copay: A flat fee for certain services catch your eye, but don't worry, copays rarely make an appearance in your deductible budget.
Coinsurance: A partnership between you and your insurance provider, as you'll be responsible for a predetermined percentage of costs after meeting your deductible.
Out-of-pocket maximum: The highest amount you'll pay in a year for covered services, after which your insurance covers 100% of eligible expenses.
Network: A collaboration between insurance companies and healthcare providers, staying within their network is your ticket to fatter wallets.
Claim: A request to your insurance provider for coverage of a specific cost.

Consider these buzzwords your guidebook to adult lingo.

Health Insurance – A Must-Have

When it comes to the game of life, health insurance is your most valuable player (MVP). A simple ER visit can set you back more than a weekend in Paris, so don't sleep on this one!

Employer-sponsored insurance: If your employer offers health insurance, they probably already convinced you that this is the most affordable option. They often cover part of the premium, making a more manageable cash outlay for you.
Marketplace plans: If your employer doesn't have a benefits package that satisfies your needs, take a trip to the Health Insurance Marketplace. Shopping for plans can seem overwhelming, but plans come in tiers to fit your wallet and coverage preferences. You might even qualify for subsidies based on your income.
Catastrophic health plans: If you're young, healthy, and looking for low monthly premiums, a catastrophic health plan might be an option. Keep in mind that it has a high deductible, meaning it only covers you in the case of a major emergency or illness.

When sizing up health plans, focus on three essential numbers: your deductible, out-of-pocket maximum, and copays. These figures determine your bottom line.

Dental Insurance: Smile, You're Insured

Skipping dental insurance might not seem important at first, but ignoring it can cost you one day. Regular cleanings and check-ups ensure your teeth will keep shining, helping you avoid surgery and potential surgery bills.

Employer coverage: If dental insurance comes with your benefits package, it's a no-brainer.
Jaw-droppingly affordable dental plans: No employer coverage? Look for budget-friendly plans offering essential preventive and basic procedures.

If orthodontic treatments like braces or Invisalign are part of your future, choose a plan with orthodontic coverage. It'll save you a pretty penny.

Vision Insurance: See the Bigger Picture

Even if you already see the world as if you're wearing rose-colored glasses, vision insurance is still valuable. Regular eye exams uncover more than just why objects seem blurry and can detect conditions like diabetes and high blood pressure.

Complimentary eye exams: Most plans include annual eye exams.
Eyewear discounts: Whether you need glasses or contacts, vision insurance can step in to reduce the cost of your prescription.

If you have 20/20 vision, consider a budget-friendly plan that covers exams.

Travel Insurance: A Helping Hand

Travel insurance isn't always the first thing that comes to mind when making travel plans, but it might be your best friend when life throws curveballs. Travel insurance acts as your financial safeguard during vacation turbulence.

Protection for surprises: delays, lost luggage, and other unexpected obstacles can derail your plans and break the bank; travel insurance eases the financial blow and makes you feel more secure.
Covered reasons for trip cancellations: Perhaps a natural disaster forces you to scrap your long-awaited vacation; with travel insurance, you'll have a financial safety net in place.
Emergency medical coverage: If illness or injury sends you to a foreign hospital during your travels, your U.S. health insurance won't bail you out. Travel insurance takes care of the bills.
Lost or delayed luggage: Sick of losing your belongings along the way? Travel insurance covers your losses so you don’t have to foot the bill.

You can grab travel insurance from your trusty travel advisor or directly from a travel insurance firm. Our website enables you to buy a policy effortlessly, even on the go via our iOS and Android apps.

Other Crucial Insurance To Consider

As you blossom into adulthood, take a look at additional types of insurance that can offer financial security in various areas of your life.

Renter's insurance: Protect your belongings and shoulder the liability as a tenant.
Homeowner's insurance: If you own your home, this insurance shields against property damage and liability, and is often mandatory from mortgage lenders.
Pet insurance: Even Fido deserves financial protection against vet bills that could potentially drain your bank account.
Car insurance: Most states enforce auto insurance, protecting you and others from damages and liabilities.
Umbrella insurance: This insurance adds an extra layer of liability coverage beyond what your home, auto, or renter's insurance offers, ensuring you have a robust safety net against any unforeseen accidents.

Welcome to the new chapter of your life, dear adult-to-be. Health, dental, vision, and travel insurance doesn't have to seem daunting. Your journey to financial security begins with self-empowerment, and we're here to make the adventure entertaining. At [website], we're dedicated to helping you find the perfect insurance coverage without breaking the bank. So get ready to adult like a pro; you've got this.

Protect my trip

During vacation, travel insurance can provide coverage for unexpected events such as trip cancellations, lost luggage, and medical emergencies.
Pet insurance is important to protect against costly veterinary bills and potential drain on your personal-finance.
Health insurance is crucial during the game of life, with a simple ER visit potentially costing more than a vacation to Paris.
While dental insurance might seem optional, it can help avoid expensive surgeries and procedures in the future. Moreover, vision insurance offers annual eye exams and eyewear discounts, vital for early detection of health conditions and maintenance of good vision.