Stay on your parents’ healthcare, dental, and car insurance as long as you can. Looking specifically at health insurance, under the Affordable Care Act you can stay on your parents’ plan until age 26. Don’t roll the dice and go without health coverage. People with no health insurance now pay a federal tax penalty — $695. More important, healthcare costs are astronomical and you’ll need health insurance to help pay them.
Your employer may offer benefits that seem irrelevant at your age. But think again about life insurance and short- and long-term disability coverage. They’re all inexpensive and disability, in particular, could make the difference between income and no income if you are disabled. (It’s similar for a 401K plan — why not let your employer help pay for your retirement?)
Many landlords will insist that you have renter’s insurance — and if they don’t, get it anyway, because the landlord’s insurance protects only their property, not yours. Renter’s insurance will cover the theft or destruction of your possessions and temporary housing in case of emergency, and it can cover personal liability. The peace of mind is worth a few hundred bucks a year.
Myriad factors can affect insurance premiums. For auto insurance, these include gender, age, marital status, how much you drive, your driving record, your academic record, the model of car you drive, and even your credit score. An older married woman with a clean record will pay lower premiums than a young single male with speeding tickets.
Establish relationships with a dentist and a primary care physician — it’s one of the most important healthy behaviors. It’s important to have regular checkups and practitioners who know your history. And in the case of the primary care doctor, an annual checkup is 100 percent paid for by health insurance.
Dottie Chalmers Cutter enjoys presenting at local schools and colleges to spread the word about the importance of insurance. She works with project InVEST and started an in house summer internship program for which Lexi participated. Lexi Richardson runs the Chalmers Advantage product, which allows employers to give their employees access to group personal lines benefits at no cost to the business owner. For more information about insurance presentations from Chalmers please do not hesitate to connect 800-360-3000!