Host: What kind of coverage or plan should young adults look for?
Bob Hurley: So many young people will ask us, what kind of coverage should a young person have and what I always like to say to them is get enough coverage that you are comfortable with, get enough coverage that you when you go to bed at night, you feel like you have got something there to protect you in case something goes wrong and yet, you don't want to get so much coverage that the monthly premium is a significant burden on you and might cause you to walk away from your coverage after only a few months of coverage. So I always say buy a deductible plan, a plan that has $1,000 deductible or $1,500 deductible knowing that in most cases, you can cover that even if you have to cover it with your Visa Card or your MasterCard you can typically covered that deductible. Meanwhile, it will keep your monthly premium down by buying that higher deductible and therefore, keep that affordable in that way as well.
The other thing I would encourage young people look at and this is very important, young people should learn about Health Savings Accounts. These things, these accounts are tax advantaged accounts where you can put money into these accounts tax-free, it can grow in these accounts tax-free and you can pull it out of these accounts for health related expenses tax-free. Now I know when you are young you may not be earning a whole lot of money and so tax-free may not ring loudly yet for you, but I can tell you that by getting involved in an HSA early when you are in your 20's it's going to give you ability to save into that account for many, many years to come and that account can be available to you when you hit your 30's and your 40's and your 50's, when you may need that money to start paying for some of the healthcare related expenses that may not be covered by your health insurance that you have when you get up into those older ages. So if you are young and you are looking at health insurance today, go out and get on to our website and you can go out and learn about Health Savings Accounts or just go to Google and Google, Health Savings Account and you will find sites out there that can teach you about Health Savings Accounts. But if you are a young person that is really interested in sending yourself up for the future, not only covering today's healthcare needs but also looking towards the future in ways to help you finance your answer healthcare in the days, in years to come I would encourage you to learn about Health Savings Accounts, very important.