Managing Healthcare Finances: Ages 26 to 44

Follow these tips to manage costs, increase your savings and have overall peace of mind.

Between the ages of 26 and 44, there are big changes that might happen in your life, such as starting a family, changing jobs or moving to a new state. With all of that, your finances can feel unpredictable too. Getting your health insurance coverage squared away is one way to reduce your costs now and be better prepared for the future. We’ve got you covered—here are some ways to do that:

1.     Know when to enroll
You have 60 days to enroll in a health plan after you’re hired. Outside of that, you can only enroll in a health plan during Open Season, which runs yearly from the Monday of the second full work week in November through the Monday of the second full work week in December. There are also special cases when you can enroll outside of Open Season called qualifying life events. Some examples of these are getting married, having a baby or losing job-based health coverage. If you do experience a qualifying life event and you’re not sure what plan is best for you, try using our AskBlue tool. It recommends the right plan based on your healthcare needs.

2.     Save, save, save
Whether you have big plans for the future like getting married or starting a family, you want to be financially ready when the time comes. Plus, the sooner you start saving, the sooner you might be able to retire. Medical care can be a huge cost later in life, but you can take steps to avoid preventable conditions. Staying in good health can make a big difference in how much medical care you need down the line. Our incentive programs make it easy to make healthy choices by giving rewards to eligible members who hit their goals. Be sure to also sign up for MyBlue®, your personalized online account that gives you an easy-to-understand snapshot of all your health plan finances.

3.     Take care of yourself
It’s important for adults between the ages of 26 and 44 to stay healthy with preventive care: routine checkups that make sure you’re on the right track. This can be anything from getting the recommended vaccines and diagnostic tests to screenings for certain conditions. It’s important to go to the doctor for routine annual physicals to try to catch any issues before they develop into something more serious. Best of all, checkups and preventive services are free when you visit a Preferred provider. FEP Blue Focus members can even earn a reward for getting their routine annual physical.

4.     Understand your benefits
You’ll keep your medical costs in check by seeing in-network providers and ensuring that your plan covers the services you receive. It’s best to familiarize yourself with your benefits to avoid unexpected bills—find out what’s allowed and what you’re exactly covered for. One way to do this is to download the fepblue app on your phone. It lets you easily check to see if a provider is in-network, view your benefits, see your plan financial information and track any claims you receive.

5.     Don’t neglect your eyes and teeth
Taking care of your eyes and teeth is important to your overall health. Many health issues can first be detected by getting annual vision and dental checkups. Your medical plan may include some dental care and a Vision Care Affinity Program. If you need additional coverage, you can look into a supplemental dental and/or vision plan through the Federal Employees Dental and Vision Insurance Program (FEDVIP).

6.     Plan for the unexpected
Advanced directives are tools to express your desires in the event you can’t speak for yourself, like life-threatening illness or death. While it might seem early to be thinking about this, consider it extra insurance for yourself and ensuring your loved ones know exactly what to do. There are two types of advance directives: a living will and power of attorney. A living will indicates clearly what life-sustaining treatments you prefer, like resuscitation or mechanical respiration. In the event you’re unable to speak, a power of attorney designates someone you trust to speak on your behalf on matters like finances or healthcare issues not outlined in a living will.

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