What important insurance insights should young adults know?


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What is it that young people don't know about insurance that you wish they did?

As a young professional myself, I'm eager to understand more about insurance since it often feels quite complex. Could you please elaborate on the key aspects and important details about insurance that young people like me generally don't know, but you believe are crucial for us to understand as we start making more independent financial decisions?

Dec 27, 2024 | Olivia Lopez, Miami, Florida
Answer
Mark Fitzpatrick
Head of Insurance, MoneyGeekUpdated December 27, 2024

I think the biggest thing people don't know is that there is really good financial help available to make their plans cheaper. Even if people are aware that there is some sort of a tax credit through the Marketplace, they don't realize that it's meant for a range of incomes, not just very low income but low- to middle-income individuals. So one thing we always try to get across to people when they're thinking about buying coverage on the Marketplace is the fact that a single person making up to $46,000 (since this interview took place, it has risen to $47,080) could be eligible for some tax credits. That's a pretty wide range.

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