First-timers need to ask these questions to avoid choosing the wrong health insurance

Millennials are drawn to high-deductible health plans for a few reasons.

The amount of the deductible may seem daunting, “but your premium is much lower,” Oldham said. “You are telling the insurance company you’re in pretty good health.”

Decades of growth on pre-tax money makes the HSA a powerful savings vehicle for your retirement years, Oldham says.

The average retiree spends more than $275,000 on health care alone, a figure that could easily double by the time millennials hit the golden years, according to Oldham.

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If you’re planning a trip to some rugged, remote location, Oldham recommends accident insurance. That way, you can still take advantage of the lower cost of a high-deductible plan.

And if you’re thinking of ditching insurance, don’t. “The mandate to have health insurance was repealed, but it doesn’t take effect till 2019,” Oldham said.

One last piece of advice. “Don’t take the money you save on lower premiums and blow it,” Oldham said. Develop good savings habits by stashing it in your HSA or putting it toward student debt.

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