8 Investment Mistakes That Will Make You Broke

6) The Wrong Health Insurance

The millennial generation is leading the charge when it comes to investing wisely in their health. They are also showing millions of people how thousands of dollars a year is just getting tossed out the door in health care coverage. There are hundreds of types of medical coverage plans available. For people who work for a company you may have a choice of 3-9 plans, can be broken down into Bronze, Silver, and Gold. If it can be afforded many people choose the Gold plan, with the belief that it will save them money over the course of a year. However, if you, and your family are rarely sick, or injured, your best bet is likely a high-deductible, Bronze plan that will cover yearly checkups, and basics. Then you can determine your costs for the deductible. Most people with a low deductible gold plan toss away $5,000 to $10,000 in premiums every year to avoid a deductible that is not used as often as you’d think. Granted, there is a risk that you will have to pay that deductible if you choose a less expensive plan, but if you and those under your coverage are relatively young and healthy, weigh that risk against the higher premium payments for the gold plans.