When Mooching Off Your Parents Is a Smart Idea

Thanks to my father (and my age), I have health insurance benefits. I am covered under my dad's health insurance until 26, so I never had to worry about taking a job that lacked health benefits. This allowed me to continue to focus on my career as a writer, as well as pursue and obtain a real estate license. The experienced I gained and the license I earned would have been much more stressful if I was worried about securing a job with health benefits. It would have been more difficult to stay focused and achieve my goals as a writer or realtor.

Twenty-five percent of Americans between the ages of 18 to 24 years of age don't have health insurance, according to data retrieved from the U.S. Census Bureau. That number would be higher if it were not for the current healthcare law, which allows young adults to remain on their parent’s health insurance plan until the age of 26.

There's no shame in remaining on your parent's health insurance as a young adult. In fact, studies have shown that those who remain on their parent's health insurance wind up with a more promising financial future since they do not settle for work just because it offers benefits.

The fear of not being able to afford medical coverage may urge some young adults to rush into employment without properly planning their future. Also, the NY Times revealed a new study that showed young adults who have medical insurance are more likely to attend college, which can help one's earning potential after graduation. On average, those who possess a college degree and work full-time earn $17,500 more than those with a high school diploma, according to Pew Research.

Even though the average college debt is roughly $30,000, it can still pay off in the long-run to attend college and not rush into a career right after high school. As long as a graduate can secure steady income and be wise about spending decisions, he/she can create a plan to pay off the debt.