Turning 26 is an exciting milestone, but it often comes with one big change: your health insurance. Most young adults lose coverage under a parent’s plan at this age, which can leave you wondering what to do next.
If you’ve started a new job, you might not yet qualify for employer-sponsored health insurance. Skipping health coverage might seem like a way to save money, but one unexpected illness or accident can lead to large medical bills. Without health insurance, you’ll pay for 100% of your care out of pocket.
Exploring your individual health insurance options now can help you stay protected and avoid financial stress. Once you choose a plan, review it each year with your insurance advisor to make sure it still meets your needs.
Health Insurance Options for Young Adults
Health Coverage Through Your Employer
Many employers offer health coverage to employees as a benefit of employment. The Affordable Care Act (ACA) now requires certain large employers to provide affordable, minimum value health coverage to their full-time employees.
Benefits of Employer Health Coverage
- With group health plans, risk is spread among entire group and premiums are usually lower.
- Choose from several plans, depending on the choices offered by your employers.
- Group health plans are covered by federal benefits laws, guarantee special enrollment rights and protection from discrimination based on your health status.
Health Coverage Through Marketplace Plans
The ACA required health insurance exchanges, or Marketplaces, to be established in each state. The Marketplace allows individuals to compare health insurance options and purchase coverage.
Health Coverage Through Medicaid
Medicaid is a program designed to help provide health coverage to low-income adults. Eligibility for Medicaid varies from state to state, be sure to check www.medicaid.gov.
Health Coverage Through Individual Plans
Many health insurance companies offer individual plans. Obtaining health insurance through a third party may be the best fit for you if you know exactly what you want.
Get an Individual Health Insurance Quote with Troxell
Our team will assist you and shop for an individual insurance health policy that fits your unique needs.
Start the quote process now!
If you are turning 26 or are interested in acquiring a health plan independent from your parents, you can research the options available to you, or contact TROXELL about the services we provide to protect you.
You may also be interested in Renter’s Insurance or Auto Insurance.
This article was written by:
Hannah Rivera
HANNAH IS A MARKETING INTERN AT TROXELL. SHE IS CURRENTLY STUDYING AT MISSOURI STATE UNIVERSITY MAJORING IN COMMUNICATIONS WITH A DOUBLE MINOR IN INTERNATIONAL BUSINESS AND MARKETING.