When you turn 26, you may find yourself “kicked off” your parent’s health insurance plan. In addition to that, you are starting your career and may not be eligible for health insurance with your employer.
Many healthy, young adults may think skipping health insurance is a way to save money and a better route to go. This is not the case as you never know when an accident or illness could occur. Without health insurance, you could quickly end up in financial trouble. If you do not have health coverage through your employer, you will be responsible for paying 100% of your health care costs.
It may seem overwhelming to purchase your own individual health insurance plan. Take the time to understand the policy you are purchasing and review it annually with your insurance advisor.
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 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.