If you are a young adult under 30, don't skimp on health insurance. You may feel you don't need it if you are healthy. However, many people develop health problems while young, and you may need coverage for accidents. As a young adult, you have a lot of flexibility, but the choices can be confusing. Here is a short guide on where you can get health insurance as a young adult.
You Can Stay on Your Parent's Plan
The Affordable Care Act makes it easy for people under 26 to stay on their parents' health insurance plans. You don't even have to live with your parents, and you can also be married. You can even be eligible for employer-sponsored insurance and still stay on your parent's plan. Some states have extended coverage for young adults past the age of 26 under certain circumstances.
You May Qualify for Government Insurance
If staying on your parent's plan is not possible, you may qualify for your own government-sponsored policy. Many of these policies cover people with very low income. You may also qualify if you are disabled or pregnant. If you have children, you can get them covered even if you are not otherwise qualified.
You Can Buy Your Own Insurance
You can also purchase your own insurance directly from a broker or insurance company. Many options are available based on your health and needs. You can choose from high-deductible or full-coverage. You will pay full price for any policy you choose when you buy direct.
You Can Use the Marketplace
If you meet certain income and family status requirements, you may be able to buy insurance through your state's marketplace. Many of those policies are subsidized by the government based on family size and income. Different levels of coverage are available. If you are under 30, you may be eligible for minimum coverage under a catastrophic plan and pay very little or nothing.
You Can Use Your Employer's Insurance
If you have a job with benefits, then your employer may subsidize an insurance plan for you. Most employer plans are pretty generous, but many employers limit choices. You will not be eligible for marketplace subsidies if your employer offers you affordable health insurance.
Just because you're young and on your own, it doesn't mean you should go without health insurance. Help with navigating the insurance market is available. A health insurance agency or broker can customize quotes to meet your needs. You may even be able to compare costs between companies.Share