Young adults who are just starting out on life – making their first car payment and paying rent – tend to quickly find out that life is not as easy as they believed it to be. In fact, a recent survey found that young adults believe that health insurance is too expensive. It’s a brand new issue that is unique so it can quickly become overwhelming.
Fortunately, there are services that can help young adults sort their way through this process. It’s time to drop some knowledge on you guys so that you can be equipped to find the best insurance possible.
Did you just graduate college? Are you finally setting out on your own? In either case, being taken off of your parent’s health insurance plan can be intimidating to say the least. Dealing with getting your own insurance often leads to a lot of stress and headaches. Here are some tips to make it easier.
Always Check a Plan’s Network
All insurance plans have a network of pre-approved healthcare providers who are going to easily accept that company’s health insurance. When you have to go out of pocket, then it’s going to cost you more money. You could even end up paying for services on your own. Now that you’re on your own, you need to make sure that the plan you choose has plenty of providers in your local area.
Understand the Laws that Surround Health Insurance
Understand all of the laws that surround your coverage. It’s really troubling at how many young adults do not understand the laws surrounding health insurance. Even though the tax penalty for not carrying insurance was repealed in 2017, this appeal does not go into effect until 2019. So make sure that you are covered so you don’t face this fine.
Once you determine how much you are going to get in government subsidies to help you pay for your health insurance, it will help you decide what type of coverage to get. You can find a number of different types of plans – catastrophic, short term, and even ACA-compliant plans are all available. Since these plans all tend to work in the favor of healthy, young individuals, you might be better off to carry these rather than a full insurance policy.
Special Enrollment Periods can Be a Huge Advantage
There is an annual enrollment period where you will be able to sign up for an individual insurance policy. This is usually around November. Outside of this period of time, you won’t be able to enroll in a self-bought insurance plan unless there is some kind of qualifying incident. In short, the only exception to this enrollment period is people who are getting married, have a child, or move to a new coverage area. In those cases, there is a 60-day window.
The Bottom Line
If you are a young adult, don’t fall prey to the train of thought “I’m young and healthy do why should I waste money on this?” Preventative care is important for people of all ages. Accidents happen so make sure you’re covered in the event that it happens to you!