A large portion of the adult population in this country is worried about accessing affordable health care in the future. It remains a touchy subject, considering costly premiums can create a financial burden for those who are already drowning in student debt.
The situation is also exacerbated by the President’s commitment to abolishing the Affordable Care Act in Congress, which creates a heightened state of anxiety. Luckily, there are a few options, which is why we’ve created this guide to provide some information to young individuals looking for health coverage.
If you’ve recently landed a full-time job, you can access medical insurance through the organization. Most companies offer benefits after the customary probationary period, so it’s important to ask the human resources department or the supervisor for the relevant information.
Employer-based insurance is a great option for a lot of young individuals because the associated costs are usually deducted directly from their paycheck. This means there’s no requirement to pay a separate monthly premium.
A large percentage of young adults are unaware they can access their parent’s insurance plan if they’re under the age of 26. Under normal circumstances, you’ll have to register as a dependent, which means the cost of the monthly premium usually increases.
We always recommend reading the fine print to understand the scope of the coverage and ask all relevant questions to the insurance company. It’s also important to note that most plans require the dependent to live at the same address as the parents.
Many students fear they won’t be able to access affordable health care when they go to college. Well, this is not exactly true as you can typically purchase a plan through the school. In some cases, the monthly premium will be incorporated into your tuition. It’s best to check out your university’s student portal or ask at the registrar’s office.
If you live below the poverty level and can’t afford to buy health insurance, Medicaid is definitely the best option on the market. The program is heavily subsidized by the federal government but is administered by each state. So, there are some differences between depending on your exact location. The coverage is essentially basic, but most of your medical expenses will be covered if you go for a routine checkup. For more information, consult this link here.
This is a viable option for young individuals that missed the Open Enrollment Period and need to buy a health insurance plan. These plans typically provide basic coverage ranging from three to six months, meaning you won’t get coverage throughout the entire year. This can be useful if you can plan for all medical appointments during this short period but can be detrimental if a medical emergency occurs outside of this coverage.
Faith-based Medical Plans
This is a rather unconventional option, but several faith-based ministries offer medical plans. The idea is interesting because it involves a religious community pooling their money together to support one another. So, if a neighbor suddenly becomes ill, you know your money will go directly to their treatment. More than a million Americans currently utilize faith-based plans, demonstrating its growing popularity.
The goal of the Affordable Care Act was to provide all Americans with the opportunity of purchasing affordable health care. So, during the Open Enrollment Period, which begins on November 1, 2017, and ends on December 15, 2017, Americans can shop around for plans in the marketplace.
For those who make a lot of money and fall within a certain income bracket, they’re automatically ineligible for tax subsidies that partially pay for the monthly deductible. Therefore, it doesn’t make sense to purchase an Obamacare plan, meaning these individuals usually head to the private marketplace.
These plans can be purchased through an insurance broker who works for a large insurance company. We always recommend shopping around and consult with multiple insurance companies in order to get the best results.
This program is akin to Medicaid, but the aim is to provide health care to children under the age of 18. There are different rules and regulations depending on where you live, but this can be a great option for young adults with children who simply cannot afford to purchase a health insurance plan. For more information regarding this program, consult this link.
It’s important to note that all Americans under the Affordable Care Act must purchase some form of health insurance. If an individual remains uninsured, they may face numerous fines when it comes to doing their taxes. These fines can be financially damaging if you’re in a poor financial standing, which is why it’s always better to explore some of the plans mentioned above.
If you’re a young adult and feel overwhelmed about finding a medical insurance plan, trust HealthQuoteInfo to provide the best information out there. Phone one of our agents at 855-614-5057. We can help organize and create an action plan so you can get proper medical coverage in the near future.