What to Know About Health Insurance at Age 26
Sophia FloerschAs a newly-minted 26-year-old, you may be wondering what changes you can expect in terms ofhealth insurancecoverage. Here's what you need to know:
1. You Can No Longer Be Covered Under Your Parents' Plan
One of the biggest changes you'll face atage 26is losing the ability to be covered under your parents' health insurance plan. This means you'll need to find your own coverage either through your employer or through the marketplace.
2. You May Qualify for Subsidies
If you're not eligible for health insurance through your job, you can shop for coverage on the marketplace and potentially qualify for subsidies based on your income. These subsidies can help lower your monthly premiums and out-of-pocket costs.
3. You Have a Limited Time to Enroll
If you don't enroll in a health insurance plan during theopen enrollmentperiod, you'll have to wait until the next enrollment period to sign up. This means you could be without coverage for several months, which can be costly if you need medical care during that time.
4. You Can Choose from Different Types of Plans
When you're shopping for health insurance, you'll have several options to choose from, including HMOs, PPOs, and high-deductible health plans. Each type of plan has its own benefits and drawbacks, so it's important to carefully consider your options before making a decision.
5. You Should Factor in Your Health Care Needs
When choosing a health insurance plan, it's important to consider your own health care needs. If you have a chronic condition or regularly need medical care, you may want to choose a plan with a lower deductible and higher monthly premiums. If you're generally healthy and don't expect to need much medical care, a high-deductible plan may be a better option.
Overall, choosing health insurance can be a daunting task, but it's important to carefully consider your options and choose a plan that meets your needs and budget. Don't be afraid to ask questions and seek help from a trusted insurance professional if you're feeling overwhelmed. Remember, having health insurance is an important part of protecting your financial future, so take the time to choose the right plan for you.
Article review