How Young Adults Can Get Affordable Health Insurance After Losing Parent’s Coverage
Turning 26 is a significant milestone for health insurance coverage in the United States. Many young adults lose their access to their parent’s health insurance once they reach this age. Unfortunately, this can lead to a significant financial burden for young people who need health coverage.
However, there are several options available to help young adults get affordable health insurance after losing their parent’s coverage.
1. Explore the Health Insurance Marketplace
The Health Insurance Marketplace is a government-run exchange where individuals and families can shop for and compare health insurance plans. Subsidies are available to help low- and moderate-income households afford coverage. To explore the Marketplace, visit HealthCare.gov or contact a licensed health insurance agent.
2. Consider Medicaid
Medicaid is a government health insurance program for low-income individuals and families. Eligibility for Medicaid varies from state to state, but young adults who meet the income requirements may qualify for coverage. To learn more about Medicaid, contact your state’s Medicaid agency.
3. Purchase a Short-Term Health Insurance Plan
Short-term health insurance plans offer temporary coverage for up to 364 days. These plans are typically less expensive than traditional health insurance plans, but they also offer less coverage. Short-term health insurance plans can be a good option for young adults who need coverage for a limited period of time.
Additional Tips for Young Adults
Act quickly. You have a limited time to enroll in health insurance after losing your parent’s coverage. If you miss the enrollment deadline, you may have to wait until the next open enrollment period to get coverage.
Shop around. Compare plans from several different insurance companies to find the best coverage for your needs and budget.
Get help. If you need assistance enrolling in health insurance, contact a licensed health insurance agent or a community health center.
Conclusion
Losing access to your parent’s health insurance can be a stressful experience, but there are several options available to help young adults get affordable coverage. By exploring the Health Insurance Marketplace, considering Medicaid, and purchasing a short-term health insurance plan, young adults can find the coverage they need to stay healthy and avoid financial hardship.
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