As you approach the age of 26, you may be wondering about your health insurance options. If you are currently covered under your parents’ plan, you will need to find new coverage once you turn 26. The Affordable Care Act (ACA) offers a variety of options for health insurance, including plans through the Health Insurance Marketplace.

What is the Affordable Care Act (ACA)?

The Affordable Care Act, also known as Obamacare, is a law that was signed into law in 2010. The ACA made major changes to the health insurance system in the United States, including:

Expanding Medicaid to cover more low-income Americans
Creating health insurance exchanges where individuals and small businesses can shop for and purchase health insurance
Providing subsidies to help people afford health insurance
Requiring most Americans to have health insurance or pay a penalty

What are my options for health insurance under the ACA?

If you are turning 26 and losing your parents’ health insurance, you have several options for health insurance under the ACA:

Enroll in a plan through the Health Insurance Marketplace. The Health Insurance Marketplace is a website where you can shop for and compare health insurance plans. You may be eligible for subsidies to help you afford coverage.
Enroll in Medicaid. Medicaid is a government health insurance program for low-income Americans. You may be eligible for Medicaid if you meet certain income requirements.
Purchase a plan directly from an insurance company. You can purchase a health insurance plan directly from an insurance company outside of the Health Insurance Marketplace. However, you will not be eligible for subsidies if you purchase a plan this way.

How do I enroll in a health insurance plan?

The open enrollment period for health insurance plans runs from November 1 to January 15. During this time, you can enroll in a plan through the Health Insurance Marketplace or directly from an insurance company.

To enroll in a plan through the Health Insurance Marketplace, you will need to create an account and provide information about your income, household size, and other factors. You can then compare plans and select one that meets your needs and budget.

To enroll in a plan directly from an insurance company, you will need to contact the insurance company and provide information about your health, income, and other factors. The insurance company will then provide you with a quote for a plan.

What if I can’t afford health insurance?

If you can’t afford health insurance, you may be eligible for financial assistance from the government. The government provides subsidies to help low- and moderate-income Americans afford health insurance. You can apply for subsidies when you enroll in a plan through the Health Insurance Marketplace.

What are the penalties for not having health insurance?

The ACA requires most Americans to have health insurance or pay a penalty. The penalty for not having health insurance is calculated based on your income and the number of months you are uninsured. You can avoid the penalty by enrolling in a health insurance plan through the Health Insurance Marketplace, Medicaid, or an insurance company.