The Best 26th Birthday Gift: Finding Your Own Health Insurance Plan

Thanks to the Affordable Care Act, adults younger than 26 have the ability to stay under their parents' health insurance plan until their 26th birthday or through their 26th birthday year, depending on the plan.  Unfortunately, when those benefits end, a lot of us are overwhelmed with the prospect of finding and purchasing our own health insurance.  But not to worry -- finding health insurance doesn't have to be an insurmountable task.  By working with an experience agent, you will find you have several options.

Obtain insurance through your employer's plan. Often companies provide several options for coverage.  Talk to your HR department about what they offer. Apply for coverage through the Health Insurance Marketplace with the help of your independent insurance agent.  Even if you don't turn 26 during the Open Enrollment period, you can still get coverage through the Special Enrollment period due to your change in age.  Apply up to 60 days before your birthday so when your current coverage ends, there aren't any gaps in -- or stress about -- your insurance.  Through the Marketplace, you'll see health insurance rates that are based upon your income and needs and see if you qualify for free or low-cost coverage through Medicaid or the Children's Health Insurance Program.  Also, if you're under 30 and budget-conscious, you can explore a "catastrophic" plan that has lower premiums and protect your in worst-case scenarios.  This option also covers three doctor visits per year and offers free preventive care benefits, like cancer screenings. Explore private health insurance options. In limited cases, insurance companies sell private health plans that meet minimum essential coverage, including covering pre-existing conditions, providing free preventive care and not capping annual benefits.  The Marketplace will not list these plans; however, your independent agent will be able to show you all of your options.

An experience and licensed agent will guide you through the health insurance process educating you on all of your options.  You agent will help you select the right insurance option based on your medical needs and budget.  Keep in mind, you may also qualify for a subsidy, this is money that the government will give you to help with your insurance premiums depending on your income level.

One option you don't have is not obtaining health insurance at all.  Without health insurance, you're not only liable for a tax penalty, but you're opening yourself up to accruing unexpected medical bills that you won't be able to pay back.  Explore all of your options to find a great one, and if you're a little lost, don't hesitate to contact Schwarz Insurance to help guide you through the process, best of all, its free!