Now more than ever, it is important to have a plan in place for when your health goes awry. Health insurance is one essential aspect of these plans. Saving money for emergencies often isn’t enough, depending on the severity of the illness.
Most young people don’t know that their coverage under their parents’ health plans generally ends when they turn 26 (in most states). What is a young adult to do about risks to their health then?
This article will talk about the intricacies of health insurance coverage: how it works, what you can do, and what to watch out for when signing up for your own policies.
Some health insurance providers give leeway
Your insurance coverage does not necessarily have to end right on your birthday. In some cases, a call to the insurance company from your parents can grant you an extension until the end of the month to sign up for your own policy. Some plans even allow for this coverage to be maintained until the end of that year.
Before this happens, it is important to have a discussion with your parents about the end of your coverage, so that everyone involved can be ready for when that happens.
You will likely have a 120-day window to purchase a new policy
You are allowed to sign up for a new insurance policy in the 60 days before and after your birthday. This is if you are purchasing insurance through ACA exchanges. If your chosen provider is not on the ACA marketplace, your window gets smaller—down to just 30 days before your birthday.
If you are going under an employer’s health plan, make sure to check with both your employer and provider. Usually, you have the 30 days before your 26th birthday to sign up for employer-based coverage.
Is it possible to get healthcare without health insurance?
Health insurance is no longer a requirement in most states. The few exceptions are California, Massachusetts, New Jersey, and Rhode Island. The District of Columbia also requires health insurance from its residents.
While it is possible to receive healthcare without insurance and just hope for the best, it is still important to have a backup plan. Healthcare costs so much in America that the average person cannot afford to rely entirely on their savings when a health issue arises.
It is also important to sign up for policies while you are young and healthy. As you grow older and as your body ages, insurance premiums will likely get more expensive, especially if you develop any permanent health conditions.
In essence, you could go without health insurance, but the recommendation is that you shouldn’t. After all, an ounce of prevention is better than a pound of cure.
Some states also provide subsidies, even if your income falls below 400–600% of the federal poverty level. All that’s left to do is to determine whether or not you qualify for these subsidies.
In conclusion
Insurance is definitely an expense, but in a global health crisis and in a country where healthcare costs as much as it does here, it is important to spend a little now rather than pay for a lot later. Health insurance is a great way to prevent financial ruin, especially if your health issues become difficult and expensive.
If you’re looking for a
health insurance provider, why not consider us at Conrad Health Insurance? We have great terms for individuals of any age.