If you’re under 26, you’re one of the lucky young adults who can maintain healthcare coverage under your parent’s plan.
If your parents don’t have coverage or you’re over 26, it’s time to do a little adulting — and start the process of finding a healthcare plan to suit your needs.
Here are your options:
Buy health insurance in the marketplace.
Health Insurance is already a complex topic. Combine that with understanding healthcare laws and purchasing a policy that meets federal guidelines, and you’ve got a monumental task in front of you. Get in touch with an insurance expert at InsureOne Benefits who can guide you through the decision process.
Consider high-deductible plans.
It’s possible to purchase a health insurance plan that provides comprehensive coverage, protecting you if you have an accident or get hospitalized, for example. These plans have lower premiums and include preventive benefits.
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Choose a short-term medical plan.
A short-term medical plan is an ideal choice if you’re generally healthy but can’t afford to purchase health insurance in the marketplace. Consider purchasing short-term medical if:
a. You just graduated from school or you’re currently a student and are no longer eligible to be covered on your parent’s plan.
b. You are not employed or between jobs.
c. You didn’t buy insurance during the last open enrollment period.
d. Your new job has a probationary period before health insurance coverage kicks in, so you’re currently uninsured.
e. You work part-time jobs and are not eligible for health insurance or no coverage is offered.
An up-close look at short-term plans
Here’s what a short-term medical plan might look like:
- $1,500 deductible
- 80%-20% coinsurance
- Comprehensive coverage
- 1-11 months coverage period
- $1,000,000 coverage-period maximum
- Monthly premiums as low as $50 to $75 per month
As you can see, short-term health insurance can provide maximum value at a reasonable cost per month. A short-term medical plan can help you maintain financial stability while providing protection for your physical health, too.
When life becomes unpredictable, you need a flexible healthcare option that will swing with its punches. With a short-term medical plan, you can choose to be covered for as short as one month, or up to 11 months.
Paying the price
However, keep in mind that this kind of policy does not qualify as Minimum Essential Coverage under the guidelines set forth in the Affordable Care Act.
You must complete a simple health questionnaire and you can be declined. You will not be covered for pre-existing conditions and there is no coverage for maternity. Because these plans do not meet Affordable Care Act Guidelines, you may also face a tax penalty.
The penalty for not having health insurance is a bit complicated to figure out. In short, the fines are calculated using the following guidelines:
- 2.5% of your household income (the maximum is the total yearly premium for the average marketplace Bronze plan). OR
- $695 for an adult, 18 years or older (the maximum is capped at $2,085).
Whichever figure is higher, that’s the penalty you would have to pay.
Let’s go adulting!
You don’t have to settle for going without health insurance.
Whether you don’t have coverage or you can’t afford to purchase health insurance, there’s a plan that will work for you.
Creative options exist for getting covered without breaking the bank.
Talk to a seasoned health insurance pro from InsureOne Benefits today to get started!