Shopping for health insurance can be eye-opening for college grads, young adults
09 Mayo 2024 - 12:50PM
As college graduates embark on their future, they face a multitude
of new decisions, and choosing the right health insurance plan may
be one of their most important. Today, healthinsurance.org
offers tips for first-time health insurance shoppers.
“Purchasing health insurance is a rite of financial passage for
almost all young adults, and it often happens right after college
graduation,” said Louise Norris, health policy analyst
for healthinsurance.org. “Yet the health insurance landscape
can be confusing and intimidating to the uninitiated.”
Norris is the author of healthinsurance.org’s coverage
guide for college students and graduates, which provides a crash
course on shopping for health insurance as a young adult.
Her main advice for graduates is this: If you had insurance
through your school, you probably will not continue to be eligible
for that after graduating. Act fast to avoid a coverage gap. Begin
by studying up on these primary ways to get healthcare
coverage:
Through a job. College grads with a job lined up may
receive insurance from their employer, who may pay a portion of the
monthly premium, with the remaining portion deducted from the
worker’s paycheck. Eligibility for enrollment may depend on
conditions, like a minimum work period or weekly hours.
Through the Affordable Care Act (ACA)
Marketplace. College graduates and young adults who just
lost coverage – perhaps because they turned 26 or lost student
health plan coverage – have 60 days from the end date of their old
coverage to enroll in an ACA plan. If they
procrastinate, they’ll need to wait until the next annual open
enrollment period, typically Nov. 1 through Jan. 15 in
most states, unless they have a qualifying life event.
Good news for the cash-strapped: Marketplace plans will
be more affordable for many young adults through 2025 thanks
to subsidy enhancements that are part of the American Rescue
Plan.
“The Marketplace is essentially one-stop online shopping for
health insurance,” said Norris. “But it’s important to look beyond
just the plan price, or premium, because that’s one of the most
common mistakes made by first-time shoppers. The overall price of a
health plan includes a variety of factors, not just the monthly
premium price.”
In addition to premium costs, plan holders also have
cost-sharing responsibilities that vary by plan. These could
include copayments for office visits; a deductible that must be met
before the plan starts paying for certain services or medications;
or coinsurance, which is a percentage of costs the plan holder is
responsible for paying.
Through your parents. Adults under age 26 may remain
on a parent’s health insurance plan. However, if they live in a
different state from their parent, provider network restrictions
may make this option unfeasible.
Through Medicaid. In 40 states, Medicaid
eligibility has been expanded to cover low-income adults under 65.
Applications are available year-round, and there are no premiums in
most cases.
"Although shopping for health insurance may seem daunting and
new, young adults today have numerous options," stated Norris. "The
key is to tackle the search head-on, because delaying can limit
your coverage options.”
Healthinsurance.org provides online resources for consumers
about individual and family health insurance. Healthinsurance.org,
owned by HealthInsurance.org, LLC, has been providing consumer
information about health insurance and health reform for over 25
years.
healthinsurance.org
hiomedia@afmcommunications.com