The Affordable Care Act (ACA) was supposed to make it easier for people to obtain health insurance, but navigating the system can still be a challenge. For young adults looking to find a health plan, there are some tips to consider based on expert advice.
Start your search at least two months before turning 26, the age when young adults must leave their parents’ health insurance plan. Some states allow young adults to remain on their family plan until age 29 under certain conditions, albeit at higher costs. If you need to continue coverage, COBRA is an option, but it can be expensive as you will need to pay the full premium.
Before beginning your search, make a list of your medications and doctors, highlighting those that are essential to you. Be prepared to have fewer options in the marketplace than you did on your parents’ plan, and be ready to make changes and concessions.
Find out whether your state uses the federal marketplace or has its own exchange. Make sure to access the official ACA website to compare and purchase health coverage. Seek assistance from navigators or assistants who can guide you through the process and help you find a suitable plan.
When enrolling, provide your personal information and income estimate. Depending on your income, you may qualify for Medicaid, a program that offers health coverage to low-income individuals. If you don’t qualify for Medicaid, you’ll need to find a plan in the marketplace.
Consider the costs associated with each plan, including premiums, deductibles, copayments, coinsurance, and out-of-pocket maximums. Evaluate the trade-off between lower monthly premiums and higher out-of-pocket costs. Choose a plan wisely by reviewing the benefits, coverage limitations, and network providers.
If you’re unsure about which plan to choose, look for standardized plans that meet basic requirements set by the Centers for Medicare and Medicaid Services. These plans may offer some benefits before you reach your deductible.
Despite the challenges of navigating the health insurance marketplace, there are still good deals available. Take advantage of the expert assistance and subsidies to ensure you find a plan that meets your needs and budget. Good luck with your search for the right health coverage.
