You’re eighteen and off to college, twenty two and beginning your career or twenty six and no longer on your parent’s health insurance, what are your options? You are also probably healthy and expecting to stay that way so who needs health insurance, right? It is easy to forget the need for health care when you are young and don’t need regular visits to see a physician for anything beyond a bad cold or an accidental cut.
As a young adult the biggest health event you may experience is an accident that takes you to the emergency room and might lead to hospitalization. At some $1200 per visit to an ER and hospital stays at $4,000 a day these can certainly place a huge burden on the budget of a young adult just starting out on their own. So how do you protect yourself?
For those still under the age of 26, the most obvious and often the least expensive option may be to stay on your best health insurance for young adults plan if they have one. If not there are several options which we’ll cover in the next few paragraphs.
The least expensive insurance available to protect against the potential expense of an ER visit or hospitalization is a short term health plan. Unfortunately they are not ACA compliant so they do not offer any wellness options, can reject an applicant for a prior condition and have no prescription benefits. They generally have a substantial out of pocket and deductible amounts as well.
Employer health plans are generally all ACA compliant, offer wellness, physician visits, prescription benefits as well as providing protection from the major expenses of ER and hospital stays. Individual plans through many employers are at least partially paid for and in some cases are offered for free. Family plans will cost you more but they are a great option if that is what you need.
ACA compliant plans through the Marketplace are another possible way to obtain coverage. Based upon income you may be eligible for some assistance in paying fees for both family and individual plans. As ACA compliant plans they cannot deny pre-existing conditions including pregnancy, provide wellness care, prescription coverage and ER and hospitalization benefits. Plans are provided in differing levels with premiums dependent upon the out of pocket and deductible expense. These plans are offered both to individuals and families and based upon income are eligible for government assistance in paying for premiums.
For those who qualify Medicaid, a program run jointly by the federal and state government is also an option. Based on income, the programs are ACA compliant but offerings and availability vary from state to state.
One other program for which college students may be eligible is a college health insurance plan offered while attending school. These are generally ACA compliant programs that offer physician visits, wellness care and prescription coverage at a yearly premium which is generally quite reasonable.
With all these possible options how does one get the best healthcare insurance for young adults? ConsumerCoverage.com offers free comparative health insurance quotes for young adults that can give you information on the various options we have listed in this article.ConsumerCoverage.com offers insurance options and information on health care options, even child only health insurance plans. They are also a source for homeowner/renter plans, life insurance and vehicle coverage. They have access to some of the country’s best insurers and can provide free comparative quotes across these several personal insurance verticals.