Medical bills, whether for the young or old, can derail savings. Young adults could see expenses adding up because of a broken ankle, a mental-health consult, or any health-related medications. However, if a health insurance plan covers you, the situation changes.
The top health insurance plans for young adults keep your wallet happy, your plan networks steady, and give you preventative care either free or cheap. But if you’re in the market for cheap health insurance for young adults, you don’t have to compromise on essentials.
Instead, you need to learn your options and understand how plans actually function. Let us start here!
What are Health Insurance Plans for Young Adults
Health insurance plans are all about risk-sharing. You pay a monthly premium to help cover costs when you need care. Key features of a health insurance plan include:
- Premium – The money you pay towards your health insurance.
- Deductible – The amount you pay before the plan begins sharing costs.
- Copay or Coinsurance – The amount you pay at the time of your visit.
- Out-of-Pocket Maximum – The maximum you can spend for covered services in a year.
Best Options for Health Insurance Plans for Young Adults
Here are your options:
1. Having or Keeping a Parent’s Plan
Remaining on a parent’s employer or individual plan can be simple and cost-effective, if eligible. It offers wide-ranging protection, and no paperwork for you.
However, you must look out for network providers in your area, privacy options, and any cost-sharing you might owe if parents pass on part of the premium.
2. Buying Your Own Insurance Plan
Individual policies are available to buy directly or through the Marketplace. You can select tiers that exchange premium for out-of-pocket costs.
For instance, the lower tiers usually come with the lowest premiums, while the highest ones offer broader coverage at a higher premium cost.
If you’re in good health and just need low-cost health insurance for young adults, a cheap plan or high-deductible plan should work, as long as you have the savings to cover the deductible if something goes wrong.
3. Student Health Plans
Campus offerings can package together medical, mental-health medications, and general-prescription coverage at rates students can afford. Find out if services can follow you off campus, like an internship, study abroad, or summer break.
4. Medicaid & CHIP
If you have a low income, you could be eligible for Medicaid in your state. It offers you abundant benefits and a negligible insurance price.
If you have younger children, CHIP may apply to them. First, consider eligibility, and then look for cheap health insurance for young adults.
5. Marketplace Insurance
The federal or state Marketplace allows you to compare plans side by side, calculate your costs, and apply for income-based savings. Key savings:
- You can reduce monthly insurance amounts using premium tax credits.
- Cost-sharing reductions are available in some plans that lower deductibles and copayments if you qualify.
- You can take a plan during Open Enrollment to get inexpensive coverage.
What to Do Before Getting Health Insurance Plans for Young Adults
Health insurance benefits depend on the network, coverage, and the total cost of the plan. Here are some things to consider:
- Network Providers – See if the doctors you want to use are part of an insurer’s network.
- Preventive Care – There are various levels of plans. Seek out plans that provide preventive care such as annual checkups, vaccines, and screenings.
- Set a Budget – Don’t shop for simply the lowest premium. Check your deductibles, copayments, and out-of-pocket costs.
- Benefits – Look for plans that give you additional benefits, such as mental health sessions, fitness or wellness credits, etc.
- Mind the Gap – Graduating students or those turning 26 who are under a parent’s health insurance plan should get enrolled in an individual plan with appropriate coverage. Make sure it begins the minute the old plan ends.
Make Adulting Easier with the Right Plan
When buying health insurance plans for young adults, evaluate your needs, compare available options, verify network providers, and consider the total insurance costs.
Search for low-rate health insurance plans with the maximum savings, the best coverage, and available benefits.
Speak to an expert at ConsumerCoverage who can help you find affordable health insurance for young adults that meets your needs and doesn’t break your wallet.
