The Affordable Care Act makes it mandatory for most individuals — including young adults — to have health insurance or pay a tax penalty.
There are several options available for young adults looking for health insurance. If health insurance is not offered by your employer, or if it is offered but does not meet your needs or your budget, you can:
- Get coverage on your parent’s health plan. If you are 26 or younger, check with your parents to see if their health insurance plan provides for dependent coverage. If so, you can join (or remain on) their policy and be covered until your 26th birthday. Locally here in Virginia, Maryland, and DC, most carriers allow you to stay on your parent’s plan until the end of the month following your 26th birthday.
Click here to read why you may or may not want to stay on your parent’s plan.
- Purchase your own health insurance. You can purchase a health insurance plan on your own, either through your state’s health insurance exchange, or directly with a carrier of your choice. Depending on your income, you may be eligible for a subsidy to help make the coverage more affordable (click here to find out). In order to get the subsidy, you MUST purchase insurance on your state’s exchange. Click here to learn more.
If you are not eligible for a subsidy, you can shop for coverage directly with several carriers. Click here for an instant quote.
- Purchase a catastrophic policy. If you are under age 30, you can purchase a catastrophic policy. These policies are bare-bones health insurance policies with high out-of-pocket expenses, usually in the form of high deductibles. This means if you do get sick or injured and need medical care, you will pay a lot for that care. Catastrophic plans are designed to provide a safety net for young, healthy people against unexpected and catastrophic medical expenses.
- Enroll in a student health plan. Full-time students may be able to enroll in a student health plan offered through their college or university.
Contact our office if you need help selecting the best health insurance plan to meet you needs.