It’s Time for Your Own Insurance

It’s Time for Your Own Insurance

There are birthdays where you grow old, and there are birthdays where you get new rights and powers. You get a driver’s license at 16, right to vote and marry at 18 and on your 21st birthday you’re legal to buy alcohol, and on your 26th birthday you get a headache of getting your own health insurance, wow, not! One say you’re chilled and 25 and enjoying your parents’ insurance and then you blow those 26 candles, and you’re kicked out off that insurance. This is the moment to take charge of your healthcare. It is crucial in the present world to have healthcare insurance.

Prior to Affordable Care Act or Obamacare, children were only covered on family healthcare insurance until the age of 19. Thankfully ACA has introduced a provision stating that the parents’ health insurance will now cover the young adults till 26 years of age after which you’re just an uninsured turned 26. Under this provision of ACA, 5.7 million young adults got covered either by their family health insurance plan or opted for Medicaid coverage.

How much extension period do you get after turning 26?

A 60 days special enrollment period is triggered on turning 26. You can enrollearly if you want to. With the open enrollmentplan, you can get enrolled any time you want it.

Image result for It’s Time for Your Own Insurance

Choices to get insured on you 26th Birthday

  • COBRA

If your group healthcare insurance is covered by COBRA, then you can appeal for an extension for a period up to 3 years for coverage if you’re a qualifying beneficiary after you’re old enough to fit in your parents’ health plan.

  • Catastrophic Health Insurance

Catastrophic health plans are available all over states for young adult below 30 to those who qualify for exemptions. This coverage is the cheapest plan available in themarketplaceand can be extended up toa year. It generally has coverage for worst case emergencies.

Thanks to Obamacare and the developing health insurance benefits, it has become a lot easier for the young adults to access for healthcare insurance. Read more about insurances here.

.

Categories: Featured

About Author