Getting 26 this year? Here are some things to consider when purchasing a health insurance policy.
You will be 26 soon. However, don’t forget to review your health insurance coverage before you dig into your birthday cake. You must sign up for your own health insurance as soon as possible if you are presently enrolled in your parent’s plan and will turn 26 this year. Waiting too long could be costly, so get a head start on your search with these helpful tips.
1.Recognise the expiration date of your coverage.
You can remain on your parent’s health insurance plan until the age of 26 thanks to the Affordable Care Act. You will then have to enrol on your own.
A health insurance plan is usually only open to new enrollees at specific periods of the year. There are exceptions to these dates during special enrollment periods. A special enrollment period begins when you lose coverage under your parent’s plan, which is regarded as a qualifying event. Following a qualifying event, most special enrollment periods last for 60 days.
If your parent’s employer provides them with health insurance: Depending on your parent’s insurance company, you might not need your own coverage until later. Most certainly, on the last day of the month, their plan’s coverage will expire.
2.Find out how health insurance operates.
Understanding how health insurance operates is crucial before determining which health plan you’ll need. Review important concepts such as copay, coinsurance, deductible, and premium. After enrolment, knowing what is and isn’t covered can help you save time and money.
3.Think about your medical requirements.
Consider the extent to which you will need to use your insurance.
If you only require annual wellness checkups or don’t need to see your doctor frequently: The greatest option might be a high deductible, low rate plan. Typically, your monthly payment is smaller, but before the insurance company begins to pay its half (your deductible), you bear the full expense of your medical care.
If you anticipate frequently needing to use your insurance benefits: It could be best to have a high premium, low deductible plan. Although your monthly payment may increase, you’ll hit your deductible faster, which will allow your insurance company to make a speedier contribution.
It’s possible for your doctor to change. The majority of health plans let you look through their provider list to find out which physicians are included in.
4.Examine your options for health insurance.
Find the finest plan for you by doing some research before your coverage expires. There are three primary alternatives available to you:
insurance provided by your place of employment. When your coverage expires, you should be able to enrol in a plan if your work provides health insurance. For further information, speak with the human resources department of your employer.
insurance via the Marketplace for Health Insurance. Covered CaliforniaTM is a wonderful place to start if you’re unemployed or your company doesn’t offer health insurance. The state’s marketplace, known as Covered California, is a free tool that assists in signing up for health, dental, and vision insurance. Financial assistance is provided by Covered California, and Sharp Health Plan options start at $0 per month, depending on.
5.Choose a plan according to its quality.
Health plans are not made equally. Before choosing a plan, consider its ratings as this might give you an idea of the calibre of treatment you will get. The sole plan to attain a 5-star members’ care experience rating was Sharp Health Plan, which was awarded 5 out of 5 stars by Covered California for 2022.
6.Don’t put off getting insured.
In California, it is mandatory to obtain health insurance. When filing your state income tax return, you may be subject to severe fines if you choose not to enrol in a health plan. In order to prevent any fines, try to begin your application as soon as possible.
Find out more about locating health insurance.
Enrol in a free health insurance enrollment lab to discover whether you qualify for financial assistance and learn how to select the best plan. The qualified enrollment consultants at Sharp Health Plan are also on hand to assist you with the enrolling process. To learn more, get in touch with them via email or phone.
