Insurance Rates

Health Insurance for 20-Somethings

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Thanks for the Affordable Care Act (also known as Obamacare), the Health Insurance Marketplace opens up for business on October 1, 2013. The website and marketplace is intended to provide a one-stop shop to compare health insurance plans based on what’s important to you.

As a millennial, you may be new to the health insurance space, particularly with all of the new health care legistation. So how do you find the best health insurance options for you? Here are a few options that cater to the under-30 crowd:

  • Sticking with your parent’s health insurance plan. If you’re under 26-years-old, you may be able to stay on your parent’s health insurance plan. You can still qualify for this option even if you’re in school, eligible for your employer’s health plan or you’re married. Many millennials stick to their parent’s plan if it provides lower costs or better coverage.
  • Apply for coverage through the new Health Insurance Marketplace. Open enrollment for the Health Insurance Marketplace begins October 1, 2013. At that point, you can begin comparing and applying for insurance plans on the new marketplace. Through the marketplace, you’ll be able to compare plan costs and types based on your coverage preference and your income. You may even qualify for free or low-cost health care coverage, depending on the amount of money you’re earning. Remember: if you do decide to apply for coverage through the Health Insurance Marketplace, open enrollment begins in October and coverage can start as early as January 1, 2014.
  • Apply for a catastrophic plan. If you’re relatively healthy and looking to save money on health insurance in the short term, you consider purchasing a special kind of health insurance that will protect you from very high medical costs but offer you low payments today. These plans, also known as “catastrophic” plans, usually have lower monthly premiums but will still offer you health care coverage from worst-case scenarios. While these plans are usually meant to cover only catastrophic health crises, these options will still provide you with 3 doctor visits per year and free preventative health benefits.

About Stephanie Halligan

Stephanie is the founder of The Empowered Dollar, a site dedicated to helping millennials to fix their finances and find their stride in money and life. When she's not blogging, Stephanie is designing school curricula and online games to teach students about smart money management.

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