Health Bar: A Guide to Understanding Health Insurance
Your Options
1. Stay on a parent’s plan.
You can stay on a parent’s health insurance plan until you turn 26, even if you’re not a dependent, don’t live with them or are married.
2. Sign up for your school’s plan.
Many colleges offer (or require) student health plans and an on-campus health center.
3. Find a plan on the Marketplace.
Private insurance plans sold through healthcare.gov offer premium tax credits that bring the monthly cost way down — maybe even to $0.
4. Go without insurance.
This isn’t really an option. There is almost certainly an affordable plan out there for you. Medical debt can be crippling, and there are tax penalties as well.
Navigating the Marketplace
Plans come in Bronze, Silver, Gold and Platinum and all cover the same essential services. The difference is how costs are split. Bronze plans have the lowest premiums and are good for healthy people who rarely see a doctor, while Platinum plans are meant for those who need lots of costly services.
Compare at least two to three plans and review all the costs and coverages.
Open enrollment runs from Nov. 1 to Jan. 15 each year, but graduating or losing coverage under a parent’s plan is a qualifying life event that gives you 60 days to enroll.
Pro tip: Tax credits and cost sharing mean that Silver plans may actually cost less than Bronze plans, with more providers and better coverage.
Important Terms
Premium: The amount you pay every month to have health insurance.
Deductible: The amount you pay for covered health care services before your insurance begins to pay.
Copay: A flat fee you pay for a doctor’s visit, prescription or other covered service.
In-network: Doctors, hospitals and other health care providers that have contracts with your insurer, so your out-of-pocket costs are less.
0 Comments