Health insurance

The day has finally come, twenty-somethings. Thanks to President Obama’s Health Care Reform of 2010, family health insurance coverage was extended to cover children up until the age of 26. Once you’re past that, however, you are forced to graduate from your parent’s health insurance and solidify your own means of coverage. If you’re unsure of what you need to do, don’t fret. There are several ways you can acquire your own health insurance, depending on your situation.

For the college student: If you aren’t covered by your parent’s healthcare, many four-year institutions have an alternative insurance plan. Most public and private institutions offer insurance plans ranging from $850 to $2,400 in yearly premiums. A great resource to find your particular school’s plan can be found here.

For the newly hired: Congratulations if you’ve recently been hired! Welcome to the workforce! Luckily, most careers have employers who pick up a share of the premium, making health insurance through your company the least expensive option. As long as you’re relatively healthy, this will be a small deduction from your paycheck each week. Some companies even offer a health savings account, which may be tax-deductible. Check with your employer to scout out all of your individual health coverage options! 

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For the self-employed: There are coverage plans specifically targeting young adults. Such options cost less for single young adults. Be sure to consider all your possibilities, though. The lower the premium the stingier the coverage, which means you will have to pay more overall. Additionally, some plans charge as much as $40 to $50 in co-pays for hospital and office visits. Thus, be sure to scope out each possible plan targeted for you, to rest assured you choose the best deal possible.

For the unemployed: Medicaid is one of the most common resources for health coverage for those in circumstantial need. Medicaid provides coverage to millions of Americans on the basis of disabilities and limited incomes. Each state has a different set of rules regarding Medicaid, but these qualifications have been expanded since the start of 2014 to cover more people. If necessary, check them out today!

For the newlyweds: You and your new hubby should definitely compare each of the benefits offered in your respective health insurance packages. If procreating is on your minds, you’ll want to choose the package with maternity leave benefits. Additionally, you’ll want to both pick the option that offers you the best coverage overall. Therefore, be sure to compare and contrast each of your healthcare packages upon tying the knot!

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Twenty-somethings, there are many options out there. Even though you’re about to (or already have) graduated from your parent’s health insurance, there are many other coverage packages you can purchase for yourself. Depending on your situation, there are resources out there that can assist you. Health insurance is an absolute must. Don’t put off finding coverage. Something as innocent as a twisted ankle could result in an abundance of medical bills you’ll need to pay off later. Be sure to protect yourself! Health care is necessary. For the greatest wealth, after all, is your health.