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The Affordable Care Act allows young adults to stay on their parents’ health insurance policies until they turn 26, giving them access to high-quality care without additional expenses. However, once you’ve reached that age, you need to have coverage of your own, as failing to do so can result in fees and leave you unprotected after an accident. Navigating the insurance marketplace for the first time can be confusing and intimidating, so below is a guide for the transition.

Buying Your Own Health Insurance for the First Time

Aging Out

When coverage ends depends on the specifics of your parents’ policy. If they bought their own on the Health Insurance Marketplace, you likely age out on your 26th birthday. Some others give you until the end of the month following your birthday to find and purchase new coverage.

Buying Insurance During the Special Enrollment Period

As a general rule, you can only buy health insurance during the open enrollment period, which extends from November to January for most people. However, aging out starts a special enrollment period, extending from 60 days before your birthday to 60 days after. Those who fail to enlist in a plan during the 120-day window will have to wait until the next open enrollment period.

What Type of Policy to Buy

health insuranceThe right health insurance policy for you depends on your overall health and financial situation. If you’re generally fit and only need regular checkups, you may choose a coverage plan with a high deductible but low monthly premiums. Bronze plans offer somewhat more coverage with lower premiums, while those with chronic health issues may be better off with a low-deductible plan with higher expenses.

 

Choosing your own health insurance for the first time can be difficult, so turn to the agents at Barry Insurance for help navigating the confusing system. They’ve been serving clients throughout Texarkana, TX, since 1962, and have the experience to help you choose a plan that’s best for your health and budget. Visit their website for more on their services or call (903) 831-3493 to make an appointment and request a quote.

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