{"id":1709,"date":"2016-06-13T16:14:38","date_gmt":"2016-06-13T20:14:38","guid":{"rendered":"https:\/\/singlecare.com\/blog\/?p=1709"},"modified":"2020-09-14T11:32:48","modified_gmt":"2020-09-14T15:32:48","slug":"turning-26-health-insurance","status":"publish","type":"post","link":"https:\/\/www.singlecare.com\/blog\/turning-26-health-insurance\/","title":{"rendered":"What turning 26 means for your health"},"content":{"rendered":"

If you\u2019re turning 26 this year, you\u2019re probably focused on paying off your student loans and planning the next stage of your career. Your health insurance should be on your radar, too.\u00a0<\/span><\/p>\n

That\u2019s because if you\u2019re on your parents\u2019 health insurance you will lose coverage upon your 26th birthday, as mandated by the Affordable Care Act (ACA). If you\u2019re in this boat you might be confused as to what you need to do and where to look for coverage that fits your needs.\u00a0<\/span><\/p>\n

The good news: With a little planning and research you can seamlessly get your own health insurance coverage so you have peace of mind in case of a medical emergency.<\/span><\/p>\n

Why 26 is an important age<\/b><\/h2>\n

The ACA lets you stay on your parents\u2019 health insurance plan until <\/span>you turn 26<\/span><\/a>. This is if you live with them or not, in the same state or far away, or if you are married or single. That\u2019s huge for young adults with bills to pay, or those who are socking away money for a big purchase like a house or grad school tuition.<\/span><\/p>\n

This changes when you turn 26, and what happens depends on the insurance your parents have. For some insurance policies,\u00a0 coverage ends on your 26th birthday, and others cover you until the end of the month following your birthday or let you stay under your parents\u2019 coverage\u00a0 until the end of the year.<\/span><\/p>\n

What\u2019s important here is to give yourself plenty of time to get covered. Review your parents\u2019 plan well ahead of your birthday so you aren\u2019t left without coverage as your big day nears.<\/span><\/p>\n

\u201cPeople turning 26 years old should do their best to plan ahead and give themselves time to really investigate their health insurance options because frankly, for most of them, this will be a brand-new process,\u201d says Deb Gordon, author of <\/span>The Healthcare Consumer\u2019s Manifesto: How To Get The Most For Your Money<\/span><\/i><\/a>. \u201cHealth insurance has its own lingo and quirks, and most people don\u2019t really understand it well. One other reason to leave time for the process: Researching health insurance options can be a drag. Young adults should allow themselves time to procrastinate or avoid it out of boredom or feeling overwhelmed with enough time to get back to it to decide.\u201d<\/span><\/p>\n

Turning 26 is considered a <\/span>qualifying life event<\/span><\/a> for a Special Enrollment Period, which runs 60 days before and after you turn 26. Miss these windows? You can also wait until the next open enrollment period, which typically falls between Nov. 1 and Dec. 15 (this can differ by state). Note though, that waiting for the general enrollment period may mean you go a certain amount of time without insurance. Do this and you may face a fine and massive out-of-pocket costs in the event of a medical emergency.<\/span><\/p>\n

You can avoid all this by signing up with a new provider no less than two weeks before the month you want your insurance to start. Want coverage on Apr. 1? Sign up by Mar. 15.<\/span><\/p>\n

Where to get health insurance when you turn 26<\/b><\/h2>\n

Being in charge of your health coverage for the first time can be daunting. It doesn\u2019t have to be if you know where to look and what\u2019s available to you.<\/span><\/p>\n

If you\u2019re working, you may be able to get <\/span>coverage through your employer<\/b>, in an arrangement in which you both contribute to the cost of coverage. Ask your human resources department about the plan or plans offered, what\u2019s covered and how much you\u2019ll be expected to pay.<\/span><\/p>\n

The <\/span>Health Insurance Marketplace <\/b>offers different insurance plans to individuals, families, and small businesses. Some states have their own, called exchanges. The federal government also operates a marketplace for residents of states that don\u2019t have an exchange. Depending on your income, you may qualify for a subsidy to help offset the cost of coverage. You\u2019ll also want to be aware of the <\/span>open enrollment period<\/span><\/a>\u2014Nov. 1 to Dec. 15\u2014during which you must elect coverage. Go to <\/span>healthcare.gov<\/span><\/a> to browse plans.\u00a0<\/span><\/p>\n

COBRA<\/b>, or the Consolidated Omnibus Budget Reconciliation Act, might be a good option for you, depending on your circumstances (although it\u2019s not always the most affordable). It allows you to stay on your parents\u2019 healthcare plan for up to three years after you turn 26. First, check if you\u2019re eligible. If so, you\u2019ll have to submit a written request to your parents\u2019 healthcare provider. The size of your parents\u2019 employer might play a role in your getting coverage. If your parents have a very small employer (less than 20 employees), the company may be exempt from having to offer COBRA. It is usually the costliest option with a high monthly premium. In some of these cases, <\/span>the state may offer temporary health insurance<\/span><\/a> over the same period COBRA would have covered you.<\/span><\/p>\n

Medicaid<\/b>, a federal and state program that offers healthcare coverage for those with limited financial resources, is another option. If you fall under a certain income threshold, <\/span>you may qualify<\/span><\/a>. Check your state\u2019s Medicaid website to see if you qualify.<\/span><\/p>\n

RELATED: <\/b>What is short-term health insurance?<\/b><\/a><\/p>\n

Types of health insurance plans to consider<\/b><\/h2>\n

If you\u2019re able to get health insurance coverage through an employer\u2019s plan or Marketplace plan, you\u2019ll likely have a few plans to choose from. Here are the basics about each plan and some additional resources to help you choose the right plan for your health needs:<\/span><\/p>\n