I'm Turning 26 – What are My Health Insurance Options?
Thanks to the Affordable Care Act, young Americans are able to stay insured under their parents' health insurance policies up until the time they turn 26 years old. But, when that deadline arrives, what happens next? What options are available for a 26-year old in need of health insurance in Wilmington NC?
Here's what you need to know.
When Exactly Does Your Coverage End?
Many people believe that their health insurance coverage ends on the day of their 26th birthday, but that's not always the case. Depending on the plan, coverage can either end on the individual's birthday, at the end of their birth month, or at the end of the policy year. Knowing exactly when your coverage is up is important because you may still be covered some amount of time after your birthday. Check with your policy's provider to learn more.
Enroll in Your Employer's Health Insurance Plan
If you have a job that offers health insurance, then find out when their next open enrollment is scheduled. In most cases, open enrollment is held in the fall or at the start of the new year. But, if you are being forced off of your parents' policy well before the next open enrollment, then federal law permits you to enroll at any time.
Apply for Coverage Under Your Spouse's Plan
If you are married and your spouse is insured under their employer's health plan, then see if you can qualify for coverage under his or her policy. But, it is important to act fast. Federal law only gives your spouse 30 days from the time you lose your coverage to add you to his or her policy (as long as it is permitted by their employer's plan).
Extend Your Coverage Under COBRA
COBRA stands for the Consolidated Omnibus Budget Reconciliation Act. This law allows those who lose their insurance coverage to extend their insurance benefit for up to 36 months. It isn't free, however. Applicants must pay a premium along with a 2% administrative fee but the price could be worth it if you have a medical condition that would make getting coverage through a traditional insurance company difficult. Contact your parents' policy provider for more information regarding your eligibility for COBRA coverage.
Consider Medicaid
If you don't have a job and you have no other source of income, then you may want to look into applying for Medicaid coverage. Medicaid is a state-run welfare program designed to help American citizens who are disadvantaged or low-income residents receive basic health care coverage. Certain guidelines apply, so visit Medicaid.gov for a complete set of requirements and additional information.
Enroll in a Student Health Plan
If you are still in college when you turn 26, then you may be eligible to enroll in your school's student health plan if it offers one. Most colleges that do have certain requirements that need to be met in order to qualify, so check with your school's student services to learn more.
Buy Health Insurance on the Health Insurance Exchange
If you have an income, then you may be able to find adequate health insurance coverage on the state's Health Insurance Exchange. In most cases, open enrollment is only held in the fall, but if you are being dropped from your family's plan as a result of you turning 26, then you will be granted 30 to 60 days to enroll (even if you are outside of the open enrollment period). If you do not obtain a plan within the grace period, then you will have to wait until the next open enrollment to buy your plan.
Affordable Health Insurance in Wilmington NC is Available Through Schnitzer-Slate
If you want more flexible options than what are available under the state's Health Insurance Exchange or you want a more permanent and affordable option than COBRA, then Schnitzer-Slate has a variety of individual health insurance policies available for you to choose from. We offer affordable, comprehensive BCBSNC plans with lower premiums, easy payment options, and other benefits. Just call us today at 910-392-7020 and one of our agents will help you choose the right plan for your lifestyle and budget. Or, just visit our website to learn more about affordable healthcare insurance in Wilmington NC.
Here's what you need to know.
When Exactly Does Your Coverage End?
Many people believe that their health insurance coverage ends on the day of their 26th birthday, but that's not always the case. Depending on the plan, coverage can either end on the individual's birthday, at the end of their birth month, or at the end of the policy year. Knowing exactly when your coverage is up is important because you may still be covered some amount of time after your birthday. Check with your policy's provider to learn more.
Enroll in Your Employer's Health Insurance Plan
If you have a job that offers health insurance, then find out when their next open enrollment is scheduled. In most cases, open enrollment is held in the fall or at the start of the new year. But, if you are being forced off of your parents' policy well before the next open enrollment, then federal law permits you to enroll at any time.
Apply for Coverage Under Your Spouse's Plan
If you are married and your spouse is insured under their employer's health plan, then see if you can qualify for coverage under his or her policy. But, it is important to act fast. Federal law only gives your spouse 30 days from the time you lose your coverage to add you to his or her policy (as long as it is permitted by their employer's plan).
Extend Your Coverage Under COBRA
COBRA stands for the Consolidated Omnibus Budget Reconciliation Act. This law allows those who lose their insurance coverage to extend their insurance benefit for up to 36 months. It isn't free, however. Applicants must pay a premium along with a 2% administrative fee but the price could be worth it if you have a medical condition that would make getting coverage through a traditional insurance company difficult. Contact your parents' policy provider for more information regarding your eligibility for COBRA coverage.
Consider Medicaid
If you don't have a job and you have no other source of income, then you may want to look into applying for Medicaid coverage. Medicaid is a state-run welfare program designed to help American citizens who are disadvantaged or low-income residents receive basic health care coverage. Certain guidelines apply, so visit Medicaid.gov for a complete set of requirements and additional information.
Enroll in a Student Health Plan
If you are still in college when you turn 26, then you may be eligible to enroll in your school's student health plan if it offers one. Most colleges that do have certain requirements that need to be met in order to qualify, so check with your school's student services to learn more.
Buy Health Insurance on the Health Insurance Exchange
If you have an income, then you may be able to find adequate health insurance coverage on the state's Health Insurance Exchange. In most cases, open enrollment is only held in the fall, but if you are being dropped from your family's plan as a result of you turning 26, then you will be granted 30 to 60 days to enroll (even if you are outside of the open enrollment period). If you do not obtain a plan within the grace period, then you will have to wait until the next open enrollment to buy your plan.
Affordable Health Insurance in Wilmington NC is Available Through Schnitzer-Slate
If you want more flexible options than what are available under the state's Health Insurance Exchange or you want a more permanent and affordable option than COBRA, then Schnitzer-Slate has a variety of individual health insurance policies available for you to choose from. We offer affordable, comprehensive BCBSNC plans with lower premiums, easy payment options, and other benefits. Just call us today at 910-392-7020 and one of our agents will help you choose the right plan for your lifestyle and budget. Or, just visit our website to learn more about affordable healthcare insurance in Wilmington NC.