Cheap Health Insurance Option for Young Adult that Worth to Consider
What kind of health insurance coverage that you have right now? If you are a millenial generation, there are plenty of options held by ObamaCare. Yeah, today’s insurance is likely leaded by this affordable Care Act, and you should know that there are so many coverage details that match you as young adult. Fortunately, below are several overviews provided by ObamaCara that you can consider once purchasing new coverage!
The very first coverage is called an employer-sponsored health insurance coverage. Just like the name or term, this insurance is only available for those working full time, so ObamaCare will open the access to the workplace to get a health insurance. This is considered beneficial for the workers as the employers usually will take part of paying the premiums. However, this insurance is not that simple because everything depends on the one’s annual income to get the cost of the premium. Therefore, it is better to reconsider if you find it more expensive than the other options.
In this case, for workers aged under 26 are likely to stay still under their parent’s health insurance. Further, for every worker with 26 or older that has the access to the employer-sponsored health insurance which is affordable and calculated with minimum value usually will not qualified to get savings offered through exchange plans. Even the healthinsurance.gov also states that job-based insurance is considered affordable if the worker get the lowest self-only coverage that is suitable with the minimum value and less than 9.5% from the household income. However, if this measure is not beneficial for some workers, they can try to shop around in the health insurance marketplace and to apply for subsidied based on the income that they have.
Further, if you are american citizens, then you must be familiar with individual mandate that requires all citizens under 65 to purchase an insurance or they will pay for fine. Fortunately, this employer-sponsored health insurance fulfill the requirement perfectly. The bad news is that employer-sponsored health insurance is not eligible for credit tax or other sharing cost due to its affordable cost.
The next coverage is parent’s health insurance care. Just after the affordable Care act was issued, now adult children under 26 are allowed to maintain the former parent’s health care insurance. obamaCare’s marketplace is open for all the citizens to purchase a plan for state-based or even the federal based, and thay can stay on the parent’s health insurance till the age reach 26. Marital, financial and dependent status are the regardless requirement, so the children with parent’s health insurance is able to live apart from the parent’s house.
The above explanation has mentioned that all employees under 26 are better to stay still in their parent’s health insurance, so it means that parent’s health insurance covers job-based insurance as well. For some young adult that will obtain the insurance with no parent aside, it is better to consider the provider, hospital and even clinic where they live whether the providers will cover your insurance health care or not. Again, it fulfills he individual mandate, so you will not be charged from the penalty. In addition, it is also possible for subsidies and everything depends on your income!
The third term that is worth to consider is marketplace health insurance. This insurance is prefered for those who don’t have any access for employer-sponsoder insurance or even the parent’s health insuranse, so they can purchase the state-based or federally facilitated exchange or famous as health insurance marketplace. People who are not claimed independent from the parent’s tax and have income between 100 to 400 percent from the federal poverty may get subsidied tax. Furthermore, for people purchasing silver level and earn up to 250 percent from FPL are also qualified for additional cost-sharing subsidies. In addition, for young people with the age under 30 is recommended to have catastrophic plan. This coverage requires the lowest premium cost and higher deductible compared to those with major coverage. When the decutible has been issued, then the applicant is qualified for benefit, and it includes three primary care visits and also several preventive care benefits before the deductible is issued. As always, this plan has already secured you from the penalty charge!