Navigating health insurance as a young adult is daunting, especially if you’ve just found out that you need to buy your own policy rather than being on your parents’ plan. Adults under 26 can stay on their parents’ plan as a dependent, but after this age, they need to purchase their own policies.
You may also find yourself wanting coverage because your parents are uninsured or they cannot afford to place you on their plan. Some young adults living alone do not have anyone to cover their insurance. In any case, we have made it easy for you to find coverage with this guide.
Before we dive into details, let’s talk about how health insurance works and cover some essential vocabulary.
Understanding Health Insurance Basics
Health insurance is complicated, even for adults who have been paying for their own policies for decades. Here is how it works in a nutshell: You pay a company, called a provider, a set amount of money every month to have a health insurance policy. This monthly bill is called a premium.
Your premium is what you pay to have a health insurance plan. You still pay for medical expenses on your own until you pay a certain amount to your provider. Once you reach your deductible, your insurance provider will begin to pay for all or a large percentage of your medical expenses.
There are several different types of health insurance plans, and they vary based on cost and what types of doctors you can see with your coverage. To learn more, check out our beginner’s guide to health insurance and our glossary of health insurance terms to know.
Health Insurance Options for Young Adults
Young adults under 26 have several options when it comes to getting covered. We’ll address each one in more detail, so you can understand all your choices. It’s okay to take your time and carefully consider each one. We encourage you to reach out to us if you have any questions about how health insurance works and what your options are in Florida.
Parents’ Health Insurance Plan
You are allowed to stay on your parents’ health insurance until you are 26. After that point, you will need to acquire your own coverage. You can buy a plan, or your parents can pay for your policy. You may be able to stay on your parents’ health insurance for longer if they financially support you or you have a disability.
Student Health Insurance With Your College or University
Student health insurance plans are great if you’re looking for cheap health insurance for young adults. They are usually less expensive than the types of health insurance plans you buy on your own. These plans tend to be catered to the needs of college students, with low monthly premiums and easy access to health resources, usually found on campus.
Employer-Sponsored Plan
Your employer may offer health coverage through a group health insurance plan. Usually, the employer pays a percentage of your monthly premium for you to make the cost of coverage more affordable.
The Marketplace
The Marketplace is where you can go to buy plans under the Affordable Care Act. It is available during the annual Open Enrollment Period. There are varying plans based on different metal levels, so you can find something for your needs and budget. Visit https://www.healthcare.gov/ for more information.
Medicaid
Medicaid is free health insurance for young adults in Florida with limited incomes or those who are unemployed or students. You may qualify for Medicaid if:
- You are responsible for a child under 18.
- You are pregnant.
- You have a disability or are blind.
The maximum qualifying income for Medicaid in Florida for a single young adult is $19,392 before taxes. Learn more at https://www.benefits.gov/benefit/1625.
Key Considerations for Young Adults in Florida
Use the resources like the Florida Department of Health and healthcare.gov for additional help learning more about getting coverage. Understanding how health insurance works in Florida can make it easier to choose a policy.
You can also contact a licensed health insurance broker at Live Health Insurance to email, text, or talk on the phone about coverage options.
Cost Considerations and Budgeting Tips
Young adults usually don’t have a lot of money to spare, so the thought of paying hundreds of dollars a month in a premium is overwhelming. It’s important to think about how much coverage you really need. If you are in good general health and have no serious health risks, then a high-deductible plan may be a better idea for you. This would allow you to pay lower monthly costs while still receiving a free annual visit and health screenings.
Employer-sponsored and student health insurance plans also make getting coverage more affordable for young adults. Additionally, your parents’ plans may offer the most comprehensive level of coverage until you are 26 (or longer if you have a disability).
Other Considerations
Health insurance does not cover vision or dental care, so you will need to think about these as well. Some providers allow you to bundle packages together, and employers usually have benefits packages that include all three. You will still need to pay a separate premium each month for your health, vision, and dental plans.
Early planning is always a great idea; think about what your health needs are and how they may change over the next year, so you can find the right plan for your needs.
Making the Right Decisions
Health insurance for young adults is available. If you are curious to learn more, contact us today! We would be happy to discuss all your options, even if you are working on a tight budget. Our team aims to make coverage easy and accessible to everyone in Florida. You can send us a message or call us at +1 888-990-6699.
