5 things young adults should know when leaving a parent's health plan
Under the Affordable Care Act (ACA), kids can stay on a parent's plan until they are 26 years old. After that, they are required to get coverage in their own names.
So, what should parents tell their 26-year-old before they shop for a health plan? Here are some things they may not realize:
1. The ACA is the law.
Under the ACA, most people are now required to have health insurance. "Chancing it" without insurance can result in government penalty fees. In fact, the fine for being uninsured is $695 or more per person or 2.5 percent of income, whichever is greater.
2. Turning 26 is a qualifying life event.
This means you can buy a health plan outside of the annual open enrollment period, but you must do so within 60 days of turning 26.
3. Young adults are not invincible.
No matter how young or how healthy a person is, most people will need health care at some point. Going without leaves them on their own to pay health care bills. This can be devastating. For example, a three-day hospital stay can cost as much as $30,000. Even a routine broken leg can cost $7,500 without health insurance.
4. BCBSND has a plan specifically designed for adults under 30.
BlueEssential is a high-deductible health plan. It protects individuals from financial ruin if they have a serious accident or illness. It has a smart array of health care coverage balanced with an affordable price.
5. Young adults have options.
BCBSND offers other health plans with a range of rates and deductible levels. Age, tobacco use and deductible are just a few factors that can control the premium amount. We can help you find the plan that fits your son's or daughter's budget and lifestyle.
How to get coverage
If you know someone who has turned or is turning 26, encourage them to act. Call a BCBSND benefits consultant at 800-280-BLUE (2583) or get a quote and apply online. We're here to help keep young adults insured.