PSA Alert! If you don't have health insurance or on your parents plan, this post is for you!!! In the last few years there have been so many changes to the healthcare system and the people being affected the most are the millennials so we need to keep ourselves educated and updated!
Types of Coverage
Parents | Here is where Mom and Dad come in pretty handy, especially when you don't have a job or policy of your own. If you are a college student and/or under the age of 26, your parents can keep you on their health insurance plans (as well as dental and vision). Once you reach the age limit, they usually drop you within a day or two after your birthday. Trust me on this, they sent me a very official letter stating that the ride was over!
Employer | Usually companies offer full-time employees some type of health insurance, it really depends on them if its completely covered or if a small amount comes out each pay period. Be sure to check out your options because open enrollment often closes 30-90 days from your start date.
Affordable HealthCare Act | If neither of the options above are available to you then this may be the best option for you. The Affordable Care Act was implemented by the Obama administration to give those without healthcare coverage. Affectionately known as Obamacare! ACA is open to any and everyone that may need. All you have to do is fill out the online paperwork and select a plan thats right for you. Open enrollment for the program is November 1 to December 15 (much shorter than last year!), actual coverage will begin on January 1, 2018.
Need to Know Information
Yearly Penalty | At the end of each tax year, you must provide proof of health insurance for the past twelve months. If you weren't without insurance for any of those months, you will receive a penalty that must be paid to the government.
Premium: An amount paid to the insurance company in exchange for coverage. For health insurance, it is usually paid on a monthly basis.
Copay: The amount paid each time a medical service is rendered like at the doctors office, urgent care, or hospital.
Deductible: Amount paid before insurance covers anything. So basically you have to pay a certain amount before your insurance starts to cover your medical expenses.
Out-of-Network: This is usually referenced when you go to a doctor that is "out of network" which just means that the doctor doesn't take your insurance and you will most likely pay out of pocket for your visit and services.
The Marketplace (place to purchase plan) - https://www.healthcare.gov/
Insurance is one of those topics that are every growing and changing based on so many factors including the current administration. As I learn more, I will update this blog post and please be sure to comment on this post if you want to share additional information with us! As always, you can find me on Twitter @anajanetheblog