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What Happens If You Are a Young Adult Under Your Parent’s Insurance?

By - - [ Health ]
Insurance provides financial protection because the insurer pays for the injuries or damages. They cover the expenses of the insured person or object. In exchange for paying premiums, the insurer incurs risks. That’s because they will manage your probability of suffering from losses. For example, your home insurance policy will pay the damages for your vandalized home. Meanwhile, if you are ill, your health insurance policy will pay for your medical expenses. There are many types of insurance available, and you should buy according to your needs. Hence, here is a guide on what is the best health insurance for young adults!
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What Is Health Insurance?

Health insurance pays for your medical expenses. Examples of covered expenses are your surgeries, prescribed medicines, and sometimes dental expenses. The insurance company reimburses your medical expenses due to injuries or sickness. ; Health insurance is often included in employee benefit packages. Consequently, it entices the best employees to stay! 2Fwhat-happens-if-you-are-a-young-adult-under-your-parents-insurance; Besides paying for premiums, you pay for a deductible which is an out-of-pocket cost. You pay this before your insurer reimburses you. After paying a deductible, you will pay the amount in your coinsurance clause. It is part of your cost-sharing plan with your insurer. You also have to pay co-pays in health insurance plans, which you pay for services like doctor visits. Hence, insurance plans with low deductibles pay higher premiums!

Coverage of Health Insurance

Here are some health insurance plans available from private companies: 1. Medicare Part A pays for your hospital care and nursing facility care. It also covers expenses due to hospice care and home health services. Medicare Part B pays for the services or supplies for treating your condition. It pays for your medical equipment like walkers, wheelchairs, and crutches. 2. Medicare Part B also pays for your doctor visits and emergency services. In addition, it pays for your laboratory tests such as blood tests, urinalysis, and x-rays. Moreover, Medicare Part B covers preventive services which protect you from illnesses. It pays for your vaccines and mental health services. This plan also pays for the improvement and restoration of your body functions. It covers rehabilitative services such as occupational therapy and speech-language pathology. 3. Medicare Advantage Plan covers more expenses. It varies from plan to plan, but this coverage may include the following:
  • Hearing routines: Your plan could cover hearing aids and checkups.
  • Prescribed medicine: Double check if your policy covers your medication. Usually, this policy covers antigens and vaccines such as flu or pneumonia.
  • Vision routines: Your policy could cover eye vision exams, eyeglasses, and contact lenses.
  • Wellness programs: Medicare Advantage Plan may cover gym memberships and fitness programs.
4. Medicare Supplement covers high out-of-pocket expenses. It is because it supplements the policyholder’s Medicare Part A and B plans. An example of covered expenses is medical bills from abroad. It can cover at least 80% of your medical bills incurred outside the country.
Medicare Supplement has standardized plans, which are A, B, C, D, F, G, K, L, M, and N. The plans are renewable for a lifetime. <” data-load-complete=”true” data-mce-fragment=”1″> This means your plan does not get revoked due to age or health conditions. Insurance carriers may price the premiums in the following ways:
  • Rate based on age issued: Premiums are based on your age when you first bought the plan. The older you purchase the plan, the higher your premium is.
  • Rate based on attained age: Like rates based on age issued, premiums are based on your age when you first bought the plan. But premiums increase as you get older.
  • Rate based on no-age community: Premiums are based on fees offered in your area, regardless of age.

What Happens If You Are a Young Adult Under Your Parent’s Insurance?

Before when you turn 19, you are no longer part of your parent’s health plan. But the new law states that children up to the age of 26 are still covered. So if your parent’s health plan covers dependents, you can still stay on their plan even if you move out or get married. Moreover, under the new health care law, if you get a job with health insurance benefits, you have to choose. It is either you accept the plan offered or stay on your parent’s plan. You also have free access to the following preventive services:
  1. Blood pressure check-ups,
  2. Cholesterol level check-ups,
  3. Counseling on alcohol use and smoking,
  4. Well-child visits until the age of 21,
  5. Pregnancy care,
  6. Vaccinations, and
  7. Mammograms.

Plans to Choose from When You Buy Your Plan

If you are 19 to 26 years old, then you are a young adult. Thus, it is not easy to decide whether to accept the benefits from your job or stay on your parent’s plan. That is why it is important to take a close look at the coverage of plans offered to you.
If you choose to stay on your parent’s plan, you have the same plan they have. But here are some options if you decide not to stay and then buy your health insurance plan:

1. Health Maintenance Organization (HMO)

You can only use this plan if you see a doctor from the HMO’s network. But if you need to seek a specialist’s help, you need a referral first from your primary care doctor. HMO plans have low coverage, but you pay a low premium too. Plans from HMO usually have a primary care doctor who does all the necessary services you need. Health Maintenance Organization (HMO) plans to cut your costs through negotiated fees. Hence, this is the cheapest plan.

2. Preferred Provider Organization (PPO)

You can use this plan to see a doctor in or out of the PPO’s network. You also do not need a referral from your primary care doctor to see a specialist. But you have to pay higher costs if you seek medical care out of PPO’s network. This plan is like an indemnity plan because it allows you to visit your preferred doctor.

3. Point of Service (POS)

POS requires choosing a doctor within the POS’s network. You also have the option to see specialists who are outside the network but for a higher cost. A Point of Service Plan is a combination of an HMO and PPO plans. When you go to POS providers, you pay lower premiums and copayments than HMO and PPO plans. Moreover, a POS plan has more options than a plan from HMO. You also do not have to pay deductibles when you have PCP in your current plan.

4. Marketplace

You may also choose from the insurance marketplace. Each state has a marketplace website! This website is set up by the state or federal government. You can get financial help in paying your insurance premiums through the marketplace. But this depends on your income. When choosing a plan, think about your concerns. Here are some of the issues you might want to raise:
  • What is the coverage of the plans?
  • How much are the plans, including deductibles?
  • Who are the doctors within the network?
  • Does the plan have pregnancy care?

Importance of Health Insurance for a Young Adult

As a young adult, there is so much ahead of you. So health insurance is important because it provides financial protection. It is because it saves you from incurring high medical costs. The following are specific reasons why having health insurance is necessary: 1. You have free access to preventive care, such as screenings and vaccinations. So you do not have to pay out-of-pocket costs. This is also helpful because it helps you to stay healthy! 2. If you are on birth control, you can save a lot of money if you have health insurance. Most health plans offer FDA-approved birth control pills and contraceptive counseling. It does not have extra costs! 3. Health insurance plans usually cover emergency services expenses. This can save you a lot of money because just one emergency treatment is expensive. Health insurance is a safety net! Health insurance covers medical expenses you have incurred because of sickness or injuries. Moreover, your loved ones will not incur high out-of-pocket costs. Hence, it removes a huge financial burden from them.

Conclusion

Health insurance is vital for everyone! It helps you save costs and it helps you to stay healthy. So inadequate insurance is not good and it poses risks. If you are underinsured, you have to pay out-of-pocket costs that are usually greater than the premium paid. Moreover, you might pay a coinsurance penalty. Hence, it is smart to make an investment ahead of time. Investing in a health insurance plan is difficult because there are rules. You also have to understand how in and out of the network providers work. You also have to know how your payment works. For example, you have to know what deductibles, copayments, and coinsurance are. But all this is worth it! Invest in buying a health insurance plan while you are young!

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Feel free to share your thoughts with us in the comment section if you learn anything new today!

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