Best Health Insurance For Young Adults {Most Affordable Plans}

If you are a young adult between the ages of 18 and 34, finding the right health insurance plan can be a daunting task. 

Because there is such a wide variety of plans to choose from, and it can be hard to determine which one is right for you.

Don’t worry about it; we’ve got you taken care of!

In this blog, we will discuss the various health insurance plans that are the most beneficial for young adults. In addition to this, we will offer guidance on how to select the insurance policy that best meets your requirements.

So, whether you are just starting out in your career or you are about to graduate from college, read on for information on the best health insurance plans for young adults.

What are the best health insurance options for young adults aged 18-30 years old?

It is a common misconception that young adults aged 18-30 are not in need of health insurance. 

The truth is, 

This demographic is actually one of the most likely to need health insurance.

Why? 

Because young adults are more likely to take risks, engage in risky behaviors, and be less healthy overall than older adults.

A health plan with a high deductible is one of the best choices for young adults who are looking for health insurance (HDHP). A High-Deductible Health Plan (HDHP) is a type of health insurance that has a higher deductible but a lower monthly premium.

What does that mean?

This indicates that you will have to pay more money out of pocket for your medical expenses; however, if you maintain a healthy lifestyle, your overall costs will be reduced.

What other options do I have?

The purchase of a health insurance policy with a short-term coverage option is yet another alternative for young adults.

Coverage under a short-term health insurance policy typically lasts for a maximum of a year and provides protection for a predetermined amount of time. If you are in good health and do not anticipate making frequent use of your health insurance, one of these policies could be a good choice for you because, on average, they are less expensive than traditional health insurance policies

Do I qualify for Medicaid?

Lastly, some young adults may be eligible for Medicaid. Medicaid is a government-sponsored health insurance program that provides coverage to low-income individuals and families. 

Get in touch with the Medicaid office in your state if you have any reason to believe that you could be eligible for the program and want to find out how to submit an application.

Young adults, between the ages of 18 and 30, have access to a wide variety of different health insurance plans to choose from.

The best option for you will depend on your individual needs and circumstances. Be sure to do your research and compare different plans before enrolling in any health insurance policy.

How do you determine which plan is right for you and your family’s needs?

When it comes to selecting a health insurance plan that is suitable for you and your family, there are many different aspects to think about.  We’ll break down some of the most important factors to help you make the best decision for your needs.

When selecting a health insurance plan, one of the most important considerations to make is, of course, the cost.

You will want to make sure that you compare not only the monthly premiums but also the out-of-pocket costs that include things like deductibles, copayments, and coinsurance as well.

Another cost to keep in mind is the cost of prescription drugs; some plans offer better coverage for prescriptions than others. Be sure to ask about any limitations or exclusions on coverage as well. 

Of course, cost isn’t everything, but it’s an important factor in considering a plan. 

You’ll also want to consider the provider network for each plan. 

Check to see if the insurance plan you’re thinking about purchasing includes coverage for your current doctor(s) and any other providers you regularly see. If you suffer from any chronic conditions or need specialized care, you will want to verify that the plan covers both of these types of services.

Another important factor to consider is whether or not the plan covers preventive care with no out-of-pocket costs. 

Preventive care services like annual wellness visits, screenings, and vaccinations can help you stay healthy and head off potential problems down the road.

Many plans now cover these services with no deductible required, so it’s definitely something to keep in mind when making your decision. 

What are the benefits of having health insurance as a young adult?

As a young adult, you may be wondering if health insurance is worth the investment. After all, you’re probably healthy and you probably don’t get sick very often. However, even for young adults who are in generally good health, there are many reasons why it is beneficial to have health insurance coverage.

In this section, we will discuss three of the most important advantages of possessing health insurance.

Health insurance can protect you from unexpected medical bills.

Even if you are currently in good health, that could change in the blink of an eye. 

For instance, if you were in a car accident, you might sustain serious injuries that require you to be hospitalized and undergo surgery. If you do not have health insurance, you might be required to pay for all of your medical care out of pocket, which could easily put you in financial ruin.

However, if you have health insurance, your insurer will pick up a large portion of the bill, leaving you with a much more manageable amount that you are responsible for paying.

Health insurance can give you access to preventive care.

Preventive care refers to medical services—like screenings and vaccinations—that are used to prevent illnesses or detect them at an early stage when they’re easier to treat. 

There are a lot of people who don’t get preventative care because they don’t have health insurance or because their deductibles are so high that they’d have to pay the whole thing out of their own pockets.

On the other hand, because of the Affordable Care Act, if you already have health insurance, you probably won’t have to pay anything out of your own pocket for preventive care (ACA). The Affordable Care Act mandates that all insurers must pay one hundred percent of the costs associated with preventive care. There is no deductible or copayment that must be met.

Health insurance can help you manage chronic conditions.

Chronic conditions like diabetes and heart disease require ongoing treatment and monitoring. 

If you don’t have health insurance and develop a chronic condition, the costs of treatment can quickly become unmanageable. 

However, if you have health insurance, you will not have to go into debt to pay for the medical treatments and medications that you require in order to keep your condition under control. Some health insurance companies even provide programs that offer additional assistance to policyholders who are dealing with chronic conditions such as diabetes or cardiovascular disease.

If you are still unsure as to whether or not you need health insurance, you may want to consider speaking with an agent at Apollo who can assist you in gaining a better understanding of your choices and deciding on a suitable level of protection after carefully weighing all of the relevant factors.

On average, how much will monthly premium payments be for young adults?

As a young adult, you are likely to have many questions about your healthcare. 

One of the most common questions we get is about healthcare costs and premiums.

On average, young adults can expect to pay $187 per month for health insurance. 

This number will vary depending on the type of plan you choose and your location. 

For instance, if you live in a rural area, you might be able to find a plan that is more affordable for you than if you lived in a more urban setting. In addition, selecting a plan with a higher deductible will result in a lower monthly premium for you, but it will require you to pay a greater percentage of the total cost of your medical care out of pocket.

Can I lower my premium?

There are a few things that you can do to lower your monthly premium.

First, make sure that you are taking advantage of any discounts that you may be eligible for. For example, many insurers offer discounts for being smoke-free or for completing a health risk assessment. You can also shop around and compare plans to find the one that best meets your needs and budget. 

Remember that the plan that costs the least may not always be the one that offers the best value. Before you make your final choice, you need to make sure that you have compared the deductible, the copayments, and the coinsurance.

The cost of health insurance can be confusing and overwhelming, but it is important to make sure that you are covered.

If you have any questions regarding the costs of healthcare or if you need assistance selecting a plan, the staff at Apollo Insurance Group is here to assist you. Give us a call, or better yet, come see us at our office today. We are more than happy to provide answers to any questions that you may have!

If you are unable to obtain health insurance due to financial constraints, what steps should you take?

The Affordable Care Act (ACA) requires that most people have health insurance or pay a tax penalty.

If you do not have health insurance through your employer, Medicare, Medicaid, the Children’s Health Insurance Program (CHIP), or another source that satisfies the requirements of the Affordable Care Act (ACA), and you do not qualify for an exemption, you will be required to purchase a health insurance plan through the Health Insurance Marketplace. If you do qualify for an exemption, you will not be required to purchase a health insurance plan through the Health Insurance Marketplace.

If you can’t afford a Marketplace plan, even after subsidies are taken into account, you have other options for obtaining health coverage. 

Depending on your circumstances, you may be eligible for free or low-cost coverage from Medicaid or CHIP. You may also be able to get short-term health insurance. 

Or if you’re experiencing a hardship that makes it difficult to pay for health insurance, you may qualify for a Special Enrollment Period.

1. Medicaid and CHIP Eligibility

You may be able to get free or low-cost coverage through Medicaid or the Children’s Health Insurance Program (CHIP). Coverage from Medicaid and CHIP can provide a comprehensive package of benefits that includes doctor’s visits, hospitalizations, prescriptions, vision care, and dental care.  

Eligibility requirements vary from state to state, so contact your state Medicaid office or CHIP office to find out if you qualify.  If your state has not expanded Medicaid under the ACA and you don’t currently have Medicaid coverage or CHIP coverage, you won’t be eligible for these programs even if your income is below 138% of the federal poverty level.

2. Short-Term Health Insurance

Short-term health insurance plans don’t meet all the requirements of the ACA, which means they don’t cover pre-existing conditions or Essential Health Benefits like maternity care and mental health services. 

They also don’t protect you from having to pay the tax penalty for not having health insurance. 

However, if you’re healthy and only need temporary coverage—for example, because you’re between jobs—a short-term plan may provide some financial protection in case of an unexpected illness or injury. 

Just be sure to read the fine print carefully before enrolling in a short-term plan; there may be some significant limitations on what types of care are covered.  

And remember that short-term plans are not considered qualifying health coverage under the ACA, which means you could still be subject to the tax penalty if you only have one of these plans.

3. Hardship Exemptions from the Tax Penalty

Even if you don’t have any affordable coverage options available to you, in some cases you can qualify for an exemption from the tax penalty imposed for not having health insurance. 

To qualify for a hardship exemption, you must demonstrate that paying for minimum essential coverage would cause undue hardship. There are several different types of hardship exemptions available; visit Healthcare.gov to learn more about each one and how to apply.

Regardless of your financial situation, there are several options available to help make obtaining health insurance more affordable. 

If you’re unable to afford a Marketplace plan after subsidies are taken into account, see if you’re eligible for free or low-cost coverage through Medicaid or CHIP. You may also be able to create a payment plan for your Marketplace premium tax credit when filing your taxes next year.” 

Alternatively, If enrollment period has already passed, you may still be able to qualify for a Special Enrollment Period. Lastly, if Obamacare isn’t working out for you, short-term health insurance plans can provide some financial protection in case of an unexpected illness or injury. Just remember that these plans come with some significant limitations.

If you are in the 18-30 age range, it is important to find health insurance that fits both your needs and your budget. 

Researching all of your options and figuring out which plan is best for you and your family is the most effective strategy for achieving this goal. Young adults can gain a lot from having health insurance, including peace of mind, access to preventative care, and protection against unexpected medical costs.

If you are unable to afford health insurance in its entirety, there are ways to reduce the costs of the premiums that you are responsible for paying.

If you need help finding affordable health insurance coverage, call Apollo Insurance Group today. We can assist you in finding a policy that meets your needs and fits within your budget.