GETTING COVERED IF YOU ARE UNDER 30
If you are under 30, you can get health coverage a few different ways, some designed specifically for you With a range of plan types and costs to choose from, it is not hard to find insurance that works for your life and your budget.
GETTING OR STAYING ON A PARENTS HEALTH INSURANCE PLAN
If are under 26 years old (25 or younger), you may be able to obtain coverage on your parent(s) health plan.
BUYING YOUR OWN INSURANCE PLAN
You may be able to buy your own plan through your local health insurance agency.
- Depending on your situation, you may be eligible for savings based on your income. If you are just starting your career and you are not making much money, you could get a very affordable plan – $75 or less per month, with good benefits.
- You can choose a: “Catastrophic” health plan – an affordable way to protect yourself from worse-case scenarios.
- Applying can be easy and fast. If you are single or you have a pretty straight- forward family situation; applying and finding out what savings you qualify for will not take much time at all.
- One catch: If someone other than yourself claims you as a tax dependent, you can buy a plan through the Marketplace but will not qualify for savings based on your income.
If you are in school, you may be able to enroll in a student health insurance plan – and meet the requirement for having coverage under the Affordable Care Act.
MEDICAID AND CHIP
If your income is low or you have certain life circumstances, you may qualify for free or low-cost coverage through Medicaid.
- If your state has expanded Medicaid coverage, you can qualify based on your income alone – in most states that have expanded, that is roughly $16,500 for a single person and about $22,000 for a married couple with no children,
- In all states, you can qualify based on factors including income, some family situations like pregnancy/having young children, and disability.
- If you have children, they might qualify for coverage under the Children’s Health Insurance Program (CHIP) – even if you do not qualify for Medicaid..
GET COVERED – OR PAY A FEE
Under the Affordable Care Act, you must have a plan that qualifies as minimum essential coverage or pay a fee on your next federal tax return.
The penalty in 2016 is 2.5% of household income or $695 per adult ($342,50 per child). The total fine amount will be calculated using the method that produces the higher dollar figure.