Young Adults and the Affordable Care Act

By Thomas Cazneau

At the moment, health insurance may not seem like a hot priority. However, by January 1, 2014, most Americans must purchase a health insurance plan or else pay a penalty. This mandate includes young adults.

How Health Care For Young Adults Works Now
The Affordable Care Act goes into full effect on January 1, 2014. However certain parts of the legislation have already been put into place. Below are some of the aspects that currently affect health care for young adults:
• The Affordable Care Act makes it possible for those under age 26 to be insured as a dependent on their parent’s health insurance through work.
• New health insurance plans must now cover certain preventive services at no charge.

How Health Care For Young Adults Will Work in 2014
Starting in 2014, more changes will affect health care for young adults.
• Young adults could be eligible for health coverage through Medicaid if unemployed and if they meet certain income requirements.
• Young adults will be able to buy insurance directly in an Affordable Insurance Exchange. An Exchange is a new competitive insurance marketplace where individuals and small businesses can choose to buy affordable and qualified health benefit plans that are in compliance with the Affordable Care Act. Exchange plan benefit details are expected to be made available in October 2013.
• If your income is less than $43,000 as a single individual and your job doesn’t offer affordable coverage, then you could get tax credits to help pay for insurance.

Other Types of Plans
There are other types of plans outside the Affordable Insurance Exchange. They include individual and small business plans from health insurance providers and carriers, such as Kaiser Permanente and Anthem Blue Cross. As January 1, 2014 gets closer, it’s recommended to enroll on a health insurance plan so that you can become familiar with your selected carrier and physicians and have proper time to make any changes if desired.

As a young adult, I personally recommend that young adult readers take time to get quotes and compare carrier plans before the expected health insurance rush of November and December 2013. Being prepared now will give you one less thing to worry about come the 2013 holiday season.

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