If you have a job that offers a health insurance plan, your turning 26 may trigger a Special Enrollment Period that will allow you to purchase health insurance outside of your company’s Annual Enrollment Period. All health plans are required to offer you coverage regardless of pre-existing condition such as diabetes, depression or pregnancy. Applying for a Marketplace plan will also tell you if you qualify for Medicaid. The Marketplace offers a variety of plans with many levels of coverage and many price points. Depending on your income, you may be eligible for financial assistance. You can apply for a Marketplace insurance plan in Northern Virginia, in Washington, D.C. What Are the Best Health Insurance Plans for Young Adults? ACA Marketplace Plans This allows you to possibly have more time after turning 26 to decide because you can wait until Open Enrollment at the end of the year. Most likely your coverage will end during the Open Enrollment Period, which is between November and the end of January. If you have been covered by your parents’ ACA plan, sometimes called an Obamacare plan, your coverage will not end until the last day of the calendar year, and you have until the end of that year’s Open Enrollment period to purchase your own health insurance. Ask your parents to check their employee handbooks or ask their HR department when your coverage will end. For example, this could be the last day of your birth month, or at the end of the calendar year. If your parents have private health insurance through their employer, that employer decides when your coverage under their plan ends.
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A coverage gap means you are not covered by any health insurance plan and you would have to pay full price out-of-pocket for any health care services including medical emergencies. If your coverage ends in the middle of the year, for example at the end of your birth month, you should buy health insurance during the Special Enrollment Period to avoid a gap in coverage. Your Special Enrollment Period begins 60 days before your 26th birthday and lasts for 60 days afterward. What is the Health Insurance Grace Period When You Turn 26?
You do not have to wait until open enrollment to buy your own health plan. Since you won’t be eligible to stay on your parents’ plan after you turn 26, this Special Enrollment Period lets you choose coverage right away.
What’s a Qualifying Life Event?Ī Qualifying Life Event is an event that makes you eligible (qualifies you) to buy health insurance outside of the regular annual open enrollment period. Choosing health insurance for the first time can be confusing, but with the right information, you can make a confident choice. It’s called a Qualifying Life Event which impacts your eligibility to enroll in a health plan. Turning 26 is a milestone birthday when it comes to health insurance.
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