On parents insurance, about to turn 26 in USA. What type of insurance do I need?

  • by Collin
  • Oct 12,2017
  • 10 answers

US citizen. I'm on my stepfather's employer insurance I believe, and when I turn 26 soon I hear I will need to get my own insurance. I don't know what sort of insurance it is I actually need, or what will happen if I don't have it. Will I be fined or something for not having it?
There seems to be many types of insurance and coverage available, and but no sources helping with forming the perspective, getting to know the options, and seeing the realistic picture. Is it just "health insurance"? "Medical coverage"? "Medicaid", etc, etc. Are those all the same thing?
It gets convoluted too fast. I need universal terms and clear actionable information.
I need it summarize in really basic terms if possible; to know what I need to actually get, and where to get it.
Thank you.


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Insurance Answers (10)

mbrcatz 4 hours ago

Probably health insurance, car insurance, and tenant homeowners insurance. Maybe dental, vision, and life insurance.

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H. Marie 4 days ago

you have been covered with health insurance on your parent's policy, you now have to get your own health insurance as per the ACA law

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Casey Y 4 days ago

healthcare.gov. Wander around there for 30 minutes and you should have your questions answered. People have answered the specific questions you asked, but you will have follow up questions.
Ultimately though, you are turning 26...any chance you have a job which offers health insurance? That's the best option for you.

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Insurance Pickle.com 4 days ago

Call a health insurance broker and ask some questions. They may or may not hold your hand through the process anymore since they get paid very little and sometimes zero, but most nice ones will point you in the right direction.

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babyboomer1001 4 days ago

Obama made health insurance mandatory and the fine for not having it was around $650 - deducted from your tax return refund or added to your debt, if you did not pay it. Trump has done away with the fine and has allowed the purchase of health insurance to be optional. However, it is highly advised to obtain it. Talk to an insurance agent. There are many plans and many companies who offer it. Trump has people working on a new plan, to replace Obama's insanely expensive one that many working people could not afford. It isn't easy to come up with a plan that everybody is happy with and there isn't one in place yet. Eventually, there will be another option. Until then, a good health insurance agent should be able to tell you about the options currently available. If you work full time, you should be able to get one through your employer and that would be the most economical because a group plan is much less than insurance for an individual.

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StephenWeinstein 5 days ago

You need health insurance.
If (1) you have enough income to be required to file taxes, and (2) you have enough income to be able to afford to buy insurance using only your income to pay for it, and (3) you voluntarily refuse to buy it, then you will be fined for deciding not to get it.
If your income is low enough that you don't need to file taxes, then you will not be fined for not having it.
If you try to buy it at healthcare.gov or the exchange for your state and are told that there is nothing affordable for your income, then you will not be fined (even if you could have paid for it some other way).
"Medicaid" is a government program for those who can't afford to pay for insurance and meet some other requirements. It is not very good, and you probably don't qualify.
You can buy health insurance online at healthcare.gov or the exchange/marketplace for your state. Or you can go to broker or agent to do it in person.
If you can afford to buy health insurance, then you need health insurance, not medicaid.
If you can get health insurance for free, then you need health insurance, not medicaid.
If you cannot afford to buy health insurance and you cannot get it for free, then getting medicaid is better than doing nothing.

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A Hunch 5 days ago

Medicaid is government sponsored healthcare. It's a form of welfare. To be eligible you need to be low income. In about 1/2 the states, for an adult to qualify, you also need to be disabled or elderly.
Talk to an health insurance agent in your area to help you walk through the process. They don't charge you. You don't pay any extra using an agent.

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Eva 5 days ago

It's health insurance. If it is not offered through your employer, then go to your state's marketplace on the internet. It will ask you some questions and they give you the options available to you.
https://www.healthcare.gov/

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Amy 5 days ago

It's called health insurance. "Coverage" means approximately the same thing. What you buy is an insurance plan. Medicaid is a government-paid insurance plan for people with no income, especially children.
If you don't have insurance and you have enough income to afford it, you will be penalized on your tax return.
Employers usually pay part of the cost of health insurance. If you have a job, you should ask HR about signing up for whatever insurance plan they offer. If not, go to healthcare.gov or your state's website to browse your choices and sign up.
Plans begin Jan 1, but you can start one earlier with proof that you lost your previous insurance.
If you have specific medical needs (prescriptions, physical therapy, etc.) then you should read the details of each plan. If there's a specific doctor you want to see, their website should list which insurance plans they accept.
If you're healthy, then the decision is just a tradeoff between how much the insurance costs and how much of your medical bills it would cover if you get injured or sick.
The main numbers are the premium (how much you pay each month) and deductible (minimum amount of medical bills that you have to pay before insurance pays anything).
For example, a $200 premium and $1000 deductible means that if you get a $15000 hospital bill, then: you paid the insurance company a total of $2400 per year, you pay the hospital $1000, and the insurance company pays the hospital $14000.
Cheap plans have "co-insurance", which means they only pay a percentage of your bill.

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greenfrogs 5 days ago

Get it through your employer if you have one. You do need basic insurance. If you were in say, a car accident, it would be very very costly.

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