10 Things every twenty year old should know about health insurance:
1. It is illegal to be uninsured. Get a health insurance plan! The Affordable Care Act requires you to get health insurance. If you fail to purchase a plan, you will be fined a pretty big sum.
2. If you are a full time employee, your employee is obligated to offer you insurance. It is not always right away but they have to offer you coverage. The time period can be up to 90 calendar days.
3. Your parents may still be able to cover you. Until the age of 26, you are able to use your parents health insurance.
4. You can purchase an individual health insurance plan. It is as easy as buying a pair of shoes or clothes. Although the language may be more confusing, there are a lot of resources that you reference to. You can turn to a broker who will make your experience way more easy and stress free. They are trained to know everything about the plans they offer.
5. There are two types of health insurance networks. There are health maintenance organizations (HMO’s) and preferred provider organizations (PPO’s). In simple terms, HMO’s have lower monthly premiums and require individuals to see doctors within their network. Seeing an out of network physician will require you to pay the full cost of service, except in the case of emergency. PPO’s have higher monthly premiums but are definitely more flexible. They allow you to see doctors out of your network for additional fees.
6. You should know what your deductible is. Your deductible is the portion of your health care cost that you must pay for. For example, if you have a $1,000 deductible, your insurance will start paying its part of the health care costs once you’ve payed $1,000 in medical costs.
7. You can check to see if you are covered in an emergency without spending an insane amount of money every month. If you are a healthy, young individual, try looking into a plan with a low monthly premium but I higher deductible.
8. Once you have a health insurance plan, many exams won’t cost you a thing. Under the ACA, many women's preventive health care services, such as the well-woman examination, which includes a pap smear and breast exam, are required to be 100 percent covered by your insurance.
9. You can possibly qualify for a tax break. If you make up to $29,425 a year, you qualify for the premium tax credit. Those making up to just over $47,000 a year and shopping the health insurance marketplaces may be eligible for federal tax credits.
10. Your medical information is private and protected by the law.
Insurance coverage can be overwhelming – confusing options, endless paperwork and tedious legalities.
Cosmo Insurance Agency makes it easy. Our team has mastered every detail of the insurance process and will walk you through the process to the end, so you can be 100% confident when signing on the dotted line.
Cosmo’s dedicated service doesn’t end with the selection and signing of your policy. Whether its healthcare, life insurance, long term care, vision, dental, or disability, Cosmo Insurance Agency will be there every step of the way. Our staff maintains close contact and is always only a quick phone call away for questions or concerns relating to billing, provider issues, claims or reimbursements and your insurance renewal. Give us a call today!
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