As a recent college graduate, you may be wondering what will happen to your healthcare coverage after graduation. It’s important to know your options so you can make informed decisions about your healthcare. The experts at Boone Ritter Insurance break down what may happen to your health insurance after graduation and what you can do to ensure you have adequate coverage.
Option 1: Stay on Your Parent’s Plan
Under the Affordable Care Act (ACA), you can remain on your parent’s health insurance until you turn 26-years-old, regardless of whether you have graduated from college or not. This applies to all employer plans and those available in the market. Staying on your parent’s plan may be a good option if their coverage meets your needs and is affordable.
Option 2: Get Coverage Through Your Employer
If you are fortunate enough to land a job with benefits that include health insurance, you will be able to choose your coverage. Most employers offer health insurance as part of their employee benefits package. You may need to submit paperwork to your human resources department to get coverage.
Option 3: Purchase Your Own Health Insurance
If you turn 26-years-old and your employer does not offer a health plan, you will no longer be part of your parent's insurance and you will need to find your own coverage. This can be done through the Health Insurance Marketplace or by purchasing a plan directly from an insurance company, like Boone Ritter Insurance. There are many options available, so it’s important to do your research and choose a plan that meets your needs and budget. One of our local insurance agents can help you find the right coverage in your budget and guide you through the process.
Option 4: COBRA Coverage
If you’ve turned 26-years-old, you can remain on your parent’s insurance for up to 36 more months through the Consolidated Omnibus Budget Reconciliation Act (COBRA). However, after that, you will be uninsured and will need to find your own coverage.
Don’t Risk Going Without Health Insurance
It's important as a new college graduate to be proactive about healthcare and not wait until you're uninsured to start looking for coverage. Becoming uninsured can be risky and costly if you end up needing healthcare services. An unexpected illness or injury can result in high medical bills and financial hardship. By purchasing health insurance before losing coverage, you can have peace of mind and protect yourself financially. That’s why it’s important to explore your options and choose a plan that meets your needs and budget.
At Boone Ritter Insurance, we understand the importance of having adequate health insurance coverage. That’s why we offer a range of health insurance options to meet your needs. Our experienced agents can help you navigate your options and choose a plan that’s right for you. Contact us today to learn more.