Calling all graduates: You have health insurance options

Published on June 4, 2020

Why bother with health insurance

• Nobody plans to get sick or hurt, but bad things happen, even to healthy, young people. Treating a broken leg can cost $7,500, and a 3-day hospital stay can total $30,000. That’s a lot of money, especially when you’re just starting out!
• Applying for Marketplace coverage may be faster and easier than you think. With one application, you’ll find out if you’re eligible for a health plan with savings based on your income. You may qualify for free or low-cost coverage through
  Medicaid

  Insurance program that provides free or low-cost health coverage to some low-income people, families and children, pregnant women, the elderly, and people with disabilities. Many states have expanded their Medicaid programs to cover all people below certain income levels.

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• Note: If someone claims you as a tax dependent, you can buy a plan through the Marketplace, but you won't qualify for savings based on your income.

How to get affordable health coverage

• If you’re under 26, you may be able to enroll on a parent’s health insurance plan.
• You can buy your own Marketplace plan at HealthCare.gov. Depending on your situation, you may be eligible for savings based on your income.
  • If your student health plan is ending, you’re moving to a new state, or you experience other life changes, you may qualify for a
    Special Enrollment Period

    A time outside the yearly Open Enrollment Period when you can sign up for health insurance. You qualify for a Special Enrollment Period if you’ve had certain life events, including losing health coverage, moving, getting married, having a baby, or adopting a child, or if your household income is below a certain amount.

    to enroll in Marketplace insurance for the rest of 2020.
  • This means you don’t have to wait until the next Open Enrollment Period this fall to apply for 2021 coverage.
  • See if you're eligible to apply right away.