Calling all graduates: You have health insurance options

Published on June 4, 2020

Graduation is an important milestone. As you embark on the next phase of your life, it’s also important to have health insurance to protect you from unexpected medical costs.

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 30, you can get health coverage a few different ways, some designed specifically for you.

• 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.

Get more information on health insurance options for young adults.