Health insurance after turning 26

[Cydkar]

I have a kid turning 26 & going off Daddy's health insurance. Anyone with experience/recommendations? She has a job w/no health insurance benefits. Just a lot to wade through.

Getting a job with benefits IS an option, but not immediately.
TIA!!

 

[jsb]

I have a kid turning 26 & going off Daddy's health insurance. Anyone with experience/recommendations? She has a job w/no health insurance benefits. Just a lot to wade through.

Getting a job with benefits IS an option, but not immediately.
TIA!!

I'd get on the marketplace and find something. She's 26, so I'm guessing she could get a high deductible plan.

 

[Acylum]

She has a job w/no health insurance benefits.

I had no idea that was even a thing. However, if that was more commonplace, I bet health insurance would be more affordable.

 

[CyCrazy]

It wont be cheap and meds and Dr visists will be costly.

 

[AgronAlum]

Our insurance rep that does our home and auto also does medical. It might be worth finding someone like that or just using the marketplace. I had to use our insurance rep to get temporary coverage because there was a three month waiting period when I switched jobs.

 

[Acylum]

I had no idea that was even a thing. However, if that was more commonplace, I bet health insurance would be more affordable.

You might want to research the history of health insurance costs @alarson. Lol.

 

[Cydkar]

I had no idea that was even a thing. However, if that was more commonplace, I bet health insurance would be more affordable.

Tons of jobs out there without good benefits.
She's a bartender and makes quite a bit of money, frankly, but it's not a life goal and has no benefits anyway.

 

[Cydkar]

It wont be cheap and meds and Dr visists will be costly.

This part I was very aware of.

 

[Cyclonetrombone]

High deductible plan is likely all that's needed unless there is a medical condition that would cause a need for a lower deductible. Benefit of a high deductible plan is you can get her started on an HSA (Health Savings Account) which can then likely follow her around and whenever she has a job health insurance she can transfer those HSA funds to that companies HSA partner if said company does things like HSA funding for healthy activities. She wouldn't have to fund the HSA heavily just like $1000 a year or something - Usually once HSA's get to a certain level they can have some investment activities tied to it like a money market. At a young age funding that will really help for emergencies or if you don't need the money during they year she's saving it up until she retires.

Finding & using HSA-eligible plans

One way to manage your health care expenses is by enrolling in a High Deductible Health Plan (HDHP) in combination with opening a Health Savings Account (HSA). Enroll in HSA-eligible plans & learn what HSA limits are. Get information on family HDHP coverage, how to find HSA-eligible plans, more.

www.healthcare.gov

 

[Rabbuk]

Tons of jobs out there without good benefits.
She's a bartender and makes quite a bit of money, frankly, but it's not a life goal and has no benefits anyway.

My dad made triple bartending in Chicago than what he made as a 1st year teacher with a masters degree, apparently my mom didn't love him being out until 4am and the no benefits thing though

 

[Cyclonetrombone]

As far as experience on this - I handle the onboarding of a bunch of new hires monthly with my company. Unless there is a medical reason to need the lower deductible stuff I am finding that the vast majority of younger people are leaning on HDHP with HSA. Since you can open HSA independent of a company provided benefit the question about how to transfer my HSA coms up frequently.

 

[cydsho]

As long as she's healthy I don't know why a HDHP wouldn't work. Also set up a HSA even if only a small amount a month is added.

 

[ISUCyclones2015]

High deductible plan is likely all that's needed unless there is a medical condition that would cause a need for a lower deductible. Benefit of a high deductible plan is you can get her started on an HSA (Health Savings Account) which can then likely follow her around and whenever she has a job health insurance she can transfer those HSA funds to that companies HSA partner if said company does things like HSA funding for healthy activities. She wouldn't have to fund the HSA heavily just like $1000 a year or something - Usually once HSA's get to a certain level they can have some investment activities tied to it like a money market. At a young age funding that will really help for emergencies or if you don't need the money during they year she's saving it up until she retires.

There’s also an interesting concept that once you open your HSA, pay out of pocket for a long period of time, invest tax free and then withdraw tax free when you have a big ticket item like a down payment.

You’re “reimbursing” yourself for all those years of expenses, and there’s no time limit for HSA reimbursement (currently).

Now you’ll have to keep the years of receipts to make sure it’s on the up and up but it is an interesting idea. I’ve been paying out of pocket myself to grow my HSA quicker with the investments but my general idea was to use it for an old person’s home once I get there.

 

[alarson]

You might want to research the history of health insurance costs @alarson. Lol.

You'd be wrong, but then again you're wrong about just about everything.

 

[brianhos]

Welcome to the ****ed up US healthcare system. Hopefully she can get on the ACA so it's at least reasonably priced, otherwise it's find a new job time.

 

[cowgirl836]

There’s also an interesting concept that once you open your HSA, pay out of pocket for a long period of time, invest tax free and then withdraw tax free when you have a big ticket item like a down payment.

You’re “reimbursing” yourself for all those years of expenses, and there’s no time limit for HSA reimbursement (currently).

Now you’ll have to keep the years of receipts to make sure it’s on the up and up but it is an interesting idea. I’ve been paying out of pocket myself to grow my HSA quicker with the investments but my general idea was to use it for an old person’s home once I get there.

Yeah I went back to fsa plan this yr but the 2 yrs I had it and spouse has it....we rarely reimbursed. Kid stitches and spouse surgery we did but that's not a bad idea overall.

 

[Acylum]

You'd be wrong, but then again you're wrong about just about everything.

Why does the cost of employer-sponsored coverage keep rising? - PMC

Over the past 25 years, the gap between the increase in health insurance costs and workers’ wages has significantly expanded. This trend has led to significant concerns about healthcare affordability, with surveys revealing conflicting opinions ...

www.ncbi.nlm.nih.gov

 

[snowcraig2.0]

I have a kid turning 26 & going off Daddy's health insurance. Anyone with experience/recommendations? She has a job w/no health insurance benefits. Just a lot to wade through.

Getting a job with benefits IS an option, but not immediately.
TIA!!

Dammit I was coming here to call you out for being way older than 26.

 

[alarson]

Why does the cost of employer-sponsored coverage keep rising? - PMC

Over the past 25 years, the gap between the increase in health insurance costs and workers’ wages has significantly expanded. This trend has led to significant concerns about healthcare affordability, with surveys revealing conflicting opinions ...

www.ncbi.nlm.nih.gov

Which has literally nothing to do with the content of your post.

per your link:"our analysis suggests that high hospital prices drive insurance premiums."

This is not evidence that pushing more people out out onto the individual market would reduce those costs. If anything its more likely it would be the opposite as the insurance companies would have more power relative to individuals.

 

[CyCrazy]

This part I was very aware of.

I broke all my ribs on my left side, then my appendix was about to bursts 2 emergency visits when having gap insurance. Should have joined my wifes school plan before all this. Now we are staring down 61k in dr bills. But I will find a way to reduce it.