As young Americans turn 26, they are faced with a major transition that requires them to find their own health insurance since they no longer qualify to remain on the health insurance plan of their family. As many have found out at this transition point, getting your own insurance is a maze with many twists and turns that can leave one baffled and helpless.
How did this transition come about? Back in 2010, the Affordable Care Act was passed and signed into law. This law guaranteed that young people would be assured of having health insurance until they reached the age of 26. Before this law was passed, different states and insurers had their own policies indicating when a young person could no longer be eligible to be covered by a family policy.
The thinking at the time of passing the ACA was that by the time someone turned 26, they would have completed their education and were settled or setting into jobs that offered medical insurance coverage. This scenario is valid for some, but then the current reality throws a number of twists into the quest for an insurance plan.
For starters, the market for health insurance is not stringently regulated and it can be overwhelming for a young adult to work their way through the thousands of options in order to find one that is right for them. To compound matters, many brokers have websites that look identical to those of medical insurance firms, and these make it harder for young people to get the information they need since it isn’t easy to go through all the sites offering policies in order to make an appropriate choice.
Not many are aware that there are government-fund patient navigators to help them explore the available insurance options and select one that will address their needs.
Additionally, health insurance costs have been increasing over the years and many young people find it hard to choose a policy that meets their needs since it is critical to strike a delicate balance between coinsurance, deductibles, premiums, preferred hospital networks and specific medical needs when choosing a policy. Many end up picking a policy that looks affordable but doesn’t cover their specific health needs when that coverage is put to the test. Lots of young adults have often felt compelled to go without health insurance for even years since they can’t afford those policies.
The current employment landscape has also made matters worse for many young people turning 26. The gig economy means that many people are employed as contractors or part-time employees, which leaves them outside the employer’s medical cover. For those unable to find jobs with medical cover by that age, the only option is to somehow find the money to cater for your health insurance.
Given that different administrations since the ACA was passed have modified this law one way or the other, largely whittling it down, it is no wonder that so many young Americans now dread reaching the milestone of their 26th birthday.
Policy providers like Astiva Health that focus on serving racial minorities have a big job to do to engage with these young people and help them make informed decisions so that when a medical need arises, they have a policy that has their back.
NOTE TO INVESTORS: The latest news and updates relating to Astiva Health are available in the company’s newsroom at https://ibn.fm/Astiva
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