The 26th birthday for young adults sometimes means losing the health insurance that their parents provided. This can be scary because it is the first time these adults are forced to get their own health insurance. This gives young people several options, all with varying coverage, premiums, and deductibles.
The first of these options is getting health insurance through the marketplace via the special enrollment period. The special enrollment period is the time during the year that is outside of the open enrollment period. To qualify for health insurance in the marketplace through the special enrollment period, you must have experienced a qualifying life event. Luckily, turning 26 counts as one of these qualifying events for special enrollment. The marketplace health insurance plans often offer the best coverage option.
Besides the marketplace, 26-year-olds also can apply for insurance through their employer. This option requires the same special enrollment period as marketplace coverage plans but can often offer the most medical benefits. These plans usually cost less than marketplace insurance. They also have much lower deductibles. However, the issue with these plans is that some jobs do not offer health insurance coverage.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.