The best health insurance plan for you will depend on the details of your personal situation. However, these four are worth considering if you are a young adult. A good place to start your search is with value-rich Aetna, especially if you qualify for tax credits or a tech-savvy Oscar. However, if affordability is your top priority, Molina is worth checking out for its low-deductible bronze plans. If you don’t qualify for premium tax credits and don’t expect to use your plan much, Blue Shield Blue Cross catastrophic coverage might be a good option.
Frequently Asked Questions
How much does health insurance cost?
The cost of health insurance varies depending on factors such as the plan you choose and whether you qualify for the premium tax credit. Insurers are only allowed to consider five factors to determine your costs: age, location, smoking status, individual or family enrollment, and plan category. For example, when looking at insurance costs for 25-year-olds, premiums on bronze plans averaged about $294 and deductibles averaged $8,133. When browsing through plans, look at all the costs you’ll incur, including a plan’s premiums, deductibles, copayments, and coinsurance.
What is a copayment of health insurance?
A co-pay is an amount an insurer asks you to pay for a health service, usually for prescription drugs and doctor visits. In some cases, you may be able to pay the co-pay for services before your deductible is reached. For example, a plan may have a $2,000 deductible, but a $50 copayment on doctor visits and a $15 copayment on prescription drugs. Copayments help make certain services more affordable before the deductible is satisfied.
What is a health insurance deductible?
A health insurance deductible is the amount you must pay for health care services each year before your coinsurance kicks in and begins to cover a percentage of your costs. Insurance policies define which costs count towards your deductible and which do not. For example, lab tests, MRIs, and hospital bills generally count toward your deductible, while premiums do not. Copays may or may not count. So if your deductible is $2,000 and your coinsurance is 30%, you’ll have to pay $2,000 in eligible health care costs before your insurance starts covering 70% of your costs.
What is a catastrophe plan?
A catastrophic health insurance plan is a low-premium, high-deductible health insurance plan for people under age 30 or who qualify for a hardship or affordability exemption. It includes the ten essential health benefits and preventive services at no cost required by all plans on the market. Plus, it covers at least three primary care visits per year before you’ve paid your deductible. Premium tax credits don’t apply to catastrophic coverage plans, so they generally don’t offer the best value unless you don’t qualify for a tax credit on a bronze or silver plan .
To determine the best health insurance companies for young adults, we considered criteria in the following categories.
- Client satisfaction: We used NCQA scores, primarily, and healthcare.gov scores, secondarily, to measure this criterion.
- Status availability: This metric indicates how widely available the plans are in the United States
- Package Features: For each company, we collected and analyzed whether they offered the following:
- Types of packages: HMO, PPO, EPO, POS and other types of plans
- Benefits of the scheme: Programs to help manage asthma, heart disease, depression, diabetes, pain, high cholesterol and blood pressure, pregnancy, low back pain and weight loss
- Dental coverage: Coverage for children’s dental, adult dental, both or neither
- Metal levels: Bronze, silver, gold and platinum plans and catastrophic coverage
- Cost to value: We compared physician copayments, specialist copayments, monthly premiums, and deductibles for bronze and silver plans across different age groups across two zip codes, representing the highest enrollment in ACA plans by state.
- Reduction of the tax credit on premiums: We have researched and compared the percentage of plan premiums eligible for reduction by the premium tax credit.