It is no doubt that the realization of losing your parents’ insurance is a wake-up call. The expiration date for this insurance is either your 26th birthday or the end of the month of your birthday, depending on which one comes first. Therefore, there is nothing to worry about right now because this is a regular process and there are numerous options to be covered. Health insurance is just another bureaucratic headache to take care of.
Firstly, let us consider the case of a current student. As you already pay tuition, there is no problem in considering the graduate student insurance offered by the university. These insurance plans will be relatively cheap due to bulk discount and the coverage will be enough to cope with any emergency. This is the simplest solution for a research freak like you.
And what about being simultaneously employed and studying? Or having some kind of assistantship? In this case, the employer-sponsored coverage is still the most profitable choice in America despite the relatively expensive monthly payment. It is recommended to enroll in this kind of insurance as soon as possible because waiting till you fall ill is a bad idea. Choose PPO plans if you often move around and HMO plans if you always stay close to home. This will be another boring expense, but refusing from one cup of coffee is better than receiving a hospital bill in six figures.
What if you are freelance worker or part-time employee and cannot benefit from employment benefits? Don’t worry about that because you can always use the Affordable Care Act marketplace in this situation. The first step you need to make in order to find the best solution is to visit Healthcare.gov right after losing your current coverage. The fact that you lose your parents’ insurance is one of the grounds for your Special Enrollment Period. That means you don’t have to wait for the standard enrollment period. Depending on your graduate student income, you may even qualify for subsidies that will make your premium really low. Do not underestimate the usefulness of this assistance, as it will significantly save your student budget.
Lastly, I would like to mention the Medicaid. If your graduate stipend is very low or even nonexistent, you may become qualified for this state’s Medicaid program. And although this sounds like something like freebee, this insurance actually saves lives of millions of Americans, who cannot afford the market prices of private insurers. Nevertheless, you should always check out the income requirement for the particular state, as it varies greatly from state to state. You shouldn’t feel ashamed about this kind of insurance because of its name.
In any case, you should never even try to live without insurance. Yes, it is tempting to save money now, but even one broken arm due to a pickup basketball game is enough to destroy your budget. Medical debts are one of the most difficult burdens to bear during years after that. Reality is harsh and human body is frail, so purchase the insurance. Being an adult is hard work, but it allows you to choose the plan, which fits you well.