Last week, ObamaCare enrollment topped 8 million people. The surprising fact was 35% of the enrollees were young adults under 35 yrs. of age.
Young adults enrolling in ObamaCare is good for everyone. Health insurance costs are often impacted by the people in the risk pool. Older people tend to have more health issues. Young adutls, on the other hand tend to have less. If there are many people in the risk pools who have varying degrees of health issues, that lowers the cost of healthcare for everyone.
If you are under 35 or have a young adult child who is under 35, here is what you should know:
1. You can no longer be denied health insurance coverage for pre-existing conditions. This means that you can easily change jobs and do not have to worry that you will not be able to get healthcare from a different employer.
2. There is no maximum cap on the total healthcare you use in your lifetime. Thus, if you get a serious illness, like cancer, you will be able to buy insurance coverage.
3. Consider whether it is cheaper to have the young adult stay on their parent’s health plan. A parent may be able to add a child for little or no cost as compared to the cost for the young adult to buy insurance from the health exchange.
If you are a young adult and you have not signed up for coverage yet, open enrollment will begin again on November 15, 2014. However, if you have a “qualifying life event,” such as losing your job, you will have 60 days to sign up for ObamaCare.
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