For young adults in 2024, selecting the appropriate health insurance may not always look simple and maybe a little more difficult. Having health insurance can assist you in receiving the necessary preventive care to avert more serious issues in the future. The policy offers financial security in case of a medical emergency, providing comfort in knowing most expenses will be covered.
However, where can young adults obtain the most affordable health insurance policies in 2024? Generally, younger adults pay less for health insurance through HealthCare.gov, the ACA marketplace. Age is not a determining factor, but insurers use it as a price criterion. Comparing rates and expenses, including coinsurance, deductibles, and provider networks, is crucial for selecting the best insurance for young adults.
Best Health Insurance for Young Adults Of 2024
In 2024, it can be difficult to find the correct health insurance for young adults. If your employer cannot provide health insurance or you work independently, you will need to find alternative coverage options. The Health Insurance Marketplace is a convenient and federally managed platform for obtaining comprehensive health coverage. In this article, we have evaluated several carriers based on availability, third-party ratings, plan features, pricing, and business financials to learn more.
Blue Cross Blue Shield
For young adults, Blue Cross Blue Shield (BCBS) is our top pick for the best overall health insurance in 2024. Among rivals, it has the highest overall score and deductibles that are less than the average for the group. It also provides a variety of plan kinds and metal tiers, so you have more choices for the kind of care you require. Despite having the best overall rating, BCBS had the highest average premium.
The study ranked the company highest overall, offering marketplace plans in 49 states with lower deductibles. However, it also has the highest average premiums and lower customer service ratings. You seek a nationally recognized insurance company with high health insurance standards, willing to pay extra for additional benefits.
Kaiser Permanente
Kaiser Permanente is one of the best health insurance options for young adults. Regardless of age, health insurance can be extremely important to your overall well-being and financial security. Health insurance is a crucial financial safety net for young individuals, even though they may not require as many medical services as those in their 50s or 60s.
Kaiser Permanente offers the lowest average monthly premiums for the 20s on the ACA marketplace, with a National Committee for Quality Assurance rating of 4.2 out of 5. The company’s Thrive Local referral system connects members to non-medical and socioeconomic services. Kaiser plans are available in California, Colorado, Georgia, Hawaii, Maryland, Oregon, Virginia, Washington, and D.C.
Oscar
Oscar is a tech-forward company with an extensive range of health plans which is crucial for young adults. Furthermore, the company offers a variety of health management programs, including a weight loss program, which sets it apart from its competitors. Regarding costs, the carrier provides gold and silver plans with zero copays.
Oscar’s well-reviewed software might also appeal to younger, tech-savvy individuals. The device can be integrated with Apple Health or Google Fit, offering daily payments of $1 up to $75 annually for achieving step goals. The app allows you to message your care team, discover care nearby, check your plan, and do a lot more.
However, Oscar is limited to 21 states and does not provide platinum plans. The company’s average National Committee for Quality Assurance (NCQA) grade was lower than its competitors. Oscar plans are an excellent option for younger individuals seeking a balance between cost and coverage.
Aetna
Aetna, a business with the lowest premiums, achieved a three-star rating, the minimum level for winners among businesses. In addition, aetna also provides free preventative care, walk-in CVS MinuteClinic visits, and virtual treatment to eligible individuals. Additionally, it has a $25 quarterly stipend for CVS Health brand products is also provided.
Moreover, Aetna has good premiums, but it also has disadvantages. Among the companies receiving at least three stars overall, Aetna had the highest complaint rate. It is also tied for having the fewest possible metal tiers and plan choices. The company provides marketplace plans in 49 states, catering to individuals seeking a nationally recognized insurance company with high health insurance standards and additional benefits.
UnitedHealthcare
UnitedHealthcare offers an extensive insurance portfolio, which includes options far beyond health care. In addition, UnitedHealthcare provides vision, critical illness, dental, and short-term health insurance in 22 states, enhancing complaint levels to state insurance departments. Moreover, it offers employer-based plans, Medicare, and Medicaid, and some plans offer additional benefits like free primary care visits and copays. However, it doesn’t offer ACA plans in as many states as competitors.
Molina Healthcare
Molina’s affordable bronze plans are particularly appealing to young adults planning to use their health insurance in 2024. For 25-year-olds, we looked into premium and deductible prices for a variety of carriers and metal levels. Molina has exceptionally low deductibles when you take into account its reasonably priced rates.
For instance, Molina provides bronze plans in Miami-Dade County, Florida, with $3,000 for a drug deductible and $0 for a health deductible. There are other bronze plans in the area with premiums up to $100 less and a deductible of $9,100. Although lower monthly rates are fantastic, a $6,000 higher deductible might not be offset by them.
Ambetter
Ambetter’s My Health Pays program provides policyholders with up to $500 for a healthy diet, exercise, wellness, and saving practices. Members’ earnings can be utilized to cover various expenses like deductibles, doctor copays, premiums, and cell phone bills. Ambetter provides high-quality benefits, but its deductibles are high and premiums are $19 higher than the group average.
The program offers cash rewards for healthy lifestyle choices and home care for certain N.C. county residents but has higher deductibles and premiums. You’re looking for ways to get healthier and don’t mind adopting good habits to make money.
Young adults pay less for health insurance through the ACA marketplace at HealthCare.gov than older individuals. Insurers in the ACA marketplace consider age as a price metric. Finding the best insurance for young adults involves comparing premiums and costs, including deductibles and provider networks.