MichelleBungo
Michelle Bungo

Michelle Bungo Helps Millennials Understand Health Insurance Phases

Health insurance plans for each stage of a young adult’s life as explained by health insurance agent Michelle Bungo. 

College is meant to prepare young adults for entrance into the workforce, but it usually doesn’t educate students on how or when to buy health insurance. Millennials may be young and healthy, but they still need a health plan that fits their budget and needs. Health insurance agent, Michelle Bungo, reveals four adult phases and the popular insurance options for each. 

 18-25

At this age, millennials can stay on their parent’s family plan until they turn 26 years old. Staying on the family plan is the cheapest and easiest option of staying covered. Additionally, they usually have better coverage that reaches beyond just catastrophic events. Michelle Bungo notes that even if you’re married, you can stay on your parent’s plan if you’re under 26. 

Student benefits are usually available to those who do not have access to a family plan. Most universities offer affordable health care plans to enrolled students. College plans are also a good choice for out of states students. Michelle Bungo recommends talking to the admissions office for more information on school health care plans. 

26-30

After college, most millennials will have healthcare available through their jobs. Michelle Bungo recommends choosing a catastrophic plan. It is a low-premium, high-deductible plan which offers coverage minimum benefits. It is designed for healthy people but will cover emergencies. 

In some states, providers will allow extensions on health insurance after the age of 16. To see if you are qualified for the rider option, Michelle Bungo suggests contacting your parent’s plan provider. 

30+ 

If you had a catastrophic plan in your twenties, Michelle Bungo notes that the insurance provider will most likely keep you in a similar plan into your thirties. At this age, however, it would be a good idea to shop around for new quotes. It is common for couples to begin having children as well, which means a good family plan will most likely meet your needs better. 

For those who are struggling with employment or have a low income, Medicaid may be the best option. These plans are administered by the state and offer plans at a reduced cost. Additionally, Michelle Bungo recommends looking into Marketplace, which offers financial assistance for a variety of plans once qualified. 

The best health insurance options are usually available through employers or a spousal plan. Employers have access to group health insurance benefits, and will typically subsidize or completely cover the cost of monthly premiums.

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