Health insurance options for young adults

Getting your own health insurance is a big milestone like getting your first job and moving into your own place. But with so many plans and terms to navigate, it’s easy to feel overwhelmed.

The good news? A little knowledge goes a long way toward protecting your health and your wallet.

Understanding your options and what factors matter most can give you confidence as you make a choice. Let's take a look at what you should think about as you prepare to enroll in insurance.

Once you know the right way for you to get your health insurance, it's time to start comparing plans available to you. You should consider a few key factors that will impact your wallet and access to care, including:

• Health care needs: Knowing the medical expenses or care needed for chronic conditions can help you choose a plan that balances your costs with access to the right doctors.
• Premiums: This is your monthly bill to keep your insurance. If you get your insurance through an employer, this normally comes out of your paycheck automatically.
• Deductibles: This is how much you'll pay out of pocket until the insurance company begins to cover more portions of your care the rest of the year.
• Networks: See what doctors are in-network with the insurance company and plan that you choose. Care from in-network doctors typically costs less than out-of-network doctors.
• Out-of-pocket costs: This is the amount you'll be responsible for paying after insurance has paid its part.

Be sure to submit your selection on time. Confirm your choice by the end of your open or special enrollment period, or you could lose coverage eligibility.

Here are some other tips for first-time enrollees:

• Understand your plan's Summary of Benefits to see how your coverage applies to the care you use most.
• Explore online tools and resources to help you answer questions like "Is my doctor in-network?"