Georgia Lee Hussey, managing director of Modernist Financial, a planning firm in Portland, Oregon, that helps clients make financial decisions aligned with their progressive values, noted that some young people who work as independent contractors or interns may be eligible for Medicaid. She said it was important for young adults to aim for financial independence, if possible.
“If you can afford it, get your own healthcare coverage,” Ms. Hussey said.
Talk to your family
Conversations about financial decisions like health insurance can cause tension between parents and grandparents and their children, sometimes due to generational differences. Ms Hussey said people should focus on cultivating understanding and empathy when sensitive issues arise.
“What we don’t talk about as often as I would like are the financial realities of young people and changing expectations,” Ms. Hussey said. “There is a place for intergenerational compassion and intergenerational understanding.”
And it helps to remember that everyone has unique health needs that are considered when making the right insurance decision.
“There really isn’t a one-size-fits-all solution, especially when it comes to something as sensitive as health care,” said Noah Damsky, co-founder of Marina Wealth Advisors in Los Angeles.
A good place to start, however, is to educate yourself on health insurance vocabulary. Alexis Plicque, who recently went from being insured by two plans at once, to being covered only by her employer’s plan, said navigating insurance for the first time was a challenge – and it felt like a not in adulthood.
“I’m really paying for my own stuff now,” she said. “It’s a little crazy.”
Ms Plicque, who lives in Jacksonville, Florida, added that she relied on her parents to teach her terms like deductibles and co-payments (a co-payment is the fee you pay for a visit to the doctor or a procedure after the insurance). “It largely depends on how much you want to pay per month, what your plan covers and what your employer will give you, so it’s not something you can just google and find out for yourself. -even,” she said.