26 Year Old Survival Guide

When to secure health insurance before the boot from your parent’s plan!

Happy 26th Birthday and not sure if you can stay on your parent’s health plan? Let’s take a state-by-state look. Caution: the clock is ticking!

At midnight of your 26th birthday you’re likely to be booted off your parent’s health plan, assuming you are fortunate enough to have a parent with a health plan and recorded you as a dependent.

You must act! You qualify for a Special Enrollment Period! Sound familiar if you viewed our videos.

If so, you can enroll in your own job-based plan outside of the annual Open Enrollment Period if you are employed.

Beware many employers have policies that limit time you must notify the employer to enroll. Be proactive and contact your employer’s human resources rep before your birthday. If told you must wait until the open enrollment period they are misinformed. Point them to: (1) https://www.healthcare.gov/turning-26/

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Here is a state-by-state visual

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There are always exceptions so let’s focus on one: If your parent has a MARKETPLACE PLAN & you are a part of the plan you may have the option to stay on your parent’s plan until year end despite turning 26 --- A pivotal question is whether your parents claim you as a dependent.

Are there risks for not taking insurance options? Yes. Like what? Premium tax credits, a higher price you pay for not joining a subsided plan, etc. More on that later.

To Do:

For now --- when’s your birthday? check state options; are you claimed as a dependent? If not, explore employer and marketplace options see www.healthcare.gov ; notify your human resources department you have a QUALIFYING LIFE EVENT! Time is ticking so file the paper work ASAP.

Seek advice from your employer’s human resource rep, your state division of health insurance and www.healthcare.gov.

We will follow up on ‘insurance bad actors’ which is code to check your state’s division of insurance to be sure the health plan you are looking at or sign-up for is authorized in your state!!!!

As well as important info on marketplace options.

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