HHS.gov states that you can be under your parents health insurance until you turn 26 years of age. If your birthday falls on a day outside of Open Enrollment, you will qualify for a special enrollment period.
Misconceptions on leaving your parents health insurance plan
There are some misconceptions that cause individuals to leave their parents health plans before they turn 26. If you fall under any of the below categories but are still under the age of 26, you can continue staying on your parents policy.
- You are getting married
If you are getting married but are still under 26, by law, you can still continue to stay on your parents health insurance plan.
- Living on your own or attending school
Moving out on your own is another reason that some individuals go on their own plans. But if you are still under the age of 26, you can be living away from your parents and still be covered under their policy.
- Financially dependent
You are financially dependent and capable of paying your bills and don’t rely on your parents. Even in this scenario, you can still stay under your parents health insurance plan until you are 26 years of age.
- Your employer is offering an insurance plan
Your company might be offering a health plan available to all employees. Some companies might not be offering much of a great coverage. If you are still under the age of 26, you can continue to stay on your parents plan.
Why you should stay on your parents health insurance plan?
If you are able to stay on your parents health insurance, do so for as long as you can. The cost for health insurance with your parents can be much cheaper than an individual plan.
You might want to become independent and want to get your own plan. If this is the case, consider just paying for your portion on the plan. Simply have your parents contact your insurance carrier to determine how much your portion is.
How do I enroll into health insurance once I turn 26?
After turning 26, depending on the insurance carrier, your coverage might end right away or you might have a short grace period. If you are getting close to tunring 26, contact your parents insurance carrier right away to determine how much time you might have. This is also a great opportunity to receive a quote directly from them.
If you are attending school, your college or university might also have an insurance plan that can be extended to students. This might be a more inexpensive option and something to ask your school about.
Your employer might also be offering health plans you can choose from. Contact your HR department or management to ask about your insurance options and how to enroll under the company plan. Depending on your company and how large they are, they could be offering really inexpensive options to their employees.