Here’s what you need to know about aging out of your parents’ health insurance plan.
Currently, young adults can remain covered under their parents’ health insurance plans up until the age of 26. If your 26th birthday is approaching, you probably have a lot of questions regarding your own health insurance. Here’s what you need to know about securing the right coverage.
Your Parents’ Plan
At mentioned above, young adults can remain under their parents’ health insurance plan until the age of 26. This coverage will extend to you even if you are no longer living with your parents. Depending on the insurance your parents have, you might lose coverage on the day you turn 26. Other policies are a little more lenient, allowing young adults a grace period of coverage to tide them over until they secure their own policy. As the coverage expiration date will be different for everyone, it’s important that you speak to your parents’ health insurance provider to find out when you will lose coverage.
Special Enrollment Periods
Generally, people can only apply for health insurance during open enrollment period (usually October to December). However, when you turn 26 and age out of your parents’ plan, you trigger a special enrolment period that lasts 120 days. The period begins 60 days before your birthday and extends 60 days following it. If you want your new plan to begin the month after your birthday, then you need to enroll not later than the 15th of the current month. For instance, if you want your coverage to begin on October 1st, you’d have to enroll no later than September 15th.
How to Enroll
When it comes time to enroll, you have some options. If your employer offers healthcare benefits, you can speak to your company’s HR department. From there, an HR representative should be able to walk you through the enrollment process. Another option is signing up for a plan through the Health Insurance Marketplace. This is a government service that helps people shop for and enroll in affordable health insurance.
This is what you need to know about aging out of your parents’ plan and securing your own health insurance coverage. Do you have additional questions regarding your life insurance? Then contact the experts at VGW Walker Insurance in Texas. We are ready to assist you with all your coverage needs today.
