The need for health insurance is increasing day by day and this is due to the uncertainty of life. Health insurance protects us from a financial loss that may occur by just visiting a big hospital for regular checkup. Most people cover their entire family in the health insurance plan, but children are not covered throughout life. As you ask, how long can a child stay on parents’ health insurance, the answer is shared below.
What is the current age limit?
The current age at which a child can be covered by their parents’ health insurance policy is 26. Once a person completes 26 years of age, health insurance does not cover him/her. After 26, you will not be covered in your parents’ health insurance. However, there are some exceptions as per the different rules of different states all around the world. After 26, you’ll have you buy your own health insurance policy.
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We understand that it’s convenient and affordable to stay on your parents’ health insurance policy, but after 26 you cannot claim the benefits. Till 26, you will be covered in the policy, regardless of.
- Your marriage status
- Parental status
- Attending or not attending school
- Residence
- Financial independence
- Denying your insurance coverage
You are allowed to enroll in a program up to the end of the year if your parents have a business health insurance policy, even when you are 26 years old. It includes that you make your own request for medical insurance and recognize the open dates for enrollment in your region. See if your parent insures you through an employer or the Health Insurance Marketplace in the months leading up to your 26th birthday. If your parents have a job-based health insurance plan, you’ll no longer be eligible to attain the benefits of your parents’ health insurance plan at the end of the month when you turn 26.
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Pros of staying on your parents’ health insurance plan
1. Affordability
In the parents’ health insurance plan, children will be covered, which is much cheaper compared to an individual plan. The yearly premium payable at the end of the year is cheaper. Thus, staying on your parents’ health insurance is lighter on your pockets and convenient.
2. Parent and child get equally high coverage
Whether its parent or child, whoever falls ill has complete access to the sum insured. There is nothing like that if a child falls ill, he/she will be given low coverage and parents can claim high coverage. The sum insured under the policy can be used by either parents or children.
3. Tax benefit
One can avail the tax benefit on the premium paid towards the health insurance policy. In a life insurance policy, the premium paid towards serious diseases or health insurers also qualifies for tax benefits. You don’t have to step up to retain coverage if you are not registered in your parents’ plans, nor will your parents have to face fiscal implications if they don’t keep you on board.
Getting your own insurance
If you wish to exit, your parents’ health insurance policy before you turn 26, you can exit, but you’ll be covered by your parents’ health insurance if you are married, employed, have a child or do not live with your parents. We recommend you to enjoy the benefits of staying in parents’ health insurance policy until you turn 26. It is affordable, gives you equal coverage and tax benefits are same. People with low income or high income, both are eligible for a family health insurance policy.
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