AFFORDABLE CARE ACT & Aging Off Your Parent's Insurance: How to SAVE MONEY on HEALTH INSURANCE
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- čas přidán 2. 07. 2024
- Under the ACA (Affordable Care Act sometimes known as Obamacare), young people are able to stay on their parents’ insurance for a much longer period of time. Today’s video will cover some of the most frequently asked questions of staying on and aging out of a parent’s insurance policy plus some low cost health insurance options that will provide coverage without breaking the bank.
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Under the ACA, you are able to stay on your parent’s plan until you turn 26. If your parents have a marketplace plan, you will actually be able to keep your coverage until December 31st of that year. However, if your parents have employer sponsored health insurance, you need to double check this with your state and your specific plan. Sometimes you will lose coverage at the end of your birth month.
If you are still finding your way in the world or if you are a college student, Medicaid may be a great option for you. Eligibility for Medicaid is dependent on the federal poverty guide, household size, and state. Medicaid can help to provide free or low cost healthcare options to those in need. Also, you can apply at any time. Unlike other options, there are no windows to take into consideration. You can contact your state’s Medicaid office or check your eligibility with healthcare.gov. This may also be a good option for you if you are pregnant and fall below a certain income level. Additionally, the CHIP program exists to help provide medical and dental coverage to children up to 19.
Marketplace insurance is another great option. This is part of the affordable care act. You can enroll during the Open Enrollment Period or during your Special Enrollment Period. The open enrollment period is every year at the same time Nov. 1-Dec. 15 or longer dependent upon your state. If you are on your parents’ plan and they receive their insurance through the marketplace, you will want to enroll during this time.
If your plan is a part of your parents’ employer sponsored health insurance, you will be eligible for a special enrollment period. Usually this will be the 60 days before you turn 26 through the 60 days after. However, it may be different if you or approved for an extension.
You may be eligible for a tax credit which can save you thousands of dollars in monthly premiums. However, if you end up making more than estimated you may have to pay that tax credit back.
There are some other options that you can explore. First, you can enroll in a short term plan. Today’s short term plans have evolved from years prior. You can obtain low deductible plans with coverage for preventive care, doctor’s visits, copays, prescription coverage and more. In many states, coverage can be purchased for up to 36 months. Generally speaking, the cost is much lower than marketplace plans (if you don’t qualify for a subsidy)and have nationwide PPO networks. While STM plans do not cover pre-existing conditions in the first year, multi year STM plans will provide coverage after that. Something to consider when comparing your options. A young healthy person can access a plan as low as $100 per month, but there are definitely drawbacks. They are not available everywhere and they are not ideal for everyone.
You can get dental through the marketplace but it may actually be less expensive to opt for private dental insurance. There are a variety of plans available and most plans range from $15-$50 per month. You can choose from a DHMO, a PPO, or an Indemnity plan.
If you have any further questions, please feel free to contact us here at iHealthBrokers at 888-410-0344 or ihealthbrokers.com/
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Great Information!
Great job, thanks and Happy New Year!
Thank you and happy new year!
Great video, great presentation, tons of information and never lost my attention. Thank you so much! Very pretty also lol.
So glad we could help!
I’m 26 with 0 income in Georgia… I keep searching for plans but they’re always over $200/month.. I’ve been denied Medicaid because I don’t meet any of the qualifications.. please help me!!
Please don't worry. It can be very stressful, but there are definitely much more affordable options available! Based on your income, you should qualify for a premium tax credit. Currently, you can even get plans for $0/month. The site can be confusing and if you enter any information incorrectly, you may be viewing prices/plans that aren't specific to your income. Please fee free to call us at 888-410-0344. You can also email us at support@ihealthbrokers.com. We'll ask a few easy questions and point you towards some much more affordable plans. There's no charge for our services and we can walk you through the enrollment process and answer any questions you may have.
I’ll be 26 in a few weeks and I’m looking for insurance.
Good to do your research now! It's a lot of information to take in!
What if you have no projected income for the year because you're a full-time college student? Are there plans that _won't_ turn you away because of that $0/year expectation?
There are several options available to you. Are you over 26? Are you being claimed as a dependent? If you are not being claimed and your projected income is $0 you may be redirected towards Medicaid. Also, your school may offer a student health plan. If you'd like, you can give us a call at 888-410-0344. There may be some other options for you.
my son has leukemia and will fall off my insurance and can't work, he can't go a day without medication. What do I do? ACA plans have such high deductibles and insurance co's block copay assistance from counting toward drug deductibles. 8k deductible is like having no benefit at all.
I am so sorry that you and your son are in such a difficult situation. You could try COBRA. Premiums will, of course, be expensive, but it will allow your son to keep his current coverage. You can also look into Medicaid. If he is unable to work, he may qualify based on income. Additionally, there are many marketplace plans with lower deductibles. Usually, the premiums are higher, but he may be able to qualify for significant premium tax credits based on his income. For COBRA, contact your HR department for assistance. For Medicaid, you can contact Medicaid directly. If you need help with a marketplace plan, you can use healthcare.gov or feel free to contact us at 888-410-0344. If your son loses insurance or is denied Medicaid, he will qualify for a special enrollment period. Best of luck with everything and please let us know if there is anything further we can to do help. 💙
Hello my son is turning 26 years old in a few days and he is covered under my health insurance in my job. He is actively looking for a job but at the moment has $0 income. We live in Arizona and I am scrambling to get a health insurance for him. Can you help me?
He will most likely be covered through the end of the month, but then he'll need another option. Right now there are excellent tax credits offered on the marketplace. Plans are offering VERY low premiums. Give us a call at 888-410-0344 if you'd like help. There's no charge and no pressure to buy anything, but we can steer your son in the right direction. Best of luck!
Can you stay on insurance until 26 if you have severe mental illness and alot of mental health problems and see a phycriatrist every month cuz I'm 25 and mine expire in 8 months
Thanks for your question! If you're covered under your parent's plan (through their employer), your coverage will most likely end when you turn 26. If you're covered under your parent's plan through the marketplace you will most likely have until the end of the year you turn 26 (Dec. 31). If you are able to receive disability for mental illness, after a certain time you may qualify for Medicare. Check out this site to learn more: www.nami.org/Your-Journey/Living-with-a-Mental-Health-Condition/Social-Security-Disability-Insurance-Benefits-Su. Best of luck and please let us know if there is anything we can do to help!
Is this valid in Florida
What in particular? The ACA and all of its rules are applicable in Florida.
My daughter is age 21, Is their a law that states I have to keep my adult child on my Health insurace plan?
You are not required to keep your 21 year old child on your insurance, but if you'd like to, you may do so until they are 26. Thanks for your question!
Thank you for the quick response, you confirmed exactly what I expected after researching... I now just have to present legal language to my health care administrator that will (Not) grant my request for the removal because either (A). She does not understand the law.
Or
(B). She is invoking her own power of authority as our plan administrator.
My next step is seek legal counsel for language to present.
Some segments in the video are stamped not adjacent to each other