Have a child turning 26? This is a magical age when it comes to health insurance coverage. Find out what you need to do now!
Turning 26 is now a milestone
When it comes to your child turning 26, the most important thing you need to know is that employers who offer coverage for their employees’ dependents are required to keep that offer in place until those dependents turn 26 years old. After they turn 26, it is imperative to look into other options for their health insurance coverage as they “age out” of their parents coverage.
For more information about your options, please visit www.louisianasmarketplace.com or call Kevin directly at 985-778-0072.
Let’s briefly explore those options:
Option 1: Medicaid Expansion
If you live in an expansion state like Louisiana, then be sure to consider the Medicaid expansion. Anyone who earns 138% of the Federal Poverty Limit (FPL) or less, is eligible for Medicaid. For a single person, that works out to about $17,236 a year in modified adjusted gross income (or less).
Option 2: Employer or School Coverage
If your 26-year-old has access to health insurance through his/her own job, that would be a strong second option, as employers will typically fund between 50 and 80% of the cost of their employees’ health insurance coverage. Plus, employees get to pay their share with pre-tax dollars. Assuming your 26-year-old makes too much money for Medicaid, employer coverage is a strong second option.
If your 26-year-old is still in school, be sure to check whether that college or university offers a student health plan. These will vary from school to school in coverage, rates and terms, but they are worth exploring.
Option 3: Private Individual Coverage
If your son or daughter isn’t offered coverage through an employer or school and makes more than 138% of FPL, then you need to consider enrolling in private individual coverage by calling Kevin at 985-778-0072.
Anyone “aging off” of a parent’s plan can buy a plan within 60 days of their birthdays, even outside of normal Open Enrollment Periods, which run from Nov. 1 through Dec. 15 each year.
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Please visit www.LouisianasMarketplace.com for some great options for your child, or better yet, call Kevin directly at 985-778-0072 to explore alternative solutions that just might save a bunch of moula!
•More Options •Better Alternatives •True Health Coverage for Less!