Just because your kids are getting older doesn’t mean you worry any less about them. If you’re like most parents, you’re always worrying about your teen’s health and wellness. How can you make sure your teen has the right coverage, and what are your options for keeping him or her insured?
I don’t make a lot of money and my employer doesn’t offer health insurance. Are there health insurance programs available to help cover my kids? Yes. Depending on your income, your children and teens may be eligible for either Medicaid or your state’s Children’s Health Insurance Program (CHIP). Children and young adults under age 19 may be eligible for coverage under CHIP, and young adults under age 21 may be eligible for Medicaid. Depending on your household income, your children may be eligible for health coverage at no cost to you, or you may be required to contribute toward copayments and monthly premiums.
I have insurance through my employer. How long can my kids stay on my health insurance plan?
If you’re the parent of older teenagers or young adults in their early 20s, you’re likely concerned about their health insurance coverage options. If their part-time job doesn’t offer benefits, how will they obtain health insurance? What if they can’t afford their monthly premiums right out of college? There are so many situations that can leave parents concerned.
Thankfully, the passing of the Affordable Care Act means children can now be added to a parent’s plan until they reach age 26. This holds true regardless of if they are employed or unemployed, living with you, living independently, or single or married.
My college-bound teen is required to have health insurance. What are our options? Today, most colleges demand that all full-time students have health insurance coverage. If your teen isn’t covered under your employer’s health insurance policy and your family income is over the limits for Medicaid or CHIP, a short-term policy may be the best solution for insuring your teenager or young adult. Many colleges offer short-term policies directly through the school, which offers some health benefits at a relatively affordable price. Oftentimes, these policies have low or no copays for visits to the campus student health and wellness center, and they can also offer reduced costs for prescriptions. These short-term policies typically cover a semester or school year, and students must re-enroll each year.
Although short-term coverage will not help your teen avoid the fine for going uninsured, this level of coverage is still much safer than going without any coverage at all.
My teen is working and living alone, but doesn’t have employer-sponsored coverage. What are other coverage options? Buying individual insurance on the Marketplace is an option for individuals over age 18, and depending on their income, they may be eligible to receive federal tax credits to help lower the cost of health insurance premiums. Selecting the right plan can be tricky, so if your teen decides to go this route, encourage them to work with a licensed insurance agent who can answer health insurance-related questions and recommend plans.
Many health insurance options for teens and young adults Changes brought about by the Affordable Care Act have made it easier than ever to make sure your teenager or young adult has health insurance. Depending on age and family income, your teen may be eligible for a state or federally funded insurance program. You may also be able to keep your teen on your employer-sponsored health insurance plan, help them obtain health insurance through a college or university, or guide them to an appropriate individual health insurance plan.
