Watch the video: Dr. Noor’s Guide to Health Insurance

Q&A: Navigating Health Insurance for Parents with Kids Turning 26

by | Oct 6, 2023 | Articles, Health Insurance | 0 comments

Hello there, amazing parents! 

As your children embark on the journey into adulthood, you may find yourself facing a myriad of questions and concerns, especially when it comes to topics like health insurance, finances, and overall support. 

In this Q&A guide, I’ll address some common queries to help you navigate this exciting but often complex time when your kids are turning 26; primarily what the heck to do about their health insurance!

Dr. Noor’s Guide to Health Insurance

Enter your email below to access our free video guide and learn which health insurance option is right for you.

    We won’t send you spam. Unsubscribe at any time.

    Q: Do I have to keep my child on my health insurance until they are 26?

    You don’t have to, but you can. Thanks to the Affordable Care Act, children can remain on their parents’ health insurance plans until the age of 26. This extension provides a safety net for young adults who may still be studying, starting their careers, or exploring different paths. 

    However, it also depends on your health insurance plan. If it was not purchased from the public healthcare marketplace, or from your employer, private carriers may have different policies. Please check your policy and state laws to find out more about when your child is no longer eligible to be a dependent on your plan.

    Q: What happens after my child turns 26? Can they still stay on my health insurance?

    Once your child turns 26, they’ll no longer be eligible to stay on your health insurance plan. With some plans, this age is earlier, so make sure to check your specific health insurance policy.

    However, they have options. They can explore employer-sponsored health plans from their place of work, or enroll in an individual plan through the Health Insurance Marketplace, or explore private medical insurance plans.

    Q: Are there any penalties if my child doesn’t have health insurance after turning 26?

    Although the individual mandate, a provision of the Affordable Care Act, removed the penalty that requires individuals to have health insurance coverage, some states still have bylaws that impact this fee. However, it’s essential to stay updated on any changes in healthcare laws, as these regulations may evolve over time. In most states, there is no more penalty. 

    Q: How can I help my child financially after they turn 26?

    Financial support for your child after they turn 26 depends on your family dynamics and their individual circumstances. 

    You might consider assisting with budgeting, offering a stipend that may help towards paying their monthly premiums, or continuing to pay the premiums entirely. 

    Q: Should I still claim my child as a dependent on my taxes after they turn 26?

    Once your child turns 26, they are generally no longer eligible to be claimed as a dependent on your tax return. However, exceptions may apply, so it’s advisable to consult with a tax professional to understand the specific rules and regulations.

    As your child transitions into adulthood, supporting them through this pivotal period is crucial. Remember, open communication, understanding, and a willingness to adapt will be your greatest assets. 

    While answering these questions is a good starting point, every family is unique, so tailor your approach to the specific needs and aspirations of your child. 

    Feel free to schedule a call with me if you find yourself stuck or confused with the healthcare options available in the market for your child just turning 26.

    If you are still feeling daunted and need some guidance on the best way forward for your kids when they turn 26, working with a health insurance advisor can be great! Book a call with me if you need help!

    Book a quick 15-minute health insurance consultation with me.

    You May Also Like

    How to Quit Your Job (and keep your health insurance)

    How to Quit Your Job (and keep your health insurance)

    For many Americans, health insurance is directly tied to employment. Employer health insurance is often convenient and less expensive than other options, making it an easy decision when you need coverage for yourself or your family. But what happens to your health...

    read more
    How to Shop for Health Insurance

    How to Shop for Health Insurance

    The world of health insurance can be overwhelming, with a variety of available plans, rules, and deadlines. Many people obtain health insurance through employer-provided coverage. But what can you do if you need—or choose—to get coverage outside of an employer? It’s...

    read more
    Qualifying Life Events: What You Need to Know

    Qualifying Life Events: What You Need to Know

    Missed open enrollment? Qualifying life events are situations that can make you and your family eligible for a special enrollment period, giving you the ability to make changes to your health insurance outside of open enrollment.

    read more

    Pin It on Pinterest