(NAPSI)—When your kids graduate, there are two things it’s best to know. First, congratulations. Second, consider their medical insurance needs. Perhaps that is the last item you ask yourself however it could also be amongst essentially the most significant. About one in five people of their 20s would not have medical insurance, in keeping with recent studies. Nevertheless, one unexpected illness or accident could have long-lasting health and financial consequences.
“Selecting the precise health coverage to your child could seem difficult as many individuals have never shopped for their very own medical insurance or worry they can’t afford it,” said Mark Smith, president of HealthMarkets Insurance Agency, one in every of the biggest medical insurance agencies in the US. “A wide selection of coverage options can be found to fulfill your child’s unique care needs and financial situation post-graduation.”
And now could be the time to begin. Many colleges and universities require undergraduate and graduate students to have health care coverage while enrolled. While some can have coverage under parents’ medical insurance, others select health plans offered by health insurers through the college. Students have until their plan expiration dates, which vary by plan, to enroll in latest ones. So “Step One,” know when that’s.
Health Care Coverage Guidance and Enrollment Support
Families can find support through health care marketplaces, insurance carriers, insurance brokers and other licensed insurance agents to assist determine what plan is best for them.
For instance, GetCovered, powered by HealthMarkets, is a free service that gives guidance for individuals who need health coverage. Call (877) 650-1065 or visit www.getcovered.com/graduate to start. Working with licensed insurance agents, individuals can learn what they’re eligible for that best meets their needs. Agents may also help them enroll in these plans, where they’re able.
Inquiries to Ask
To seek out the precise coverage, it’s necessary to know what’s available, what to ask and what information is required to enroll. To narrow the choices, know:
• When your child’s current coverage ends?
• Is coverage under my plan an option? Under the Reasonably priced Care Act’s “Age 26” rule, parents and guardians may maintain or add their children to their plans until their twenty sixth birthday or one other date that 12 months, if you happen to are enrolled, and additional premiums are paid. Go to https://www.hhs.gov/healthcare/about-the-aca/young-adult-coverage. Also, you should definitely check state regulations as some have prolonged eligibility beyond age 26.
• What advantages does my child need or want?
• What can we afford? Take into consideration what portion of his or her monthly budget may be used for health coverage or other insurance. Young adults could also be eligible for extra options based on their specific financial situation.
Health Coverage Options
If coverage under the “Age 26” rule isn’t an option, consider:
• Medicaid/Medicare—While Medicare coverage is primarily available to individuals over age 65, Medicaid eligibility relies on income, disability, and other circumstances.
• Individual exchange/marketplace plans—These ACA plans can be found through federal or (Reasonably priced Care Act) state enrollment sites. Based on income, your graduate could also be eligible for plan subsidies—making one in every of these plans more cost-effective. Graduation could be a “qualifying life event” to enroll in an ACA plan outside of the annual Open Enrollment Period.
• Short-term plans—Short-term limited duration insurance coverage provide temporary coverage to bridge the gap between longer-term insurance coverage. These plans have a hard and fast duration of a couple of months to even several years and offer different levels of coverage than ACA plans.
“Health coverage decisions may be made simpler—and there are resources to assist,” Smith said. “Whether your loved ones chooses to do its own research and enrollment or engage outside services, determining what your graduate may have and might afford will assist you find health coverage that ensures your child has access to care now.”