As your children enter the work force, they may discover that their employer does not offer health insurance. Conversely, they may be able to enroll in an employer-sponsored health insurance plan, but at a premium they cannot afford. This is why the Affordable Care Act established exchanges where uninsured people can purchase their own health insurance plans.
However, many young adults choose not to purchase their own health insurance plans. Even though the ACA provides many lower-income people help with the cost of premiums, health insurance may not be on the top of many young workers’ list of priorities. It’s common for young people to enjoy good health and a feeling of invincibility, but as a parent you know that an accident or serious illness can happen to anyone.
That’s the bad news, but here’s the good news: Thanks to a rule included in the ACA, adult children can maintain coverage under their parents’ health insurance policies until age 26. This is possible even if your child is married, is no longer your dependent, or does not even live with you.
If you’re already paying for a family plan anyway, due to having younger children, you might as well keep your older child on your policy until age 26. If you have only a single or couples policy, you may be able to upgrade to a family policy during the open enrollment period which begins in November. Start comparing your options now, so that you can make an informed decision next month.