How long can you keep your child on your health
If a plan covers children, they can be added to or kept on a
parent's health insurance policy until they turn 26 years old.
Children can join or remain on a parent's plan even if they are:
Not living with their parents
Not financially dependent on their parents
Eligible to enroll in their employer’s plan
These rules apply to both job-based plans and individual plans
bought inside or outside the Marketplace.
What happens when my child turns 26?
Under-26 coverage ends on a child’s 26th birthday.
When a child loses coverage on their 26th birthday, they qualify for
an SEP -
Period. This lets them enroll in a health plan outside Open
They may qualify for tax credits and other savings based on their
They can enroll up to 60 days before their 26th birthday. Their
period ends 60 days after their birthday.
If they enroll before their birthday, coverage can start as soon the
first day of the month they lose coverage. If they enroll during the
60 days after their birthday, coverage can start the first day of
the month after picking a plan.
If they don’t enroll in health coverage within 60 days of their
birthday, they may not be able to get coverage until the next Open
If they aren’t insured, they may have to pay the fee that some
uninsured people pay. If they’re uncovered for less than 3 months of
the calendar year, they don’t have to pay the fee.
Open Enrollment Periods
last date to purchase individual, renewable health
insurance during the first open enrollment period in 2014 was
Unless you qualify for a
special enrollment period, you will
not be able to buy renewable individual, health insurance again
until the next open enrollment period which begins on
November 15, 2014
with coverage effective dates starting no sooner than January 1,
You can however stay
insured between open enrollment periods by purchasing non renewable,
short-term health insurance. Our recommendation is Assurant health
insurance company. Assurant health is one of the only companies with
temporary health insurance that also covers outpatient and inpatient
prescription drugs the same as any other illness. Many of the other
carriers who offer temporary health insurance do not cover
outpatient prescription drugs or if they do, they only cover a small
amount after you have paid your health plan deductible. This can
lead to catastrophic out of pocket expenses for those who develop a
major medical illness outside of open enrollment.
Assurant, a Fortune 500
company and a member of the S&P 500, is traded on the New York Stock
under the symbol AIZ. Assurant has
approximately $29 billion in assets and $8 billion in annual
revenue. Assurant has approximately 14,500 employees worldwide and
is headquartered in New York's financial district. Assurant Health’s
products are underwritten and issued by John Alden Life Insurance
Company, Union Security Insurance Company and Time Insurance
Company, which has been
in business since 1892.
Headquartered in Milwaukee, Wisconsin, Assurant Health employs
approximately 2,000 employees. Assurant Health is rating
A-(Excellent) by A.M. Best ratings.
To get quotes & apply online for Assurant Health's temporary health
insurance click their logo below:
You will owe a non compliance 'fine' to the IRS for buying short
You must also understand
that you will be subject to a 1% of your MAGI 'fine' (TAX) for
purchasing temporary health insurance since these plans do not
include the "essential health benefits" under Obamacare such as
Maternity for 62 year old women and single men, drug rehab coverage
for those who do not own a crack pipe and pediatric dental for those
without children. As such temporary policies are not considered
'qualified health plans'. Rest assured though, if you are self
employed and do not over pay your taxes you will never pay that
'fine' (TAX) for the only recourse the IRS has to collect that fine
is to hold your tax refund. All criminal penalties for non
removed from the health care law prior
Those with 2013 Individual health plans that renew in 2014 now
qualify for a “Special Enrollment” period.
The new May 2, 2014 bulletin also allows those
who purchased 2013 plan from the ‘old market’ to qualify for a
‘special enrollment’ period if their 2013 plan renews in 2014. The
applicants can apply for a QHP up to 60 days before their plans
terminate and they may also apply up to 60 days after their
plan’s renewal date. In this
April 8, 2014 article
I noted that before this new bulletin Assurant
the only carrier that was offering a QHP to those with plans from
the ‘old market’ outside of ‘open enrollment’ periods. With this new
May 2, 2014 bulletin all carriers will eventually need to comply. As
of the date of this writing Blue Cross Blue Shield of Illinois had
not stated when they will comply. If and when they do I will add
their statement to this post.
If your pre-2014
individual plan is renewing in 2014 that is a 'qualifying event'
yesterday that they
are now honoring
states quite clearly that if you have an 'old' policy from the 'old'
market (pre 2014) and that plan renews you can purchase a 2014
'qualified' Bronze, Silver, Gold or Platinum health insurance plan
on or off the exchange on a guaranteed issue basis between open
enrollment periods. This is very good news for anyone how has an
'old policy' that renews this year and is facing a large premium
increase and/or has exclusion riders on their existing policy and
wishes to purchase a new 2014 plan without exclusion riders.
At this juncture,
Health is the only
carrier that is honoring the aforementioned regulation and as such
they have a corner on the market until the next open enrollment
period begins on November 15, 2014 for coverage effective dates
beginning no sooner than January 1, 2014. As I stated
this recent article,
many health insurance carriers like Aetna and Humana are not even
offering short term (temporary) health insurance products until the
next open enrollment period. The few carrier who are, offer them
with dangerously low lifetime maximum coverage amounts. It must also
be reiterated that if you purchase short term coverage, these
policies do not cover preexisting conditions and you will be subject
of your MAGI 'fine'
(TAX) from the IRS if you purchase short term coverage because those
considered 'qualified health plans'
under CMS and HHS
your old health insurance plan is renewing in 2014 and you wish to
get quotes from Assurant Health for a qualified replacement plan
click their logo below. There is now a new section on the
application where you will need to either upload a copy of your
existing health insurance ID card proving that you have a policy
from the 'old market' or you can fax a copy of your old ID card to
the fax number provided on the application. This is necessary to
prove that you qualify for a special enrollment period and an
applicant with a qualifying event.
HSA - Health Savings Account qualified HDHPs
- High Deductible Health Plans are still available.
Contrary to popular belief you
can still purchase an HSA qualified HDHP in 2014 and beyond. The
"Bronze" plan under the PPACA (Obamacare) is an HSA qualified HDHP.
In fact, there are many more benefits included with HSA qualified
HDHPs than there were before the PPACA. This is so because all
health insurance plans sold after January 1, 2014 must now include
63 preventive care test and exams with no deductible or co pay
required. Click the HSA piggy bank below to learn more about Health
insurers will not offer health insurance again until November 15,
United HealthOne is no longer offering health insurance products of
any kind in Illinois as of January 1, 2014. They do offer fixed
indemnity plans, these are not health insurance products and we do
not recommend purchasing fixed indemnity plans. The risk
exposure is too great.
United HealthOne is offering temporary health insurance outside
between open enrollment periods in 2014.
Click the United HealthOne
logo to apply for
health insurance on or off the health insurance exchange.
These plans will be available for sale again on November 15, 2014
with effective dates beginning January 1, 2015.
Depending on what your 2014 total household MAGI - Modified
Adjusted Gross Income - will be, you may qualify for a
significant federal subsidy under the new health care law to
lower your premiums. The next date to find out is November 15,
2014 when Medal renewable health insurance plans are available
again for sale during the next open enrollment period.
If your 2014 total household MAGI -
Modified Adjust Gross Income - will be lower than:
$46,960 for an individual
$62,040 for a couple
$78,120 for a family of three
$94,200 for a family of four
$110,280 for a family of five
$126,360 for a family of six
you will be better off financially by buying a new health
insurance plan inside the health insurance exchange implemented by the PPACA - "Patient Protection &
Affordable Care Act" - otherwise known as "Obamacare". By doing
will qualify for an APTX - Advance Premium Tax Credit (federal
subsidy) - to reduce the cost of either the Bronze, Silver, Gold
or Platinum health insurance plans offered inside the health
Click the Humana logo below to apply for coverage with Humana inside or outside
of the new health insurance exchange. These plans will be available for sale
again on November 15, 2014 with effective dates beginning January 1,
2015. Humana is not offering temporary health insurance coverage
between open enrollment periods in 2014.
Click the Aetna logo below to apply for coverage with Aetna inside or
outside of the new health insurance exchange. These plans will be available
for sale again on November 15, 2014 with effective dates beginning January
1, 2015. Aetna is not offering Temporary health insurance between open
enrollment periods in 2014.
Blue Cross Blue Shield of
Illinois also offers temporary health insurance coverage. However,
like most other carriers they only cover up to $500 of coverage for
outpatient prescription drugs after you have paid your calendar year
health plan deductible. Blue Cross also only allows annual payments
for temporary coverage. Click their logo below to shop for temporary
coverage with BCBS of Illinois.
Click the "Health Care Reform" banner below to shop for renewable
Medal health insurance plans from all carriers in all 50 states both on or
off the health insurance exchange.
These plans will not be available for sale again until November 15, 2014
with effective dates of January 1, 2015.
Supplemental Accident coverage
Since many consumers are
now purchasing the 2014 "Medal" health insurance plans with high
it makes great sense to purchase a Supplemental Accident plan so
that you receive a cash payment ($5,000, $7,500 or $10,000) each time any member of your family suffers from an accidental
injury (cuts, breaks, sprains, bruises etc). This cash can payment
can help you pay your
health plan deductible. Since accidental injuries are far more likely to
occur than major medical illnesses (most especially when you have
active children) many families are choosing to purchase supplemental
accident expense plans. Supplemental Accident Expense plans are also
a great way to save money because you can choose a higher deductible
than you would normally choose knowing you will not have to pay that
deductible if an accidental injury occurs to any member of your
family. Click the WBA "Learn More" button below to shop for
Supplemental Accident coverage:
Traditional or HSA qualified
health insurance? Which is better?
If you're over 65 or nearing that age and are looking for
information and multiple free quotes on plans that will cover your
Medicare deductibles and other out of pocket expenses. Please visit
Medicare Supplement page.
Click the banner below for Term Life insurance quotes from all carriers:
Critical Illness coverage
In fact, Supplemental Accident Expense plans are often
cheaper when coupled with Critical Illness plans. Why consider Critical
1.2 MILLION people
suffer heart attacks each year.
780,000 people suffer
strokes each year.
new cancer cases were estimated for diagnosis in 2007
alone. Between 1994 and 2004, the death rate declined approximately 31%
for heart attacks and almost 24% for strokes. (Source: American Heart
Association, Heart and Stroke Statistical Update, 2008.) The possibility
of surviving a Critical Illness before age 65 is almost twice as great
as dying. (Source: National Center for Health Statistics.)
WOULDN’T A CHECK BE
BETTER THAN A GET WELL CARD?
Critical Illness benefits are paid directly to you. You
choose how to spend the benefit at a time when you and
your family may need extra cash the most. For example:
- Home Health Care
- Cost of Caregivers
- Lost Income of Self or Spouse
- Daily Living Expenses
- Co Pays, Deductibles & Co-Insurance
- Non -Covered "Experimental Treatments
- Housekeeping or Child Care Expense
- Maintenance of Your Family's Quality of Life
General (www.AmericanGeneral.com) has introduced a new Supplement Accident Expense plan that
also includes Critical Illness coverage and it's extremely
well priced. Adding this product to any health insurance
plan would not only alleviate the worry of paying your
health plan deductible if you or a family member where to
suffer an accidental injury but it will also provide you a
much larger cash benefit (up to $25,000) if you or a family
member were to contract a critical illnesses such as life
threatening Cancer, Stroke, or Heart Attack. For more information about this
unique and affordable plan click the brochure below. For a
free quote, please
contact us and we will send
you quotes via email. Or call us toll free @ (866) 724 7123.
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