Health Insurance Financial Adulting Options

1. Ages 18-25

  • You can stay on your parents’ insurance until you turn 26, if you are in school or live with your parents. 
  • Another option is to buy affordable health insurance through your college or university.

2. Ages 26-30

  • Florida Statute 627.6562 allows for dependent children who are also unmarried and have no dependent child of their own to remain on the parents’ insurance until age 30. The restriction there is that you must be financially dependent on your parents, who must claim you on their income tax returns. You’ll need your parents to apply for a rider.
  • Catastrophic insurance plans are designed for healthy people under 30. This is a low-premium, high-deductible plan with minimal benefits.
  • Explore your options through the HealthCare Marketplace, aka Obamacare. Depending on your income, you might be eligible for stipends paid directly to the insurance company that lower the cost of your premiums. The catch there is that your stipend is based on your projected income; if you make more money than you estimated, you need to notify the Marketplace immediately so your stipend can be adjusted. Otherwise, it will be counted as ordinary income and your tax liability will shoot way up.
  • If you have a full-time job and your employer pays all or part of the cost of your health insurance premiums, sign up. It will save you a lot of money.

3. Age 30 and older

  • If you had a catastrophic plan, your insurance carrier will automatically move you to a new plan with similar benefits when you turn 30. It will cost more than you were paying previously, so it’s a good idea to shop around.
  • If you’re under-employed or low-income, you might eligible for a low-cost Medicaid plan.
  • If you’re not already on Obamacare, check HealthCare Marketplace for your options.
  • If you have a full-time job and your employer pays all or part of the cost of your health insurance premiums, sign up. It will save you a lot of money.

Compiled from government sources including HealthCare.gov and the National Conference of State Legislatures

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