How to Keep Your Kids Insured After Reaching Your FIRE Goals
The Affordable Care Act (ACA) has made it possible for many families to get affordable health insurance. If you’re planning to retire early, you may be wondering how you’ll keep your kids insured. Here are a few options to consider:
1. Keep Your Kids on Your Employer’s Plan
If you have a job that offers health insurance, you may be able to keep your kids on your plan until they turn 26. This is a great option if your employer’s plan is affordable and offers good coverage.
2. Get a Marketplace Plan
If you don’t have a job that offers health insurance, you can get a plan through the Health Insurance Marketplace. Marketplace plans are available to everyone, regardless of income or health status. The cost of a Marketplace plan will vary depending on your income, family size, and the plan you choose.
3. Get Medicaid or CHIP
Medicaid and CHIP are government programs that provide health insurance to low-income families. If you qualify for Medicaid or CHIP, your kids will be covered for free or at a low cost.
4. Get a Catastrophic Health Plan
Catastrophic health plans are high-deductible health plans that are designed for people who are healthy and don’t expect to have many medical expenses. Catastrophic health plans are less expensive than other types of health insurance, but they also have higher deductibles.
Choosing the Right Option for You
The best way to choose the right health insurance option for your kids is to compare the costs and benefits of each option. Consider your family’s income, health needs, and budget when making your decision.
Additional Resources
The following resources can help you learn more about health insurance options for your kids:
– [HealthCare.gov](https://www.healthcare.gov/)
– [The National Association of Insurance Commissioners](https://www.naic.org/)
– [The Kaiser Family Foundation](https://www.kff.org/)
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