Qualifying for ACA Insurance After Losing Parent’s Coverage

Introduction

Losing health insurance coverage can be a stressful experience. Fortunately, there are options available for those who lose coverage through their parents’ plan. The Affordable Care Act (ACA) provides certain qualifying events that allow individuals to enroll in health insurance outside of the annual Open Enrollment Period. Losing coverage through a parent’s plan is considered a qualifying event, enabling eligible individuals to enroll in ACA health insurance.

Qualifying Life Event: Losing Parent’s Insurance

When a child ages off their parent’s health insurance plan, it triggers a qualifying life event (QLE) under the ACA. A QLE is an event that makes an individual eligible to enroll in health insurance outside of the Open Enrollment Period. Losing coverage through a parent’s plan qualifies as a QLE because it is an involuntary loss of coverage beyond an individual’s control.

Special Enrollment Period

After losing coverage through a parent’s plan, individuals have a Special Enrollment Period (SEP) to enroll in ACA health insurance coverage. The SEP begins on the day after the coverage is lost and lasts for 60 days. During the SEP, individuals can enroll in any ACA-compliant health insurance plan.

Enrolling in ACA Health Insurance

Several options are available for individuals who qualify for a SEP due to losing parent’s coverage:

1. Healthcare.gov: Individuals can visit Healthcare.gov to explore ACA-compliant health insurance plans available in their area. The website provides tools and resources to compare plans and find affordable coverage.

2. State Insurance Marketplace: Some states operate their health insurance marketplaces. Individuals can find their state’s marketplace by visiting Healthcare.gov or contacting their state’s insurance department.

3. Insurance Agents or Brokers: Licensed insurance agents or brokers can assist individuals in finding ACA health insurance plans. They can provide personalized advice and help navigate the enrollment process.

Financial Assistance

Individuals may be eligible for financial assistance to lower the cost of ACA health insurance. These subsidies are based on income and household size. Eligibility for financial assistance can be determined by visiting Healthcare.gov or contacting an insurance agent or broker.

Conclusion

Losing health insurance coverage through a parent’s plan can be a QLE that enables individuals to enroll in ACA health insurance during a SEP. By understanding the qualifying criteria and enrolling during the SEP, individuals can secure affordable and comprehensive health coverage. If you find yourself losing coverage due to being kicked off your parent’s insurance, don’t hesitate to explore your ACA insurance options. Licensed agents can guide you through the enrollment process and ensure you find a plan that meets your needs.