Things You Should Know Before You Get Off Your Parents’ Health Insurance Plan

The Affordable Care Act (ACA) has made it possible for young adults to stay on their parents’ health insurance plans until they turn 26. This is a great option for young people who are just starting out in their careers and may not yet have their own health insurance. However, there are some important things you should know before you get off your parents’ health insurance plan.

When Can You Get Off Your Parents’ Health Insurance Plan?

You can get off your parents’ health insurance plan when you turn 26, get married, or become eligible for health insurance through your own employer. You can also get off your parents’ health insurance plan if you are no longer a student or if you are no longer financially dependent on your parents.

What Are the Benefits of Getting Off Your Parents’ Health Insurance Plan?

There are several benefits to getting off your parents’ health insurance plan, including:

You will be able to choose your own health insurance plan. When you are on your parents’ health insurance plan, you are limited to the plans that they choose. Once you get off your parents’ health insurance plan, you will be able to choose your own health insurance plan that best meets your needs and budget.
You will be able to save money. In some cases, you may be able to save money by getting off your parents’ health insurance plan and purchasing your own health insurance plan. This is because you may be eligible for subsidies that can help you pay for your health insurance premiums.
You will be able to build your own credit history. When you have your own health insurance plan, you will be able to build your own credit history. This can be helpful if you are planning to buy a home or car in the future.

What Are the Risks of Getting Off Your Parents’ Health Insurance Plan?

There are also some risks to getting off your parents’ health insurance plan, including:

You may have to pay more for health insurance. If you get off your parents’ health insurance plan, you will have to pay for your own health insurance premiums. This can be expensive, especially if you are not eligible for subsidies.
You may not be able to get the same coverage. When you get off your parents’ health insurance plan, you may not be able to get the same coverage that you had on your parents’ plan. This is because your own health insurance plan may not cover the same services or may have higher deductibles and copayments.
You may not be able to get health insurance at all. If you have a pre-existing condition, you may not be able to get health insurance on your own. This is because health insurance companies can deny coverage to people with pre-existing conditions.

Should You Get Off Your Parents’ Health Insurance Plan?

The decision of whether or not to get off your parents’ health insurance plan is a personal one. There are several factors to consider, including your age, your health, your financial situation, and your future plans. If you are considering getting off your parents’ health insurance plan, it is important to talk to your parents and to your health insurance company to make sure that you understand the benefits and risks involved.