So You are Turning 26…
What does that Means for Your Insurance Coverage?
Many millennials are coming to a pivotal moment of adulthood… Health Insurance premiums.
What happens when you turn 26? You age off of your parent’s health insurance and are no longer considered a dependent. This means you have 60 days to find a new insurance policy before you run into the new fines for 2016.
These fines have been increasing every year since 2014. We are now going into the fines of 2016 which are $695 for a single or 2.5% of your yearly income, whichever is greater. This isn’t something you want to wait around on.
A few solutions are available as you attain your 26th birthday. Your employer may provide a health insurance plan that you can opt into. If you are self-employed or work at a company that does not provide a health insurance plan, you can purchase your own private plan.
We can help. We will show all the plans and prices in your area, make sure you understand the benefits, and we can enroll you.
The process is quick and simple and we will be there every step of the way. As part of the process, we will also determine whether or not you are eligible for an advance premium tax credit/subsidy, under the Affordable Care Act. If you are eligible, we will make sure you understand how the subsidy program operates.
Give us a call, and we’ll help guide you through the change.