What You Can Do When You Age Out of Your Parents’ Health Care Coverage

Health insurance is designed to help you cover various medical expenses, including preventative care and sickness. As of right now, children can stay on their parent’s policy until the age of 26. If you’re almost 26 years old, you do have health insurance options. Freeland Insurance, serving Oklahoma City, OK, shares some of these options.

Employer Insurance Plan

If you are currently employed with a company that offers employee health benefits, you should reach out to your supervisor or Human Resources department to find out how you can sign up. As a general rule, there will be several options available, and your premiums will be taken directly out of your regular paycheck.

COBRA

COBRA coverage allows you to petition the employer or health insurer of your parent’s health insurance policy to stay on their current plan for as many as 36 months following the day you turn 26 years old. You will need to fill out an election form and submit it to the necessary party. 

Catastrophic Insurance

These types of health insurance plans are designed to offer protection against some of the worst situations. This health insurance plan is permitted for individuals under 30 years of age and anyone who is facing undue financial hardship. 

Usually, preventative care is covered, as well as expenses greater than the deductible, which ensures you don’t go into financial distress. However, when it comes to emergency care, you will be responsible for paying for these services out of your own pocket until the deductible has been reached.

Medicaid

Oklahoma is one of the states that offer Medicaid expansion. This expansion makes it easier for more people in the state to qualify for insurance coverage, especially if you are on a low or limited income. As long as your income is a certain amount below federal poverty, you may be eligible for Medicaid health insurance. 

With any of the aforementioned options, there may be certain stipulations to meet that vary from state to state, so you should speak to a professional insurance agent with Freeland Insurance, serving Oklahoma City, OK residents.