The Affordable Care Act (ACA) brought changed the way Americans buy health insurance. One of the largest reforms was the new rule that almost all Americans have to carry health insurance.
If Americans don’t carry health insurance, they could face tax penalties. As you prepare this year's taxes, keep documentation that verifies your health insurance.
Not only do taxpayers have to carry health insurance, their dependent children do as well. The Affordable Care Act mandated many changes to the way insurance covers children. Standard health policies now cover multiple services and treatments to children.
As a parent, you likely wonder how best to cover your children with health insurance. There are many different options to help get them appropriate, affordable coverage. As you review your health insurance, consider the options for covering your children:
With Your Employer’s Insurance
If you receive health benefits through your employer, this is a great way to cover your entire family. Most employer plans allow you to add your dependent children to your own policy.
Now, children can stay on their parents’ health insurance until they are 26 years old. The ACA mandated this change. If your job is stable and its benefits are good, then this option is often very stable when covering a child.
Under a Family Health Plan
If you don’t receive work benefits, the ACA still mandates that you have to have health insurance. You can buy health insurance through the federal exchange offered by the government. Or, you can get coverage on a private plan through a private insurance carrier. Federal exchange plans are also managed by private carriers.
Most providers offer ways to cover your family as well as yourself on one plan. These family health plans can cover you, your spouse and your dependent children. They are often generally affordable. Many companies may not even charge you for the number of people you add to your plan.
Through Their Own Health Plan
Sometimes, it may not be best to keep your child on your own health plan until the child reaches 26 years old.
Your child may need more medical attention than your benefits can provide. Therefore, you may want to invest in a separate plan for your child. You can choose a plan either privately or through the federal marketplace.
In the same vein, keeping a child on your health insurance may cost more than putting a child on his or her own plan. Talk to your insurance provider. He or she can inform you about the risks and benefits of putting children on their own plans.
Through Medicaid or CHIP
In special cases, children can qualify for Medicaid health coverage or CHIP coverage.
Medicaid helps children from low-income families get the health care coverage they need.
CHIP stands for the Children’s Health Insurance Program. CHIP helps children who don’t qualify for Medicaid still get health insurance. Each state has its own CHIP program. The state works with its Medicaid program to help enroll children in the right program.
If you have questions about getting the right health coverage, Simpson Financial Group is here to help you. Our agents can get you the correct coverage so that you don’t face insurance penalties. Start a free online quote today, or call us at (877) 727-7780 today.