Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
My son is still in school but will be 26 this Fall and thus too old for our insurance policy, so we are starting to look for options. We just want a basic catastrophic type coverage, if that's the right terminology. In other words, we won't mind covering an occasional doctor visit but want insurance against any big, unexpected expenses.
Any advice on where to start would be appreciated, as well as experience others may have had.
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Check with your HR department to see if he can get COBRA coverage after he turns 26. If so then that would take him through when he can get insurance next year.
A quick Google found this;http://www.bluecrossma.com/national-hea ... on-26.html
See the COBRA question towards the bottom of the page.
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I have a son turning 26 in July, my thought is to encourage him to get temporary coverage to Dec. 31. He will be eligible to sign up for subsidized coverage on the new exchange in the fall, even if a pre-existing condition were to appear before then.
I just checked the cost with a reputable non-profit insurance company in my state, 150 days coverage with $5000 deductible costs just $231 total for the entire period.
Cobra may be extremely over-priced for a young healthy person. I think when my daughter was eligible the cost was at least 3 times the cost of getting her own individual coverage.
press on, regardless - John C. Bogle
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- Location: Wisconsin
For where to start...compare the plans on ehealthinsurance.com. Sorts out all the plans available for your state.
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halfnine wrote:For where to start...compare the plans on ehealthinsurance.com. Sorts out all the plans available for your state.
If kid has little or no income next year the only place to get government subsidies is healthcare exchange
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Most colleges provide low(ish) cost insurance of this sort. I would check with the school.
Best of luck.
We live a world with knowledge of the future markets has less than one significant figure. And people will still and always demand answers to three significant digits.
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Rodc wrote:Most colleges provide low(ish) cost insurance of this sort. I would check with the school.
Best of luck.
Be careful. These used to have low limits (but this might be disallowed under current law now).
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I'll second ehealthinsurance.com.
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