Thinking about managing your tax bill before December 31? Download our 2024 Year-End Tax-Planning Guide here for tips and guidance.

How long am I covered under my parents’ health insurance policies?

Answer:

According to provisions of the Patient Protection and Affordable Care Act of 2010, whether you live at home or are away at college, you’re eligible to be covered under your parents’ health plan until you’re 26 years old. Ask your parents to check the policy for the details. Many students take advantage of health insurance plans offered by their colleges because such plans are relatively inexpensive and the services are close at hand. Whether you’re covered by your parents or your school, you’re likely to be on your own after you graduate. If you’re working, check any health insurance options your employer offers. If you’re not working or your employer offers no health benefits, consider purchasing short-term health insurance (if available) or catastrophic coverage, or look into your options under COBRA if you recently left a job.

 

IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any matter addressed herein.

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2018

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Securities offered through Emerson Equity LLC. Member FINRA/SIPC. Advisory Services offered through EagleStone Tax & Wealth Advisors. EagleStone Tax & Wealth Advisors is not affiliated with Emerson Equity LLC. Financial planning, investment and wealth management services provided through EagleStone Wealth Advisors, Inc. Tax and accounting services provided through EagleStone Tax & Accounting Services.

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