Can I stay on my parents’ insurance if taking a leave of absense from college?
UPDATED: Jul 26, 2011
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Asked July 26, 2011
Until October of 2010, insurance companies had strict regulations regarding when and for how long you could stay on your parents' insurance plan. As the Healthcare Reform Act of 2010 goes into effect, though, it will mean that many young adults are able to stay on their parents' policy until they are 26 years old as long as they do not have access to insurance through their employer or other organization.
Previously, health insurance companies were able to set arbitrary cutoff ages for health coverage, ranging from 18 to 25 depending on the company and state where the coverage was issued. With the federal healthcare reform, healthcare will be available uniformly to children up until the age of 26, regardless of whether they live in the same home, or even get married. If you stay on your parents coverage and have children, your kids may not be coered under the healthcare reform act, but you will be as long as you do not have access to health insurance of your own, such as a health plan offered through your employer.
For car insurance, the rules haven't changed. If you are a student, you can remain on your parent's car insurance until you are 25, but you must be a dependent living in the home or enrolled in a college curriculum in the location where you reside. As long as you are under the age of 25, you will qualify for inclusion under your parents' plan. For car insurance, 25 is the magical age at which you are considered to be a responsible adult, and you will need to get your own insurance policy, even if you are still enrolled full time in university courses. If you become emancipated before your turn 25, then you must get your own insurance coverage at the age at which you become self-sufficient, whether you are 18 or 24, and regardless of whether you attend school in the same or a different state.
Answered July 26, 2011 by Anonymous