Do you get dropped from your parents insurance the day you graduate from college or is there a grace period to allow you to get insurance on your own?

UPDATED: Jul 6, 2010

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UPDATED: Jul 6, 2010Fact Checked

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Asked July 6, 2010

1 Answer

It is not so much graduating that causes you to need your own insurance coverage, it is your age. Most insurance companies will allow parents to keep their children on their insurance company up until they are 25, with the exception of full time students who can remain on the parent's policy until they graduate or stop having full-time status. This varies from state to state and even between insurance companies, so you should talk to your insurance company and find out exactly what the laws and regulations are in your area. In some states, the age is as low as 23, so make sure to find out what the maximum age is for your area.

If you are a student and 25 or older, you should probably contact your parent's insurance company and talk to them about transferring your coverage over to your own account when you graduate. Since you are already covered by the insurance company, most of them will allow you maintain your coverage and fore go health exams or other application procedures. This can save you time and trouble, and keep your insurance from lapsing while you wait on coverage to become effective.

Most insurance companies will allow you a grace period of 30 days, occasionally more. This means that even if you are over 25, you are not immediately dropped from insurance coverage just because you graduate. You still have time to find another health insurance provider, or to make the necessary arrangements with the company you are already using. Don't wait until the last minute, though. It takes a short period before coverage goes into effect, and you should try to avoid lapses in coverage.

Answered July 6, 2010 by Anonymous

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