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Hopefully when your child leaves home it is because
he or she has matured into a responsible adult. Regardless, it's
a time where emotions are sure to be running high and assisting
your child for life on his or her own is probably important to you.
Your child's and your own insurance should not be overlooked.
When your child leaves home, it may affect both your
child's and your personal health insurance. If you have health insurance
that covers your family, the coverage on your child will expire
at a point in time when he or she is no longer dependent upon you
or at a certain age (check with your insurer for details). If you
have coverage on your child and it is about to expire you may have
two options.
One would be to help him or her obtain an individual
health insurance policy. Many insurance companies offer affordable
health insurance plans for young adults to cover them for short
periods of time such as between graduation from college and obtaining
a job that offers health insurance benefits. Another option may
be for your child to acquire health insurance coverage through his
or her employer if coverage is offered. Once your child does leave
home and obtains coverage elsewhere, make sure to contact your insurance
company to have your policy updated! it may save you money!
Most insurance companies have age limits with regards
to how long a child can remain on a parent's policy. Once your child
leaves home, it will be time to remove him or her from your policy.
This will amount to big savings for you! At the same time, you need
to make sure your child obtains adequate coverage elsewhere. He
or she will need to obtain an individual policy. If your child gets
his or her own policy and then moves, make sure he or she contacts
the insurance company to update their policy. Rates and benefits
can vary based on where your child lives and parks their car.
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