Finding cheap health insurance for children can be a challenge. You have to balance your financial needs with your family’s requirements for healthcare. Health Insurance Plans can take the guesswork out of the exploration and help you find an affordable healthcare plan. Let’s look at the Health Insurance Plans’ approach.
Can I Buy Health Insurance for My Child Only?
Health insurance plans covering kids only, with no adults included in the policy, can be found on private and public health insurance exchanges.
You can get health insurance for your child at a health insurance marketplace.
The Affordable Care Act (ACA) mandates that any qualified health insurance plan sold on the public marketplace must have an equivalent plan for kids who have not turned 21 before that plan’s year coverage starts.
Since the plan must be equivalent, child-only plans are also qualified health insurance plans and must comprise:
- Guaranteed issue during open enrollment periods: During the annual Open Enrollment Period, insurance carriers must provide coverage to anyone who applies.
- Continuous coverage regardless of pre-existing conditions: This means that if your kid has or develops an illness or disease, health insurance carriers cannot deny, discontinue, or charge more for their coverage.
The ACA also mandates that all individual and group health insurance plans must provide dependent coverage until children turn 26. This coverage does not comprise Medicare, but it does include health insurance plans sold on and off the marketplace. If you are interested in health insurance plans that can affordably cover your whole family.
Employer Health Insurance for Kids
Only 49% of United States households use employer plans to insure their kids. Why? Maybe because some employer plans provide dependent coverage that seems unaffordable. Or perhaps because some guardians are enrolled in Medicare, which does not offer any dependent coverage. If you are trying to find out if you can get a low-cost insurance policy just for your children, you are not alone. Health Insurance Plans can help you find affordable health insurance for children.
Subsidies and Child-Only Health Insurance Plans
Guardians who do not have employer-sponsored health insurance plans, or whose plans don’t meet value and affordability standards, can apply for subsidies. Even if only one kid is on a health insurance plan, a guardian can apply for subsidies as long as:
- He or she attains financial eligibility standards and
- The coverage is for a legal dependent.
A licensed health insurance agent can help you determine if you qualify for a subsidy and apply it.
If you are on an employer-sponsored plan, you most likely can’t apply for subsidies to help cover the premiums and out-of-pocket costs of health insurance for children.
To learn more about cheap health insurance for children only and find out if you are qualified for any subsidies, contact us today to talk to a licensed insurance agent.
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