05 May How can my adult kids plan for their health insurance?

Q. My twins won’t turn 26 for two more years but I’m already worried about health insurance costs for them. One is in grad school and the other works a job but has no benefits. What planning can we do now?
— Mamma

A. It’s always smart to plan ahead.

Children can stay on a parent’s plan until through Dec. 31 of the year they turn age 26.

You have several options.

The graduate student could apply for the student health plan offered from the university, said Jody D’Agostini, a certified financial planner with Equitable Advisors/The Falcon Financial Group in Morristown.

“If the coverage is not comprehensive enough, you can look to supplement by enrolling in the Health Insurance Marketplace at healthcare.gov,” she said.

Your other twin should shop for health insurance through a licensed health insurance broker and through the Health Insurance Marketplace to compare the rates and coverage, D’Agostini said.

“They are not eligible to sign up right now but will need to wait until the next enrollment period which runs between Nov. 15 and Jan. 15,” she said. “The only way to apply in between would be if they had a qualifying event such as loss of coverage, getting married or having a baby.”

D’Agostini said if either twin is considered low income, they can qualify for free or very low-cost coverage provided by Medicaid.

“New Jersey is one of the states that runs its own health insurance marketplace for adults between 19 and 64,” she said. “If your income is less than $1,677/month for a single person, you could qualify for free health care.”

This is through NJ FamilyCare, she said.

“If your child’s income is less than $81,540, they could qualify for subsidies,” she said.

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This story was originally published on May 5, 2023.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.