Dependent Health Coverage
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If you have several people relying on you for their medical insurance needs, then you must understand what health coverages might apply to them.
Dependents refer to people who rely on you for any reason whatsoever. They can come in the form of children, parents, and spouses and may depend on you for their care, development, and income, among others. Essentially, everything that happens to you affects their quality of life.
Dependents are essential to consider when getting health insurance because there are certain coverage benefits that apply to them.
The specifics vary greatly depending on your policy, but most insurance plans have provisions for your dependents. For example, basic health insurance policies that you can get from the ACA Marketplace include pediatric services for your minor children.
Who’s Eligible to Be a Dependent?
Most of the time, insurance dependents are the same people you consider as dependents on your tax forms. In fact, if you’re putting them on your tax forms, you’re likely required to list them under your insurance plan as well.
Typically, these dependents are family members, such as the following:
- Legal spouse
- Domestic partner
- Biological children
- Legally adopted children
- Stepchildren
- Children of a domestic partner
- Children legally placed with you or your spouse for adoption
- Children for whom you or your spouse are legal guardians
- Foster children lawfully placed with you or your spouse
- Grandchildren who are financially dependent on you and have lived with you since birth
- Children cleared by a Qualified Medical Child Support Order to obtain coverage
- Children who are disabled and meet certain criteria, even if they’re older than 26
Keep in mind that children 26 years old and beyond need to enroll in their insurance plan and must do so within the enrollment window of that year.
When Can I Add Dependents to My Plan?
Other than the enrollment period, there are specific cases when you can add dependents to your health coverage plan.
- Within 60 days of the birth of a newborn
- Within 60 days of the placement of an adopted child
- Within 60 days of your a spouse or child’s loss of employer coverage
- When a dependent, disabled child is 26 years old or older
Requirements When Adding Dependents
There are specific requirements that need to be met when you’re adding dependents to your insurance policy.
These can change based on your relationship with the dependent. However, since the most common dependents are likely to be your children, let’s discuss the requirements when adding children to your insurance policy.
- Age. Children must be under 26 years old.
- Residency. Children only qualify if they have steadily lived with you for at least six months prior to adding them to the policy.
- Income contribution. Your children must not be able to provide for their expenses to qualify as your dependent. Otherwise, they will need to have their own policy.
- Tax filing. If your children have filed any joint tax return that year, they can’t qualify as a dependent.
- Conflicting claims. A child can only be claimed by one household as a dependent – they can’t be considered a dependent by two different households, even if their parents are legally separated.
Covering Dependents With Magnum Insurance
Insurance policies exist to safeguard you and your loved ones against financial difficulties that involve your health. However, you won’t be able to utilize them properly if you don’t know what they cover.
Here at Magnum Insurance, we provide free consultation services to help you learn how your insurance policy will cover you and your dependents. Reach out to us today!
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