Insuring Your Adult Child

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Insuring Your Adult Child

When a child becomes an adult, they’ve also reached the point where they need to get their own insurance. Everyone has a legal responsibility to handle the damage they accidentally cause to other people and other people’s property. Understandably, coverage is not always a top priority for adult children who are starting their lives on their own. However, it is important for them to understand that once they are not a full-time resident of their parents’ homes, they are not covered by their parents’ insurance policy. Even if they live next door to their parents, the policy won’t spread its coverage to take care of an adult child’s property.

When an adult child first moves out on their own, there’s often a phase where they commute between their parents’ home and their new apartment or home. This commuting results in their property being at both locations. The new grown-ups typically have few possessions, and this adds to the likelihood that insurance is overlooked or seen as unnecessary.

Enrolling for health insurance is another essential part of moving out. If they have health insurance under your plan and are turning 26, your adult child needs to take action. If they don’t, they may end up with no health coverage. Once your adult child turns 26, they will be removed from your insurance. Exactly when, however, varies between plans. Your adult is eligible for a special enrollment period that begins 60 days before they lose coverage and ends 60 days after they lose coverage. At this time, they can speak with HR at their workplace if their employer offers insurance. If not, they will be able to look at their options in the Marketplace.

If an adult child asks you for insurance advice, give them the name of an AWS insurance professional!

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