How Long Can Your Children Stay On Your Health Insurance in Utah?

As parents, we want nothing more than to keep our children safe, happy and healthy. Getting one’s children protected with health insurance is, therefore, a priority for many Utah parents, but just how long can children stay on one’s policy? The regulations vary depending on a variety of factors, but our experts at Smart Way Insurance Agency are here to help parents in Sandy, UT and surrounding areas navigate this often confusing subject.  

We’ll start with the basics. The age at which children can stay on their parents’ Insurance was last changed (not just in the Sandy UT area but nationwide) in 2014 with the enactment of the Affordable Care Act. This moved the cutoff age to 26, allowing parents to help out their children even longer as they transition into adulthood. Fortunately, there is a grace period. Many insurance plans now require children to be taken off of their parents’ policy at the end of the month that they turn 26, while others (such as marketplace plans) allow children to stay on until the end of the year that they turn 26. In most cases, they can also only stay on after the age of 28 if they are also listed as dependents. 

Now, it’s worth noting that it is possible that the age limit will change in the near future due to the Federal government’s frequent attempts to change healthcare laws. Fortunately, those of us at Smart Way Insurance Agency keep a close eye on insurance laws to make sure none of our clients get left in the dark. 

If you live in the Sandy, UT area and are interested in learning more about health insurance options for you and your children, Smart Way Insurance Agency is here to answer all of your questions and help you get the coverage you need. Give us a call or drop by our office when you’re ready. 

4 Reasons Why You Need Life Insurance in College

It is the dream of every young person to study and join college. What many people don’t realize is that this comes with responsibility. For example, the student has to be responsible for managing the money they spend during their stay in college. The future is always uncertain and it is advisable that you get a life insurance policy for your child while they are in school. For the residents of Sandy, UT, visit us at Smart Way Insurance Agency to get a life insurance policy. The following are the four reasons why you need life insurance in college.

The normal reason for life insurance

Everyone in a family is usually insured including all the children. The life insurance should be extended when your child joins college. By doing this, you will be assured of coverage in case there are any final expenses. For example, there may be costs in which the health insurance may not sufficiently cover. Life insurance will cover these costs.

Student loans

For a student who was is acquiring a loan from a government institution, the loan is canceled immediately the student dies. However, there are those who acquire loans from private institutions like banks. Some of these institutions will require the parent to be the guarantor. This means in case of anything, the parent will have to pay the loan. Getting a life insurance will cover this costs adequately.

Non-student loan debt

Some parents will go an extra mile of acquiring a loan to pay for the expenses of the child during their stay at college. Either way, you look at it, these debts prove to be a liability in the future. To adequately cover them, one should get a life insurance policy that will ensure the debt is covered.

Marriage

It is normal for some students to get married or get engaged while still in college. As a student, to help protect your marriage against any future financial responsibilities, it is wise to get a life insurance policy. If you live in Sandy, UT, visit us at Smart Way Insurance Agency to get a life insurance policy.