Today, the American family is more unique than ever before. Members of less conventional households sometimes find they have special circumstances or needs when it comes to healthcare coverage. This can prompt parents or guardians to seek insurance quotes for children. But kid’s-only health insurance can be a great option for many families. Below we explore some of the reasons and benefits for choosing individual health insurance for children.
What It Is
A child-only plan is a health insurance product in which there are no insured parents on the policy. It can be purchased by a parent or guardian in the private market to provide coverage for one or more related children. Under the Affordable Care Act, insurance companies are not allowed to deny healthcare coverage to children under age 19. Kid’s only health insurance is offered at the same metal tiers as grown-up insurance policies, and must cover essential health benefits. These plans follow the same enrollment guidelines as their adult counterparts, and can only be purchased outside of enrollment periods when there is a qualifying event.
The reasons why parents may seek health insurance quotes for children are varied. The most likely scenario is the parent may work for an employer who does not provide dependent coverage. The parent also could be self-employed. A child may be residing with grandparents who are covered through Medicare. Children may have special needs that are not covered by a parent’s insurance policy.
Or, parents may simply be considering child-only health insurance because they want to ensure coverage in the event they lose or change jobs. If this is the case, don’t rush to pay for a child-only plan. In the event of job loss, or a change in careers, you qualify for a Special Enrollment Period (SEP).
Most group policies have one rate regardless of the number of children being insured. A parent of just one child pays the same as
a parent who has five children. This means there could be some potential savings with a kid’s-only health insurance policy. Finally,
a family may only be able to afford to insure their children. While parents of healthy children might be tempted to skip coverage, all
children need regular check-ups to assess development and growth. Not to mention, children are at risk for things like chickenpox,
pinkeye, pinworms, scabies, ear infections, colds and coughs, and diaper rash.
The biggest downside to a kid’s-only health insurance policy may be that you, their caregiver, may not have the medical coverage you need. HealthMarkets can help you with all of your health insurance needs. Whether you are seeking insurance quotes for children or yourself, we can help you find the best option to suit your family’s healthcare needs. We offer this service at no cost to you, and our best price guarantee* ensures you won’t find a lower price anywhere else for a plan we offer.