I am suppose to start FT sometime around August. Parents will be including me in their health insurance for 2021 through the Marketplace. Will I need to cancel my coverage with Marketplace once I begin since EY offers health insurance? Will I be able to get coverage through EY then? I know there’s something about a cycle but is that only applicable to changes you’d want to make and not the start of coverage?

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You’ll be able to enroll in EY insurance when you start. You’re also allowed to stay on your parents’ insurance until you’re 26. I had both for ~3 years and had to get a couple of major tests done (MRI, CT scans) and whatever my insurance didn’t cover my parents’ insurance picked up which was nice. If your parents don’t have other children, they may want to downgrade their insurance to a couple plan instead of a family plan so that would be the only reason you’d need to leave their plan

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Thank you so much!!

Also turning 26 is a qualifying life event, so if your parents will allow it you can stay on their insurance until you turn 26 and then enroll in EYs insurance even if your birthday is outside the benefits enrollment window.

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Thank you!!

Not an expert but my understanding is that if you don’t enroll after a qualifying event such as job change, you have to wait until the next enrollment period to begin coverage. I don’t think you can start outside that period.

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You dont have to cancel your current coverage, you can have both in a lot of cases

If you are under 26 you can stay on your parents plan. If you want to go on EY plan you can either select that when start at EY in August, your parent can take you off their insurance or keep you, or 2. Decline EY coverage in August and elect during open enrollment in October (for coverage starting 1/1/2022).

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I don’t know what it means when you say through the marketplace. But I work full time and I am still on my parents insurance since I am under 26.

Like Obamacare. They receive tax credits to use towards our premiums

You can have multiple health insurances at the same time. Your employer's will just be required to be your primary. I was under my company's and dad's insurance until I turned 26.

Check with their health insurance too. Some policies won't cover you if you qualify and decline health insurance from a current employer.

I stayed on my parents plan until 26, turning down EYs insurance. They have like a $35 monthly premium for a family plan so it was a no brainer. Turned 26, treated it as a qualifying event, and enrolled in EYs coverage. Was the cheapest option for me.

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