At this point in your life, you may still receive your health insurance coverage through your parents’ plan. The Affordable Care Act allows you to stay on this plan as a dependent until you are 26. Show In Pennsylvania, if a parent receives coverage through a PA-based employer, you may be able to stay on
until you’re 29. Under Act 4 of 2009 (40 P.S. 752.1) group insurers may choose to offer coverage to their employees' young adult children at the employee's cost. The young adult must: not be married, not have any dependents, be a resident or enrolled as a full-time student in college, and not be covered by another policy or Medicaid. It is important that you understand your health insurance options early so that you’re ready to make a decision when the time comes. Even though you may be able to stay on your parents’ plan, it might not be the best choice for your health and your needs. If you move to a new city or state, you might find yourself beyond your plan’s provider network, which can lead to additional costs if you seek care. Make sure you fully research care options in your area when deciding to maintain or change your health insurance coverage. If you decide to stay on a parent’s plan, you may find that it is more expensive for them to keep you
covered as a dependent than it would be for you to obtain your own plan, or if you move out, their provider network does not extend to the area in which you reside. In cases such as those, obtaining coverage through an employer or purchasing your own plan might be your best option. AAbsolute Assignment Accelerated Benefits Rider Accidental Death Benefit Rider Account Balance Account Type Accumulation Period Accumulation Value Additional Premium Adjustable Life Insurance Adjusted Operating Earnings Adverse Selection Age Change Agency Agent A.M. Best Company Anniversary Annual Gross Income Annuitant Annuity Annuity Certain Annuity, Deferred Annuity, Fixed Deferred Annuity, Flexible Premium Annuity, Income Annuity, Joint & Survivor Annuity,
Life Annuity, Period Certain Annuity, Variable Application Assignee Assignment Automatic Asset Reallocation BBeginning of Policy Year Cash Value Beneficiary Beneficiary, Contingent Beneficiary, Irrevocable Beneficiary, Primary Beneficiary,
Secondary Broker Business Continuation Insurance Buy-Sell Agreement CCafeteria Plan Capital Gain (Loss) Carrier Cash Refund Annuity Income Payment
Option Cash Surrender Value of Life Insurance Cash Surrender Value for Deferred Annuity Products Cash Value Cash
Value for Deferred Annuity Products Cash Value Policy Certificate of Insurance Change of Beneficiary Provision Chartered Financial Consultant (ChFC) Chartered Life Underwriter (CLU) Children's Insurance Rider Child's Protection Benefit Rider Chronic Care Rider Class (Classification) Client Client ID Number Collateral Assignment Commission Compound Automatic Increase Conditional Receipt Conditional Temporary Coverage Agreement Contestable Contestable Period Contingent Beneficiary Contract Coverage Expiry Date Conversion Privilege Cost Basis For Annuities Cost Basis For Mutual Funds The Couples Additional Benefit Rider CPI-U Automatic Annual Increases Cross Purchase
Agreement DDeath Benefit Declined Risk Deferred
Compensation Defined Benefit Plan Defined Contribution Plan Disability Waiver of Premium Rider Distributions Dividend Dividends Applied to Premium Dividend (Paid Up) Additions Dividend Option Term Rider Dollar Cost Averaging Double Indemnity EElimination/Waiting Period Endorsement Endow Enhanced Beneficiary Benefit Rider (EBB) Enhanced Spousal Continuance Rider (ESC) Entity Purchase Agreement Estate Estate Planning Estate Settlement Estate Shrinkage Estate Transfer Evidence of Insurability Exclusion Exclusion Ratio Executor Extended Term Insurance F5 Year Term Rider Face Amount Fiduciary Field Representative/Underwriter Final Expenses First-Year Premium Fixed Deferred Annuity Fixed Period Option Flexible Premium Adjustable Life Flexible Premium Annuity Flexible Premium Policy Free Look Period Frequency Frequency of Payment Front Load Funded Income Benefit Future Income Payment Future Income Payment Mode Future Income Start Date GGAAP Grace Period Grantee Grantor Gross Estate Gross Premium Group Insurance Group Life Insurance Guaranteed Cash Value Guaranteed Death Benefit (Life Insurance) Guaranteed Future Income Benefit Guaranteed Future Income Benefit Commencement Date Guaranteed Future Income Benefit Payment Mode Guaranteed Issue Guaranteed Renewable Guideline Violation HHealth Insurance Heir Home and Community Based Care Maximum Daily Benefit (HHCMDB) Home Office IIllustration Immediate Annuity Impaired Risk Incidents of Ownership Income Amount Income (Salary) Continuation Income-Earning Ability Income Start Date Incontestable Clause Increasing Premium Term Rider Indemnify Individual Insurance Inflation Protection Inforce Inspection Installment Refund Annuity Inspection Report Insurability Insurable Interest Insurance Insurance Exchange Rider Insured Insurer Interest-Sensitive Life Insurance Intestate Investment Division IRA Irrevocable Beneficiary Irrevocable Trust Issue JJoint and Survivor Annuity Joint
Life Insurance Juvenile Insurance KKeogh (HR 10) Plan Key Executive/Person Insurance LLapse Lapse Protection Benefit Rider Legal Reserve Level First-to-Die Term Rider Level Premium Level Term Rider Liability Insurance Life Expectancy Life Income Life Insurance Life Insurance Trust Lifetime Transfers Liquid Net Worth Living Benefits Living Benefits Rider Living Gift Living Trust Loan Long-Term Care Long-Term Care Insurance Loss-of-Income Benefits Lump
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Back Option Rider Monthly Deductions Monthly Deduction Waiver Morbidity Morbidity Rate Mortality Mortality Experience Mutual Insurance Company Mutual Fund NNatural Death Net Worth New York Life Insurance Company No Lapse Guarantee Rider Non-Admitted Company Non-Cancellable Non-Contributory Non-Convertible Non-forfeitable Benefit Non-forfeiture Values Non-Participating Non-Qualified Plan Nursing Home Benefit OOption to Purchase Paid-Up Additions Rider Optional Non-Forfeiture Rider Ordinary Life Insurance Original Age Term Conversion Other Covered Insured Rider Overloan Protection Rider PPaid Through Date Paid-Up Additions Paid-Up Insurance Participant Participating Insurance/Annuity Payer Payroll Deduction Per Capital Permanent Life Insurance Personal Insurance Per Stirpes Plan Type Policy Policy Anniversary Policy Assignment Policy Date Policy Dividend Policy Fee Policy Holder Policy
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Rate, Premium Rated (up) Rebating Receipt Redemption Reduced Paid-Up Insurance Registered Representative Reinstatement Renew Renewable Term Insurance Replacement Representations Representative Required Minimum
Distribution Rescission Reserve Restrictions Revocable Beneficiary Rider Right of Assignment Risk Rollover SScheduled Premiums Secondary
Beneficiary Second-to-Die Policy Section 79 Plan Section 401(k) Plan Section 403(b) Plan Section 408(k) Plan Security Selection (of Risk) SEP Separate Account Seven-Pay Test Shared Care Benefit Rider Share Holder Shares Owned Simple Automatic Increase Options Simplified Employee Pension Plan Simplified Underwriting Single Premium Policy Split-Dollar Plan Spouses Paid-up Insurance Purchase Option Rider Standard Statutory The objectives of GAAP (“Generally Accepted Accounting Principles”) reporting differ from the objectives of SAP. SAP is designed to address the concerns of regulators, who are the primary users of statutory financial statements. GAAP stresses measurement of emerging earnings of a business from period to period, (i.e., matching revenue to expense), while SAP stresses measurement of ability to pay claims in the future. Stock Company Subchapter S Corporation Substandard Suicide Clause Supplementary Term Rider Surplus Surrender Charge Surrender Charge for Deferred Annuity Products Surrender TTaxable Gain Tax Deferral Tax Free Taxpayer ID Number Tax-Qualified Plan Tax-Free Rollover Tax-Sheltered Annuity (TSAs) Temporary Coverage
Agreement 1035 Exchange Term Conversion Term
Insurance Term to
Age Testate Total Cash Value Total Future Income Purchases UUncancellable Underinsured Underwriter Underwriting Universal Life Insurance VValuation Value as of Variable Annuity Variable Life Insurance WWarranty Whole Life Insurance Will Withholding XThere are currently no terms available in this section. YYearly Renewable Term Insurance ZThere are currently no terms available for this section. How long is the grace period for an individual insurance policy?A short period — usually 90 days — after your monthly health insurance payment is due. If you haven't made your payment, you may do so during the grace period and avoid losing your health coverage.
What does it mean when an insurance policy is in force?Basically, referring to an insurance policy as being “in force” is just another way of saying it's active. The insurance policy's premium has been paid, and coverage now applies to the policyholder. The policyholder keeps their insurance “in force” by continuing to pay their premium.
What does it mean when a policy is out of force?If for any reason, you do not pay the premiums on your life insurance, your policy will fail to be “in force”. If that happens, your coverage will lapse. If your policy lapses, when you pass away, your insurance provider will not pay out the death benefit of your policy to your beneficiaries.
What is the grace for a health insurance policy with an annual premium payment mode?The health insurance grace period is usually 90 days — if both of the following are true: You have a Marketplace plan and qualify for advance payments of the premium tax credit. You've already paid at least one full month's premium during the benefit year.
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