If I am under 26, can I stay on my parents' health insurance if I live in another state?
If you live in another state, your access to health care will be super limited if your parents have a plan elsewhere. Your other options for getting insured include:Getting a plan through your school or employer.Signing up through HealthCare,gov or your state’s exchange (where you’ll probably get some financial aid to help pay for premiums).Enrolling in a catastrophic plan, which provides minimal coverage for a reasonable monthly premium cost. (Note: You can only stay on this kind of plan until you turn 30.)Signing up for Medicaid if you meet the income requirements.This article has more details on your options. Good luck!
Need health insurance coverage for pregnancy?
It may not seem appropriate to refer to pregnancy as a “pre-existing condition” but health insurance companies really can treat it like one. Laws vary by state, but in most states a woman will not be able to obtain individual health insurance coverage that will cover her pregnancy if she is pregnant at the time she applies for coverage. Even if the insurance company approves your application for coverage, they can generally exclude maternity benefits for your current pregnancy. It sounds rather inhumane, I know, but the health insurance company is making a simple cost/risk calculation. They want to avoid extending coverage and paying out thousands of dollars in maternity claims for someone who may well cancel her insurance plan in nine months. That’s the bad news. The good news is that there are some public assistance options available in most states, as your other readers have mentioned. If you want to get a good look at your options, visit the folks at the Foundation for Health Coverage Education. They’re a non-profit organization that helps people find and apply for government-sponsored health insurance options. You can find their website at www.coverageforall.org. -Amir M, licensed agent at eHealthInsurance.com
How do you know if you are FINANCIALLY capable of supporting children?
Well, it's a start to consider the realistic cost of raising children. I'll give you some things to consider and I'm sure you can take it from there... Having a baby- do you have insurance? how much is it, how much will you have left to pay? How much will it cost to change your current insurance policy to a family plan, after child is born? Once Baby is here- price of baby formula and necessary baby stuff, take a walk around baby section at local store, see prices, know that a baby goes through a can or more of formula a day. Baby food, several jars a day. Clothes, cribs, toys, Dr. appointments (once a month or so, for first year) Toddler- more clothes, toys, toddler bed, classes? Ballet, Karate? Gather a list and go on line and price check. This will give you some idea. I think that whenever you decide, you will be ready. You are asking all the right questions and that's more than most people do. You sound like a very intelligent and reasonable individual. I say, get everything done, if she wants to go to graduate school, she should do that first. If you know you want kids, start saving back the amount that you calculated and see how you like you income -$$ it cost to have a child. If it's not a big deal, you are ready. Also, it gives you a great nest egg to work with! You could save up enough to pay cash for hospital and baby stuff! Good luck.
What whole life insurance policy is best for a 24 year old?
I have a policy from New York Life, but 2 of my friends who are financial planners, say Mass Mutual would be better... there's a bunch of baloney I'm not understanding i.e. guaranteed benefits, crap about withdrawing money for retirement. Altogether, it doesn't seem like I am getting that much from death benefits with the amount I am putting in ($1K/year until pretty much I'm 65). I don't want to pay forever for this... where in my policy does it say when I can stop paying?
Should I finance a car at 19 years old?
Here’s what you have to remember.. A car loan is a financial obligation that must be met, whether you are working or not, whether you have money in the bank or not.And the cost of a car is a lot more than just a car payment. You must have insurance, and if the car is financed you must have comprehensive and damage insurance to protect the lender. You must have the license, a place to park it, gas, maintenance, etc. A “part time summer job” is not gonna cut it unless you have other assets or a family member that is willing to help finance the car. In fact, I am not sure that I would trust any car dealer that would even accept a 19 yr. old kid for a car loan, given the parameters you gave us. The dealer (or bank) is going to require another adult to co-sign the loan. In other words, if you can’t make the payments, then the bank will require the co-signer to make the payments.So you might need a car to work. So buy a cheap one that you won’t mind discarding after a year or three when you can afford to buy a better one. Learn to manage your debt early, or your debt will manage you for the rest of your life.