Dependent Turning Age 26

Dependent children are eligible to remain on your plan, regardless of student or marital status, until age 26. When your child turns 26, Farm Credit Foundations will remove them from your health and welfare benefit plans, as they are no longer eligible for coverage. Their coverage will cease at the end of the month they turn 26.

You will not need to submit a life event declaration form. Farm Credit Foundations will provide an email notification regarding your dependent’s eligibility (see exception below for Dependent Life Insurance).


Continuing Benefits

When your dependent is removed from your benefits, Farm Credit Foundations will send you a continuation of benefits packet. The packet provides information about continuing medical, dental and/or vision coverage at full cost for up to 36 months. Your dependent has 60 days to elect and pay for continuation coverage.


Dependent Life Insurance

When your dependent is removed from your health and welfare benefit plans, Farm Credit Foundations will not drop all of your Dependent Life Insurance coverage as you may have other dependents covered. If you do not have other dependents to be covered, you should contact Minnesota Life to drop the plan.

 

Physically or Mentally Challenged

Unmarried children age 26 and older who are physically or mentally challenged and depend on you for support are eligible to remain on your Farm Credit Foundations benefit plans. The child must be incapable of self-sustaining employment because of a physical or mental disability.

 

Access to Health Insurance Marketplace

The Marketplace offers “one-stop shopping” to find and compare private health insurance options that may cost less than continuation coverage. In the Marketplace, you could be eligible for a new kind of tax credit that lowers your monthly premiums and cost-sharing reductions (amounts that lower your out-of-pocket costs for deductibles, coinsurance, and copayments) right away, and you can see what your premium, deductibles, and out-of-pocket costs will be before you make a decision to enroll. Through the Marketplace you’ll also learn if you qualify for free or low-cost coverage from Medicaid or the Children’s Health Insurance Program (CHIP). You can access the Marketplace for your state at www.HealthCare.gov.

 

When can I enroll in Marketplace coverage?

You always have 60 days from the time you lose coverage to enroll in the Marketplace. That is because losing your coverage is a “special enrollment” event. After 60 days your special enrollment period will end and you may not be able to enroll, so you should take action right away. In addition, during what is called an “open enrollment” period, anyone can enroll in Marketplace coverage.

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