Dependent Care Flexible Spending Account

Dependent care flexible spending accounts aren’t health plans but can still be invaluable for family caregivers. This spending account allows you to set aside pre-tax cash allocated for a dependent’s health services and care. Not all employers offer a dependent care flexible spending account, so check with your employer first to see if you can save a little money while taking care of your parents.

You can add dependents to your plan during the open enrollment period or if you have a qualifying event like a new job or change of address.

Can I Adopt My Grandchild Without The Support Of An Attorney

Yes, you are certainly allowed to represent yourself in the Colorado court system. You are not required to consult or retain an attorney. When you represent yourself, you are “pro se.” Even if you decide to represent yourself, you may decide to consult an attorney for a one-time advice session before you begin your case. Please read question 14Q, above, and the answer, to see if you seem to fit the qualifications for a kinship adoption and question 23Q, above, and the answer regarding legal resources available to you. Here is a link to the forms and instructions page for filing a kinship adoption in Colorado:

You will still need to comply with all relevant Colorado rules and laws, even if you are representing yourself.

Financial Assistance For Grandparents Raising Grandchildren

Accessing Resources in Your Community Learn about the government programs and community services that may be available to help you as you raise your grandchild.

Financial Assistance for Grandparents and Other Relatives Raising Children Provides an overview of some of the options for financial assistance, while at the same time acknowledging current limitations and options for policy change.

Grandfamilies: Subsidized Guardianship Programs Provides information on subsidized guardianship, including a case example, eligiblitiy, and general information on funding.

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The Policy Will Be Worth Something When The Grandchildren Are Older

A whole life insurance policy that has cash-value can appreciate with time. This is a long-term benefit, and it is a gift that your grandchildren will appreciate when they grow up.

The grandchildren can use this cash for any college expenses, a down payment for a house, to use as a collateral assignment for a loan, and many other costly living expenses.

Youre not only providing financial security for your children if their kids pass away, but also security for the grandchildren themselves.

If I Get Married Can I Add My Spouses Child To My Health Plan Is There A Time Frame In Which Enrollment Must Take Place

A stepchild is an eligible to stay on a parents plan up to the age of 26. If your coverage is through an employer group plan that provides benefits to children, youre given at least 30 days to enroll the new dependent.

An eligible child can be a biological child, adopted child, stepchild or foster child, according to the Affordable Care Act. The child doesnt have to live with you, be a student or still be in school to be covered by your health coverage.

The federal rule states you have at least 30 days, but an employer could give you a longer period, says Rich Gisonny, senior consultant at Towers Watson in White Plains, New York.

This gives employees a reasonable period to make a decision and complete the enrollment.

However, employer-based coverage doesnt have to cover children. Gisonny says theres no employer mandate that it must cover employee families.

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Automatic Coverage For A New Dependent

Most health insurance policies are required to automatically cover a new dependent initially, but youll have to request that the child be added to your policy in order to continue that coverage going forward.

This is part of another model act, although some states have set their own requirements regarding coverage for new dependents.

In situations where each parent has their own health plan, a newborn or newly adopted child may end up in a coordination of benefits scenario, even if the parents dont intend to maintain more than one policy for the child.

An NPR story about a new baby in Kansas is a good example of unexpected coordination of benefits. The parents intended to cover the child under just the mothers health plan, which offered more robust coverage.

Because the father also had his own health plan and his birthday was earlier in the year, the mothers insurance initially rejected the bills, noting that they should have been sent first to the fathers health insurance.

The situation eventually got resolved, with the mothers insurance picking up the tab for the bills the fathers plan didnt pay. But it took the parents more than a year of wrangling with their insurers to get it all sorted out.

The birth or adoption of a child is a qualifying event that allows the family to make changes to their health coverage. It may be in the familys best interest to move the whole family onto one policy.

When Should You Add Your Parents To Your Health Plan

Some insurance companies will allow you to add a parent that is a dependent to your health plan so long as you’ve already listed your parent as a legal tax dependent. Your parents must have earned less than $3,700 annually and you must be able to prove that you provided at least half of their financial needs, which can include housing, food, transportation and more. To add them to your health insurance plan, you must meet specified dependency guidelines as set by your insurance carrier which can vary from company to company. Many insurers require proof that your parent lives with you and is on your tax return as a dependent.

Your parents cannot be someone elses legal dependent.

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Who Do I Notify When A Dependent Loses Eligibility For Coverage

You have the responsibility to inform your employer of any dependents losing eligibility for coverage under the State of Wisconsin Group Health Insurance Program. Under federal law, if notification is not made within 60 days of the later of the event that caused the loss of coverage, or the end of the period of coverage, the right to continuation coverage is lost. A voluntary change in coverage from a family plan to a individual plan does not create a continuation opportunity.

If your last dependent is losing eligibility, you must file an application to change to single coverage.

Update Your Family’s Health Plan

If your parents need health insurance and are not eligible for low-cost, subsidized health plans, you may be able to add them to your own if you meet certain requirements. SmartFinancial can help you find a plan that will work with you after you supply some information. Compare the best options for health insurance in your area by entering your zip code below and answering a few quick questions.

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Can I Put My Parents On My Health Insurance

You may want to add your parents to your health plan if they aren’t eligible for Medicare or Medicaid, which are government-sponsored health plans for people over 65 or low-income individuals and families. You can only add your parents to your health insurance if you claim them as dependents when filing taxes and if your health plan allows it. Dependents typically refer to children or spouses, but there are situations in which parents can also be supported. The process of adding your parents to your health insurance plan may require some research into your insurance policy’s rules and restrictions.

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• Update Your Family’s Health Plan

Repaying Health Insurance Benefits

There are good reasons to notify your employer of a divorce once its final. If you dont, you could face repercussions.

First, you could be liable for any benefits the health plan pays for your ex.

If you dont tell them and there is a claim, the insurance company can try and recover the cost of the claim from you, Tassey says.

Legally, you would have to reimburse your health plan.

Your ex-spouse will become liable for all medical expenses from the date of the divorce unless he or she opts for continued coverage through COBRA, Jurney says.

Second, there could be tax implications. An exs coverage cant be paid for with pre-tax dollars.

The value of the health coverage provided to the ex-spouse is taxable to the employee, to the extent it is not paid for with post-tax dollars, says Sonkin.

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Can Grandchildren Themselves Request Whom They Live With How Old Must They Be

This varies by state and by type of case. In Colorado, children do not have an automatic right to say where they want to live at any particular age in domestic or divorce cases, but their wishes are always one of the factors for the court to consider. But, children over 14 must consent to the appointment of a guardian and children over 12 must receive counseling and consent to an adoption. In dependency and neglect cases, new laws require the children to have access to the courts and for their wishes to be considered. Guardians and grandparents should go through the guardian ad litem to involve the grandchild in this decision, if the child has a legal representative in the case.

Gain Temporary Custody In Case Of Medical Emergencies

If you arent the childrens legal guardian, youll want to get a custodial consent form so that you are able to handle any medical emergencies that may occur. The temporary custody form will need to be signed by the legal guardians/parents and notarized. You could also have the parents give you power of attorney, but in many states the consent form is all you need. Eventually, this could be a step on the path to getting permanent custody of a grandchild or grandchildren.

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If I Am An Unmarried Man And Get A Woman Pregnant Can I Put The Child On My Employers Health Plan

There cant be restrictions on eligibility if a plan covers children.

The employer cant require that the child reside with the employee or that the child is financially dependent on the employee, says Gisonny.

That said, the plan may require a birth certificate as proof or verification of the dependent relationship. Some health plans are more rigorous in requiring dependent or biological verification than others.

If a plan so chooses, it has the discretion or the right to require proof that a dependent relationship actually exists, says Gisonny.

Can I Add My Parents To My Health Insurance Plan

Health plans typically limit the definition of dependents to a spouse and children. Even if a parent is a tax dependent and lives with you, you typically wont be able to add the person to your health coverage. The same is true is the parent isnt yet eligible for Medicare.

Gisonny says that theres no federal mandate that an employer health plan must cover an employees parents. Some plans may, but theyre in the minority.

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Who Is Eligible As A Dependent If I Select Family Coverage

• Your spouse.
• Your natural children.
• Stepchildren.
• Adopted children and pre-adoption placements. Coverage will be effective on the date that a court makes a final order granting adoption by the subscriber or on the date the child is placed in the custody of the subscriber, whichever occurs first. These dates are defined by Wis. Stat. § 632.896. If the adoption of a child is not finalized, the insurer may terminate coverage of the child when the adoptive placement ends.
• Legal wards that become your permanent ward before age 19. Coverage will be effective on the date that a court awards permanent guardianship to you .

Note: Coverage may continue beyond turning age 26 when children:

What Is The Average Monthly Cost Of Life Insurance

The average cost of life insurance is $27 a month. This is based on data provided by Quotacy for a 40-year-old buying a 20-year, $500,000 term life policy, which is the most common term length and amount sold. But life insurance rates can vary dramatically among applicants, insurers and policy types.

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What If I Have An Adult Child Who Is Or Who Becomes Physically Or Mentally Disabled

If your unmarried child has a physical or mental disability that is expected to be of long-continued or indefinite duration and is incapable of self-support, he or she may be eligible to be covered under your health insurance through the state program.

You must work with your health plan to determine if your child meets the disabled dependent eligibility criteria. If disabled dependent status is approved by the health plan, you will be contacted annually to verify the adult dependent’s continued eligibility.

If your child loses eligibility for coverage due to age or loss of student status, but you are now indicating that the child meets the disabled dependent definition, eligibility as a disabled dependent must be established before coverage can be continued. If you are providing at least 50% support you must file an electronic or paper application with your employer to initiate the disability review process by the health plan. Your dependent will be offered COBRA continuation*.

*Electing COBRA continuation coverage should be considered while his or her eligibility is being verified. If it is determined that the individual is not eligible as a disabled dependent, there will not be another opportunity to elect COBRA. If it is later determined that the child was eligible for coverage as a disabled dependent, coverage will be retroactive to the date they were last covered, and premiums paid for COBRA continuation coverage will be refunded.

Other Reasons To Purchase Life Insurance For Grandchildren

Life insurance has several other uses throughout the life of a grandchild. Some of the other important factors include.

• Protecting the childs future insurability.
• Tax advantages for savings plans.
• Beneficial access to the cash value.

Protecting insurability for a grandchild is the main reason why it is important to purchase the life insurance policy. This is a way to ensure that they have life insurance as an adult.

Not to mention protecting your own kids from being burdened with paying for funeral expenses if something were to happen to them.

These types of things are what these grandparents consider and think about when it comes to them purchasing a full life insurance policy on their grandchildren.

It is a way to show your grandchildren just how much you love them by leaving them a specific legacy that will help to contribute to their financial security for their future.

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What If I Want A Change In The Custody Order

A custody order can be changed by returning to court and requesting a change. This can be done if the custodial parent or grandparent agrees to the change, or if the child has been integrated into someone else’s family with the consent of the custodial parent or grandparent. If the parents and grandparent do not agree to a change in the custody/APR order, then the person who wants the change must ask the court to grant it. A contested change in APR and primary residence of the child can only be requested once every two years, unless the judge believes that there has been a change in the custodial parent or grandparent’s circumstances which create a danger to the child’s physical health or which significantly impairs the child’s emotional development because of the environment in which the child is living.

Legal Relationship Options For Grandparents Raising Grandchildren

For more permanent and secure custody arrangements that give you broader legal protections, grandparents raising grandkids have three options:

• legal custody
• guardianship
• adoption

All three options require that you go to court. You will probably want to hire an attorney to help you through the process. If you cant afford an attorney or need help applying for legal custody, contact your local legal aid office or bar association.

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How Do You Remove Dependents From Health Insurance

You can remove family members from your health insurance during any time of the year. You dont have to wait until open enrollment to make that change.

Removing a family member may change your type of coverage, such as moving from family coverage to single coverage. In that case, you may actually save money by removing a family member from your health coverage.

Divorces are painful, and there are often health insurance implications. Lets walk through the process of removing a former spouse from your health plans.

Will Child Life Insurance Help With College

A popular use for child life insurance is to help with tuition costs. The cash value of an insurance policy for grandchildren can be borrowed against to help with any rooming, books, or tuition costs associated with attending school. Unlike a 529 plan, the accumulated cash value in a life insurance plan will not count against a student who is applying for financial aid. If your grandchild decides he or she wants to pursue a different career or type of schooling, cash value can be borrowed against for any reason. It does not carry the common stipulations and restrictions associated with other college savings vehicles.

The video below explains how child life insurance can be a better financial tool for college planning than a 529 plan.

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