You can cover your spouse and dependents on the insurance plans you purchase with the help of your company’s ICHRA contribution. Furthermore, depending on your employer’s plan, you may be offered more money for each dependent added to your plan.
Who counts as a dependent? Eligible dependents can include:
- Your child.
- There is no need for proof of residency for the child, meaning your child could be married, living on their own, or have their own job. You can elect to keep your child on your plan until their 26th birthday.
- Qualifying child (i.e. legal ward) if they meet the following criteria:
- Must have a specified relationship to you.
- Must have the same legal residence as you for more than half of the year.
- Must be under the age of 19 or, if the individual is a full-time student, 24.
- Must not provide more than half of their own support for the year.
- Qualifying relative if they meet the following criteria:
- Must have a specified relationship to you.
- Must have a gross income for the year less than $4,700.
- Must not provide more than half of their own support for the year.
- Must not be a qualifying child of the primary individual of any other taxpayer for the year.