<p>As I said above - the student cannot elect to back to being a dependent though if one of the circumstances changes I suppose it is possible. I don’t know about the insurance - it would depend on each policy I would think. On our policy (which is through my husbands company) we can keep them on the insurance while they are full time students up until they are 24. It does not matter whether we claim them on our taxes or not. You would need to check your policy.</p>