Benefits of Reform Show up - Parents get Health Insurance for Children who are Grown-up
The new healthcare plan changes everything on how your health insurance deals ith your grown-up children; the law does say now that parents can keep children on their policies as long as they don't turn 26; but there are so many variables here that everyone's all mixed up about how it's going to play out come September when the new laws for this come into force. Let's look at some of the important questions might come up in learning how to extend your health insurance for children who've grown up.
Let's say that you have a child who's just graduated from college; he doesn't have a full-time job with benefits yet to be able to claim health insurance, and you don't feel it's safe to keep him uninsured until September when the law kicks in. What do you do? Now here's the thing - many of the major insurers, Kaiser Permanente, Aetna, Humana and many others are saying that they are going to do the right thing and get a head start on the new law. All new graduates are going to get on their parents' health insurance even before the law comes into force. Will it cost more to do so? In general, you'll just pay the same premiums you always have. If it is your employer who arranges for your provider, health insurance for children who are grown-upon your employer's plan will be an especially good idea since the employer will be subsidizing it.
No parent will need to get individual health insurance for children who are grown-up and recent graduates. If you have a plan that doesn't come into compliance until New Year's Day next year, those plans still allow you to include your grown-up children too. The reason it is legal for insurance companies to put off compliance with the new law is that, the law recognizes that most insurance companies work on a January-December schedule. So why are these health insurance majors voluntarily doing this nice thing? They know they will need to include your children soon anyway; and to hire thousands of full-time workers to take all the children off the list and then put them on again in six months isn't going to be cheap. And insuring those young adults will cost nothing, because young people don't fall sick anyway.
But what do you do if your insurer doesn't plan to fill the gap in this time? You can always use COBRA to include health insurance for children who are grown-up, until the new law comes into force. COBRA premiums can be quite expensive - perhaps $500 a month. If so, your graduates and can just get individual health insurance, and not be included in your plan. A healthy young husky can get a high deductible policy for no more than $150 a month. You could try a website like eHealth-insurance.com. The great thing about the new law is, that we get a taste of what health reform means so soon after the huge political row the world witnessed over it. And it could change a lot of minds into seeing how quickly a new law can change people's lives.