Just heard about a new law in New Jersey (not sure if it is elsewhere) that enables a parent to insure their children up to the age of 30 through their health insurance policy. Formerly, most kids had to drop off of their parent’s health insurance either at the age of 21 or age 23 if they were a full time college student.
My insurance company enables me this provision at a 65% savings over what my son would be able to get on his own. It will cost me about $300 a month to cover him under my plan and, again, this coverage is available up until he is 30; joins the military; gets married or has a child.
I mention this in that it is a known fact that many young adults between the age of 23 and 30 do not have health insurance. In the past, parents had no way to help them out unless they were willing to pay $650 a month (minimum) for your kids to apply for their own insurance. To many, this cost is prohibitive and the young adults go uninsured.
With a pandemic looming on the horizon, I think it wise that parents make sure their adult children are under an insurance policy. This new law offers a better alternative. Please check with your insurance companies or your HR departments if you live in NJ.
I am sorry that I do not know if this applies in other states. Does anyone know?
There are certain exemptions from this law, so not everyone is eligible. Our company is self insured and does not fall under this law.
NJ Jeeper: That is a shame. I was delighted with the new law which did apply to my insurance which is Aetna. It will allow me to insure my son who is working as a contractor for a large pharma company.
Alot of large companies are still hiring, but not full-time employees, but “contractors”. These contractors work the same hours, same pay, etc. but no medical or pension benefits. The only hope is for the contractors to get picked up as a full time employee should there be an opening and the budget warrant it.
We are going to see a huge mass of young adults with no medical insurance and no pension benefits. It just keeps getting tougher and tougher.
Janet, I did not want to mislead you, I do not need this insurance personally, but was just commenting on self insured groups.