Tuesday, May 11, 2010
Regulations Allowing Kids to Stay on their Parents' Policies
Today the Obama administration issued proposed regulations to implement a provision in the health care law that would allow adult children to stay on their parents’ health insurance policy until age 26. The regulation would allow children who do not live with their parents or who are not a dependent on a parent’s tax return to receive the expanded coverage. The young adult could be married and still qualify but neither their spouse or their child could receive the expanded coverage. According to the Department of Health and Human Services, the new regulation is expected to increase the cost of employer sponsored health insurance by 0.7 percent next year, or $3,380 for each dependent.