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Health insurance premiums may rise when adult kids join parents' planPosted On Wed, August 4, 2010
Sweeping reform has brought several changes to the health care landscape. One major change is allowing adult children up to the age of 26 to remain on their parents' health insurance plans.
The Employee Benefit Research Institute says that the provision is expected to result in a hike in employee-based coverage plans. They predict that health insurance premiums will rise 0.7 percent next year and 1 percent in 2012 and 2013.
EBRI health research and education program director Paul Fronstin says that it would be wise for health insurers to educate themselves on the young adult population to help minimize costs.
"It is critical that group plans and insurers understand the size and characteristics of the 19 to 25-year-old population that might be eligible for their parents' health coverage in order to determine the impact that this provision of PPACA may have on enrollment and costs of employment-based coverage."
The National Conference of State Legislatures says that roughly 13 million young adults between the ages of 19 and 29 in the country lack health insurance. A portion of these uninsured adults may be eligible to join their parents' health insurance plan.
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