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Insurance important for sandwich generation membersPosted On Mon, June 18, 2012
A report from the National Association of Insurance Commissioners showed that those in the sandwich generation - people who have to take care of older parents and young adult children - may want to reexamine their family's insurance plans.
For those with children in college, it is a good idea to check to see if the family's health insurance policy will continue to cover them, the report said. Most plans should allow for children to be on their parent's policy until they are 26 years old, so this can be of help. However, the school typically gives options to students as well.
Because of many baby boomers dealing with elderly parents who need care, it could be a good idea to make sure they have their bases covered early on, the association said. Before a parent turns 65, check to see if they have signed up for Medicare, and see if there are any gaps in their plan's coverage. If there is, many plans are available to cover those gaps, and could save a significant amount of money.
These issues can be complex, so it is a good idea to not rush the process. However, insurance doesn't have to be expensive, even if it has to cover the whole family. Health insurance quotes are available online, and those who compare their current offering with many other policies may be able to give themselves the best chance to succeed.
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