Start Comparing Rates within Minutes!
Start Comparing Rates within Minutes and you could save!
Compare Rates Within Minutes!
- Complete 1 short quote form
- Compare rates from top insurers
- Save time & money!
Insuring young adults will raise premiumsPosted On Thu, May 13, 2010
Part of the recently passed healthcare reform law requires that insurers allow parents to insure their children up to the age of 26. However, by doing so, premiums will rise by nearly 1 percent for employer plans.
Even though this new requirement of health insurers will not be implemented until later this year, some insurance companies have already begun to offer this extended coverage for families. It is estimated to cost $3,380 for each young adult put onto a plan.
Twenty-somethings make up a large majority of the uninsured Americans, according to CNN. Nearly 30 percent of people 26 years old and younger do not have health insurance.
Employers are expecting that insurance premiums will rise as much as 7 percent due to this requirement and other changes that will be implemented by the healthcare reform law, the Atlanta Journal-Constitution reported. Reports indicate that parents being able to insure their young adult children has been very popular, with people flooding their workplace with questions about the change in policy coverage.
An estimated 32 million Americans are currently without health insurance. It's expected that the new law will be fully implemented by 2014.
Feedback or questions? Email the editor here.