insurance

5 ways to save from health insurance reform

Young adults ride along on parent's policy
Young adults ride along on parent's policy © Pressmaster/Shutterstock.com

One of Obamacare's most popular money-saving provisions spares young adults just starting out in life from shopping for insurance and paying their own premiums. Insurers must allow them to remain on a parent's family health plan until age 26.

According to a survey by the Commonwealth Fund, as many as 6.6 million young people jumped at the opportunity to remain on or rejoin their parents' plans in the first 18 months of the new law.

The lone exception to the rule: Older, "grandfathered" employer-based group plans can still deny coverage through 2013 to young adults if they're eligible for group coverage through their own employer.

Kominski says health insurance reform couldn't have come at a better time for a generation that had just graduated college into the Great Recession.

"My daughter graduated the year before and fortunately found a job with coverage that was better than ours, but many of her classmates were not as lucky," he says. "I can't tell you how many parents told me how grateful they were that this law had gone into effect because their daughter or son was already off of their policy but now could be added back on."

advertisement

Show Bankrate's community sharing policy
          Connect with us

Compare multiple quotes in just 6 minutes

Get competing rates from top companies including:
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Blog

Jay MacDonald

Poll: We still don’t get Obamacare

A new poll shows we're still split on Obamacare and remain fuzzy on the details.  ... Read more

advertisement
Partner Center
advertisement

Connect with us