by John Darer CLU ChFC CSSC RSP
Health insurance availability to children of New Yorkers has improved as the result of a new bill signed into law on July 29, 2009. The new law requires insurers to let parents keep their children on their medical plan-at their own cost- through age 29 (previously age 19, or early 20s if still in school)- PROVIDED that they are not eligible through work. The law is targeted at a population that thinks they don't need health insurance or that don't receive such coverage in entry level jobs. Even those with unmotivated sloth like offspring ("slackers") can rejoice with this news!
In addition to the aforementioned, COBRA benefits has been extended for 36 months from 18. COBRA benefits permit someone to keep their health benefits after leaving a job, at cost plus a small administrative fee. COBRA beneficiaries can qualify for a subsidy through the end of the year thanks to legislation passed by Congress earlier in the year.