CONGRESS In the past, if a young adult had the choice between buying his friend's souped up Chevy and purchasing health insurance, the hot ride usually won out.
With unemployment especially crippling young adults more than any other demographic, new health insurance guidelines announced by President Obama for those under 26 may help keep them insured.
Today's change will allow young adults to receive benefits from their parents health insurance policies up to age 26 and without being listed as a dependent or living at the same residence.
The administration has recently tried to attach specifics to last March's landmark health reform bill. Last week, the president announced a plan to give $5 billion to aid early retirees to keep or obtain health insurance.
Rep. Pete Stark, who chairs the House Ways and Means Subcommittee applauded the expansion of benefits to young people. "Many young adults are still seeking employment, but are left without affordable health care because they're no longer dependents on their parents' plan," said Stark. "These regulations eliminate barriers that keep many young adults from maintaining health coverage."
The Associated Press reports the change will not come without costs. According to Health and Human Services, the guideline will increase premiums almost one percent, but will insure 1.2 million young adults, half of which they estimate would be uninsured without the new provision. Young adults are notorious for lacking basic health coverage for reasons ranging from inconsistent employment, cost or apathy because of good health.
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