The Affordable Care Act allows young adults to stay on their parents’ health care plan until age 26. Before the President signed this landmark Act into law, many health plans and issuers could and did in fact remove young adults from their parents’ policies because of their age, leaving many college graduates and others with no insurance. This helps to explain problems like Show
Providing Relief for Young Adults The Affordable Care Act requires plans and issuers that offer coverage to children on their parents’ plan to make the coverage available until the adult child reaches the age of 26. Many parents and their children who worried about losing health insurance after the children moved away from home or graduated from college no longer need to worry. The Departments of Health and Human Services, Labor, and Treasury have issued regulations implementing the Affordable Care Act by expanding dependent coverage for adult children up to age 26. Key elements include:
Access to Insurance: What Young Adults and Parents Need to Do:
New Tax Benefits for Adult Child Coverage The new regulation complements guidance issued by the Treasury Department on April 27, 2010, on the tax benefits provided for such coverage through the Affordable Care Act. Under a new tax provision in the Affordable Care Act and the Treasury guidance, the value of any employer-provided health coverage for an employee's child is excluded from the employee’s income through the end of the taxable year in which the child turns 26. This tax benefit applies regardless of whether the plan is required by law to extend health care coverage to the adult child or the plan voluntarily extends the coverage. Key elements include:
Companies Responding To Secretary Sebelius’ Call For Early Implementation: Early implementation by the companies listed below will avoid gaps in coverage for new college graduates and other young adults and save on insurance company administrative costs of dis-enrolling and re-enrolling them between May 2010 and the start of the plan or policy year beginning on or after September 23, 2010. Early enrollment will also enable young, overwhelmingly healthy people who will not engender large insurance costs to stay in the insurance pool. The following companies have agreed to implement this program before the September 23, 2010 deadline: Coventry Healthcare, Inc. To View Frequently Asked Questions. What are some of the goals of the Patient Protection and Affordable Care Act quizlet?The ACA was enacted with the goals of increasing the quality and affordability of health insurance, lowering the uninsured rate by expanding public and private insurance coverage, and reducing the costs of healthcare for individuals and the government.
What benefit does the Patient Protection and Affordable Care Act have on the national level quizlet?Increases benefits and lower costs for consumers, bolster our health care and public health workforce and infrastructure, foster innovation and quality in our system. Covers preventative care at no cost to you, protects your choice of doctors, removes insurance company barriers to emergency services.
Which of the following is a main component of the Affordable Care Act quizlet?What is the leading cause of death for people between 15 and 24 years old living in the United States? Accidents. Which of the following is a main component of the Affordable Care Act (ACA)? The requirement that people obtain health insurance or pay a penalty.
Are organizations that seek to protect employees interests by negotiating with employers?A labor union represents the collective interests of workers, bargaining with employers over such concerns as wages and working conditions. Labor unions are specific to industries and work like democracies.
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