Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Health Insurance for almost independent children
Old 10-23-2006, 03:33 PM   #1
Recycles dryer sheets
 
Join Date: Mar 2004
Posts: 124
Health Insurance for almost independent children

Thinking about almost independent children reminds me of a question I wonder about.

When kids have left college and are on their own do you insist that they have medical insurance, and pay for it if need be? I can imagine a scenario where a 22 year old, thinking they're invincible and healthy, would decide that health insurance is an unnecessary cost. This could be a retirement breaker for a parent who would surely step in to pay for some catastrophic event/illness.

Thoughts anyone?
__________________

__________________
too cheap to even use dryer sheets - never mind recycle them!
jj is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Health Insurance for almost independent children
Old 10-23-2006, 03:50 PM   #2
Full time employment: Posting here.
 
Join Date: Nov 2003
Posts: 926
Re: Health Insurance for almost independent children

Quote:
Originally Posted by jj
Thinking about almost independent children reminds me of a question I wonder about.

When kids have left college and are on their own do you insist that they have medical insurance, and pay for it if need be? I can imagine a scenario where a 22 year old, thinking they're invincible and healthy, would decide that health insurance is an unnecessary cost. This could be a retirement breaker for a parent who would surely step in to pay for some catastrophic event/illness.

Thoughts anyone?
We always made sure my youngest was covered. After I retired
and after divorce No. One, I paid until she was 18 (four years).
By then her mother was employed, so I assume she was
covered in that way. I know she had coverage through college
(not too sure who was paying) and now she is working, so there
never were any real gaps. I agree that if it was left to the kid they might just opt to skip it.

JG
__________________

__________________
Some of us have pretty stories, about good friends, good times and noodle salad.
Mr._johngalt is offline   Reply With Quote
Re: Health Insurance for almost independent children
Old 10-23-2006, 04:04 PM   #3
Thinks s/he gets paid by the post
 
Join Date: Jun 2004
Location: No. California
Posts: 1,600
Re: Health Insurance for almost independent children

I have 2 boys, 19 and 20. Both were on my Individual family plan after my ER until they turned 19 and had to roll off on their own plan (Kaiser HMO requirements). Neither were interested in paying for their own and would have gone without coverage.

Having worked 30 years in the Health insurance Industry, I chose to enroll them in their own plans and pay for their coverage. It's $88 a month each for a $1500 annual deductible plan. Well worth the cost of having coverage in case of a catastrophic illness or injury.

Both should have their own coverage early next year, one from his employer and the other from the Army. Until then, I'm gladly paying so I don't have to worry about them.
__________________
KB is offline   Reply With Quote
Re: Health Insurance for almost independent children
Old 10-23-2006, 06:59 PM   #4
Full time employment: Posting here.
Patrick's Avatar
 
Join Date: Mar 2005
Location: Northern, Florida
Posts: 925
Re: Health Insurance for almost independent children

Some people I know go bare and if they have an illness or injury go to the County hospital, where if they don't pay the taxpayers absorb the cost. The hospital has to provide life-saving treatment regardless of ability to pay. Might ruin their credit, though.
__________________
Retired in 2006 at age 49.

"Who among us is smart enough to learn from the mistakes of others?" - Voltaire
Patrick is offline   Reply With Quote
Re: Health Insurance for almost independent children
Old 10-23-2006, 10:27 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,255
Re: Health Insurance for almost independent children

Quote:
Originally Posted by KB
It's $88 a month each for a $1500 annual deductible plan. Well worth the cost of having coverage in case of a catastrophic illness or injury.
I didn't realize you could get a policy at that price. That is pretty reasonable for the peace of mind. This is where insurance makes sense, pay a relatively small amount, but get protection from the small chance of a big hit.

Just like your fire insurance on your house, you hope you never need it, but it seems to be worth it.

-ERD50
__________________
ERD50 is offline   Reply With Quote
Re: Health Insurance for almost independent children
Old 10-24-2006, 07:03 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,633
Re: Health Insurance for almost independent children

Quote:
Originally Posted by jj
When kids have left college and are on their own do you insist that they have medical insurance, and pay for it if need be? I can imagine a scenario where a 22 year old, thinking they're invincible and healthy, would decide that health insurance is an unnecessary cost.
My nephew graduated from college, lost his school health insurance, and didn't pick up a replacement. During the summer after he graduated he learned he had a bad case of testicular cancer. My brother worked with some friends at a local university and got him enrollled in grad school. Somehow the new school health plan was able to pick up from the old or in some fashion he was able to avoid the "pre-existing" condition deal. My nephew went through 5 operations and was fully disabled for more than a year. My brother would have ended up spending everything he had saved if his son couldn't get health insurance.

I covered my son on a low cost health plan until he was gainfully employed with a good plan. I will do the same for my daughter. If either of them becomes an unemployed wastrel I will pop for health benefits. No matter how irresponsible a kid might be, I can't see sitting around watching them suffer without helping so an uninsured catastrophic illness would end up wiping my savings out.

It infuriates me that the richest country in the world presents us with this choice.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Re: Health Insurance for almost independent children
Old 10-24-2006, 09:23 PM   #7
Recycles dryer sheets
 
Join Date: Mar 2004
Posts: 228
Re: Health Insurance for almost independent children

I had a friend in college who was athletic and healthy, until he stuck the business end of a ski pole through his lower jaw. He was uninsured and ended up with a bill of $10000 (in 1977 money).

I think I'll keep my kids on my insurance until they graduate from college. Those are the terms of my insurance policy. I'd like to cover them until they find coverage post-college, and just call it a Christmas/Birthday present.


(Edited to remove evidence of drinking while typing.)
__________________
LRS is offline   Reply With Quote
Re: Health Insurance for almost independent children
Old 10-24-2006, 11:27 PM   #8
Thinks s/he gets paid by the post
Telly's Avatar
 
Join Date: Feb 2003
Posts: 1,448
Re: Health Insurance for almost independent children

In Texas, TX law requires health insurance companies to continue to cover kids on their parents policies beyond age 18, all the way up to age 25, as long as they are students.

So far, this has not been an issue with us, the graduate got insurance right away thorough the job, then 2 weeks later I cancelled that part of the policy I had at the time.
__________________

__________________
-- Telly, the D-I-Y guy --
Two fools dancing on the hands of time
Telly is offline   Reply With Quote
Reply

Tags
health insurance


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Apply for health insurance: Specific questions kramer Health and Early Retirement 48 04-25-2007 08:12 PM
Pricing Health Insurance. Is this a bad idea? RASAP Health and Early Retirement 4 04-23-2007 05:06 PM
Finding an Agent for Health Insurance? more_or_less Health and Early Retirement 4 03-24-2007 03:36 PM
Poll on Health Insurance Costs for a married Couple with no kids Cut-Throat Health and Early Retirement 13 02-12-2007 01:12 AM
Cheap way to get guaranteed health insurance justin FIRE and Money 65 09-16-2005 07:31 AM

 

 
All times are GMT -6. The time now is 12:00 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.