Posts Tagged - ‘generation y’

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Generation Y Most Likely To Be Uninsured

Monday, May 10th, 2010

Image: debaird™ under CC 3.0

According to a recent Pew Research Study, Millennials (generally considered those between the ages of 18 to 29) are the demographic least likely to be covered by a health insurance plan. Only 61% of them are.

What are some of the reasons that Generation Y might be uninsured?

  • After graduating from college, many young adults have been kicked off of their parents’ health plan. (This survey was taken prior to the passage of the healthcare reform law, which will soon eliminate this practice)
  • Many Generation Y-ers are unemployed, making it difficult to afford an individual health insurance policy.
  • A large percentage of those who are employed are working lower-wage entry level jobs. An increasing number of employers no longer offer health benefits.
  • Some choose to forgo health insurance, because they–falsely–believe that they are invincible and that nothing will happen to their health.
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Which Adult Children Are Eligible For Their Parents’ Health Insurance?

Monday, April 5th, 2010

(Image: TheeErin under CC 3.0)

One of the immediate benefits of healthcare reform is that young adults up to the age of 26 will be able to remain on their parents’ health insurance plans. Members of Generation Y are struggling to find jobs, and many of the jobs now available do not offer health benefits. In six months, the policy should be in full effect.

How do you know if you or your child is eligible?

  • An adult child must remain as a dependent, but they don’t necessarily have to live in their parents’ home. Many believe it will cover young adults living on their own, in addition to those in college dorms.
  • Somewhat counter-intuitively, married adult children within the age range are eligible to keep the health insurance of either parent. However, their spouses and any children are not.
  • The details are still fuzzy. The Department of Health and Human Services will probably have a different definition of “dependent” than the Internal Revenue Service. According to the IRS, anyone earning more than a nominal income of a few thousand dollars must file their own tax return.
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