He's 18 now, get his own policy?

[2112Greg]

I did do a search and I KNOW that I read something about the pros and cons of getting a new 18 year old his own policy, but I can't find that thread now! I hate to clutter up the forum with old info, I just hoped that someone could give me the quick lowdown on why this is a good idea...can't seem to find that thread anywhere.

Thanks!

 

[MHart]

Insurability is one key opponent. Don't have to worry about later on down the road coming off the group plan and not being able to get insurance in the individual market. Is one of main reason I see seperating him from a group plan if that is what you are talking about.

 

[BKrocko]

In CO, a dependent child is allowed to stay on the parents policy until they are 24 years old. The problem is - if they develop a condition that would be considered pre existing, they may not be able to secure individual insurance after that, or have it waivered/ridered/rated up. In CO, we have the high priced state pool for those cases (may qualify for the discounted rate based on income). The same thing can be said about group insurance, people on group policies seem to run to the doctor for just about anything. If they ever find themselves in a position where they need individual insurance, they will be sorry they told the doc they had every illness listed on Web MD.

I just lost a prospect where the parent just got a new job and put his 23 yr old son on the company group policy. The kid would have been about $60/mth on Aetna MCOA 2500. The pisser is that the kid lives on his own and is self employed! I explained to the father that the son does not qualify as a dependent (not claimed on the parents taxes either) - didn't phase him one bit. Said that the group insurance company would never find out and that he would worry about it next year when the kid is 24.

It's not like I missed out on much commission, but it irks me to loose because of a lie. Part of me want to hope that something will happen to disqualify the kid from individual but I don't want to think that way because........well, you know, Karma.

 

[2112Greg]

Yes, thanks!...that's what I was thinking of, but couldn't find the details. So taking him off mom's policy would really be the same as coming off group coverage? He's in good health, but how would that be different if he had a condition that made him hard to insure when he had an individual policy? That part I'm not clear on...

 

[2112Greg]

Gotcha...thanks again.

We cross-posted. That explains it well...gracias!