Are you delaying Retirement so your Adult Children can have medical coverage?

[Anonymous]

How many of you actually have kids who are 20-26? I would venture very few. We have one just out of college, and his employer offers a crap medical plan (high deductible, no HSA and no assistance) and one still in college. It's not the kids who are failing, it's the crap system. We need a country that gives a damn about providing basic health insurance for it's citizens that isn't tied to employment. The ACA was supposed to do that, but the GOP stripped the ACA of many needed pieces to make it successful

[Anonymous]

Anonymous wrote:How many of you actually have kids who are 20-26? I would venture very few. We have one just out of college, and his employer offers a crap medical plan (high deductible, no HSA and no assistance) and one still in college. It's not the kids who are failing, it's the crap system. We need a country that gives a damn about providing basic health insurance for it's citizens that isn't tied to employment. The ACA was supposed to do that, but the GOP stripped the ACA of many needed pieces to make it successful

I have a 21 year old and he works for a well-funded tech company that pays 100% of health insurance for all the employees.

It's likely a different story when you have a company with like 150 employees and $100MM+ in the bank (and this company is barely losing any money, and will become profitable in 2026 and growing 100%).

Most of his friends are also employed by companies that provide good to great health insurance for little to no cost.

Does your kid's employer only screw the young healthy employees...are do all the employees get crap?

[Anonymous]

Anonymous wrote:This is a consequence of waiting until you are old to have children

+1

And you should definately have a plan for this. If you still have kids in HS when you are 65, then heck, you most likely will be working past 65, or have had to work your ass off to save enough to support them thru college (and that includes Healthcare until they are a college grad IMO).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We asked our kids to get their own insurance plans through their employers. Yes, it costs them but we felt it's important for them to become independent. We randomly give them more money than what they spend but we stopped paying for insurance once they got employed.

This trend of employed kids living at home, staying on parental insurance and phone plan etc is enabling them to have a faux lifestyle they can't afford. They need to learn to be self sufficient and live within their means. I see young women carry designer bags, wear overpriced shoes, travel to exotic places, eat at fancy restaurants and drive luxury cars but not having money to pay for healthcare or utilities. What's up with that?

Why waste money? Plenty of us allow our kids to stay on our healthcare (which is cheaper or no added cost) and cell phone plans (saves $40+ per kid per month) and they don't live a faux lifestyle. They are saving their money and living within their means. They can stay on our cell phone plans until they get married. Why waste money---it doesn't make them "independent". They are already fully functioning adults. If needed you can charge them for the cell plan....but we just consider it a gift.
We also let them use our Amazon and they just switch it to their CC and address. Why pay $120+/year if they can use ours?

Not PP but we also weened them off. Being independent serves them more than saving $20 here $40 there.

And that is your choice. Our kids are "independent" and capable of paying for everything themselves. They live within their means. But why would we not take advantage of cost savings that are available to us? Also, we gift them $38K/year to spend down our estate (and once there is a spouse and kids, we will gift them all as well). Wouldnt' do that if they were spending $100K on a fancy car and living beyond their means (they can afford their rent easily with their salary)---most of what we gift them goes into savings for retirement and a house downpayment.

So I believe they can be independent AND save money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We asked our kids to get their own insurance plans through their employers. Yes, it costs them but we felt it's important for them to become independent. We randomly give them more money than what they spend but we stopped paying for insurance once they got employed.

This trend of employed kids living at home, staying on parental insurance and phone plan etc is enabling them to have a faux lifestyle they can't afford. They need to learn to be self sufficient and live within their means. I see young women carry designer bags, wear overpriced shoes, travel to exotic places, eat at fancy restaurants and drive luxury cars but not having money to pay for healthcare or utilities. What's up with that?

I agree on everything but the travel. Traveling while young was the best part of my life

There are plenty of places to travel in the USA or nearby that are not "luxury costs" and that is what most do in their 20s/30s. You can still travel on a budget and see so much of the world

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We asked our kids to get their own insurance plans through their employers. Yes, it costs them but we felt it's important for them to become independent. We randomly give them more money than what they spend but we stopped paying for insurance once they got employed.

This trend of employed kids living at home, staying on parental insurance and phone plan etc is enabling them to have a faux lifestyle they can't afford. They need to learn to be self sufficient and live within their means. I see young women carry designer bags, wear overpriced shoes, travel to exotic places, eat at fancy restaurants and drive luxury cars but not having money to pay for healthcare or utilities. What's up with that?

Why waste money? Plenty of us allow our kids to stay on our healthcare (which is cheaper or no added cost) and cell phone plans (saves $40+ per kid per month) and they don't live a faux lifestyle. They are saving their money and living within their means. They can stay on our cell phone plans until they get married. Why waste money---it doesn't make them "independent". They are already fully functioning adults. If needed you can charge them for the cell plan....but we just consider it a gift.
We also let them use our Amazon and they just switch it to their CC and address. Why pay $120+/year if they can use ours?

Not PP but we also weened them off. Being independent serves them more than saving $20 here $40 there.

So my 26 yo who went to college 2K miles from home and has been working (also 2K miles from home) for almost 3 years isn't independent because they are still on our Cellphone Plan?
Despite the fact they pay all their bills, invest for the future and retirement, manage their own apartment and everything that goes along with living 2K miles from your parents? But because they don't waste an extra $50/month on cell phone by having it on their own "independent plan" they are not independent?

Don't know about you, but my kids are capable of being fully independent yet recognizing the fiscal prudence of saving $$ whenever possible (oh and yeah they are also on our Netflix, as an extra user because that is cheaper than them paying for their own "independent" account).

[Anonymous]

Anonymous wrote:We asked our kids to get their own insurance plans through their employers. Yes, it costs them but we felt it's important for them to become independent. We randomly give them more money than what they spend but we stopped paying for insurance once they got employed.

This trend of employed kids living at home, staying on parental insurance and phone plan etc is enabling them to have a faux lifestyle they can't afford. They need to learn to be self sufficient and live within their means. I see young women carry designer bags, wear overpriced shoes, travel to exotic places, eat at fancy restaurants and drive luxury cars but not having money to pay for healthcare or utilities. What's up with that?

I don’t know anyone in my circle like that but we do have young adults who are struggling to get a well-paying job with all the Trump shenanigans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:A new “Parents & Finances” survey from Ameriprise Financial found that 45% are paying for the health insurance of their children over the age of 21. And it’s not just that: 84% are contributing to the purchase of a car, 73% are helping to pay for weddings, and 63% are helping with ongoing expenses like cellphones.

These adult children are expensive

Those stats are frightening

It's great, they're very fortunate.

Some less fortunate households force their high school teens to be financially independent, & call them losers for not working.

[Anonymous]

I hadn't thought about this until I saw the thread.

Yes, probably. My husband and I had a few insurance gaps in our 20s. In and around school.

I think my husband once had a stop-loss policy from Crestar Bank? Or we shopped that?

I will be 65 when my younger turns 26.

We were targeting 67 but life happens.

[Anonymous]

No

No one has a medical conditions either

One just went to business school and had to get her own healthcare plan for two years. She pays $200/month. She used to pay hers via her employer paycheck before that, single person.

What’s the issue OP?

[Anonymous]

Anonymous wrote:Don't most colleges have a plan you can buy into for students? What about ACA? We will most definitely be retired when our youngest starts college.

Sometimes and yes

It’s not that difficult to call around the four major insurers and price out a high, mid and low deductible plan. Then look at the data and choose.

[Anonymous]

My DH is retired (62) and I plan to retire in 4 years when I'm 60. DS (22) is employed full time, has an apartment with a friend, pays for his own insurance (medical, dental, vision, car).

DD will be 25 when I retire so at best I could only cover her for another year and I won't delay retirement for that. Hopefully, she'll be working full time with benefits. if not, she'll have to get insurance through ACA (or student coverage if she's in grad school).

[Anonymous]

Delay retirement? Sure. If AI does not eat up my job.

[Anonymous]

Anonymous wrote:No

No one has a medical conditions either

One just went to business school and had to get her own healthcare plan for two years. She pays $200/month. She used to pay hers via her employer paycheck before that, single person.

What’s the issue OP?

That you know of...

[Anonymous]

20 somethings with a chronic medical condition? That’s rare.