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

[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.

[Anonymous]

2 of our kids were over 26 by the time we both retired; our youngest had to pay for his own insurance at 24 but had a job already.


No regrets.

[Anonymous]

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

...are you joking?
Diabetes, Down Syndrome, Cystic Fibrosis, myriad genetic abnormalities leading to myriad chronic medical conditions, hydrocephalus, asthma, epilepsy, sickle cell disease, congenital heart problems, congenital kidney problems, gosh how much longer do you want me to go on? Have you ever heard of a children's hospital? Who do you think is admitted to a children's hospital? Just a bunch of previously healthy kids who suffered a broken leg on the playground, or who have a random bad bout of pneumonia? That's it?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP however my older kids have jobs however, it is expensive out of their paycheck and "technically" free for me as I have to have the family plan was my wife and kid in college is on it anyhow. I have medical, dental and vision for five people on plan.

If I quit my two oldest would go on their work plan, my one in college I guess some type of bare bone college plan (but I would end up paying the policy plus who knows if she even would have dental or vision coverage).

It is like a crazy domino effect.

And I don't think it is crazy in US my insurance is tied to my job. I do think having kids ands spouses dependent on it and something they cant control is crazy.

Why do you think it's reasonable?

Should access to education also be tied to W-2 employment?

Ny personal insurance. I think it is crazy a Dad with a SAHM and three kids he loses his job the wife and kids also lose health insurance. It also sucks in divorce or death for spouse and kids if one parent is sole source of health insurance.

And yes, my prior company I worked at was a young hip start up. I say 40 percent of company under 26 and single. Most people could care less about are medical insurance plans. Pretty cheap for company if 40 percent of company dont sign up for medical.

I guess I agree with you, but I'm also a capitalist at heart and don't want to pay for the whole country's insurance via increased taxes. I could get on board with a health care system that people buy into that is not tied to employment.

What about all the people who can't buy into it? Don't forget about people who are unable to work or who become unemployed (just look at the current craptastic job market).

[Anonymous]

Anonymous wrote:

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

...are you joking?
Diabetes, Down Syndrome, Cystic Fibrosis, myriad genetic abnormalities leading to myriad chronic medical conditions, hydrocephalus, asthma, epilepsy, sickle cell disease, congenital heart problems, congenital kidney problems, gosh how much longer do you want me to go on? Have you ever heard of a children's hospital? Who do you think is admitted to a children's hospital? Just a bunch of previously healthy kids who suffered a broken leg on the playground, or who have a random bad bout of pneumonia? That's it?

+1 or St. Jude's, childhood cancer, traumatic brain injury, etc.

[Anonymous]

Anonymous wrote:

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

+1

"Waiting" is usually not how this happens. Not everyone finds a spouse or manages to get pregnant at your "ideal" age.