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

[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.

Where do they work and where do you work?

My kid pays $0 for their health insurance for their job because premiums are like nothing for single 20 somethings in good health. Assuming he stays with the company, I think he will have to pay something when he moves to a family plan.

I mean, what are your older kids going to do when they hit 27? You might as well cut the chord now and get them used to budgeting for insurance.

I wonder if some companies are taking advantage of knowing their new hires can stay on their parents' plans until 26 and not offering health insurance to new college grads. My nephew works for a special arm of a FAANG out of college and is still on his parents' insurance.

A lot of big companies will pay you out in cash if you get coverage elsewhere. So maybe that’s what he’s doing? Can’t imagine FAANG not having insurance

Not true. Come did contractors will pay out. Faang does not. It makes sense to stay on parents insurance as many of these companies fire within a year or two and are not stable. The insurance is costly too.

[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 am OP but me asking my 25 and 23 year old to sign in employer policy just sucks money they could be saving in their savings account or putting in 401k. I am 63 but still work and with an 18 year old still in family plan. So for now their insurance costs me zero extra. I plan to work till youngest graduates college when I am 67.

Not kid related but my wife is a bit younger she turns 65 when youngest graduates college. So if I quit before 65 she also has insurance problems, kinda crazy I can’t even retire at 65 without my wife and youngest kid losing insurance.

You started this thread by complaining you can’t retire and now you are here I guess showing how dumb it would be to retire.

It’s really not very expensive for healthy young adults to cover their portion of employer health insurance.

[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.

Where do they work and where do you work?

My kid pays $0 for their health insurance for their job because premiums are like nothing for single 20 somethings in good health. Assuming he stays with the company, I think he will have to pay something when he moves to a family plan.

I mean, what are your older kids going to do when they hit 27? You might as well cut the chord now and get them used to budgeting for insurance.

I wonder if some companies are taking advantage of knowing their new hires can stay on their parents' plans until 26 and not offering health insurance to new college grads. My nephew works for a special arm of a FAANG out of college and is still on his parents' insurance.

A lot of big companies will pay you out in cash if you get coverage elsewhere. So maybe that’s what he’s doing? Can’t imagine FAANG not having insurance

My employer charges you $50 per pay period if you use their insurance, despite having access to insurance through your spouse and not using it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Do you view healthcare as a consumer product and not a basic entitlement (like education, clean water, paved streets)?

I view basic, lifesaving healthcare as something we should provide to all, but I don't view full health care as an entitlement. I understand it's more nuanced than that, but at the core, I don't want to pay more taxes to insure someone else's 25-year-old.

You are willing to pay taxes to educate other people's children, correct?

FYI, you pay taxes to insure senior citizens and people who qualify for Medicaid.

To be fair, children and the elderly are more deserving of assistance than 25-year-olds.

The population of people who qualify for Medicaid are not limited to children.

Why are senior citizens and children more deserving of healthcare than others?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No, we will have Tricare for life at 42, thankfully!

To the PP who doesn't support paying for others' health insurance: Tricare: Your tax dollars at work.

I fully support health insurance for lower income but not when a parent is scamming the system and can pay and chooses not to.

Tricare is a health insurance for active duty and retirees. If you want if post retirement you can do your 20 like the rest of us. And, we pay a premium, deductible and copays so it’s not free. We also pay a lot out of pocket as it doesn’t cover some specialists and meds.

PP here, and I am not dissing people on TRICARE by any means. My point is that American taxpayers pay for health insurance for lots of people, including those on TRICARE, Medicare, Medicaid, and federal retirees.

[Anonymous]

Obamacare

[Anonymous]

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

Yeah. And MAGA says to have more babies. But one has to consider that we will have to pay for their health insurance, and MAGA keeps trying to cut health insurance and/or make it more expensive for everyone.

It's a no from me to more babies. Can't afford 'em.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No, we will have Tricare for life at 42, thankfully!

To the PP who doesn't support paying for others' health insurance: Tricare: Your tax dollars at work.

I fully support health insurance for lower income but not when a parent is scamming the system and can pay and chooses not to.

Tricare is a health insurance for active duty and retirees. If you want if post retirement you can do your 20 like the rest of us. And, we pay a premium, deductible and copays so it’s not free. We also pay a lot out of pocket as it doesn’t cover some specialists and meds.

Use the MTFs. We pay a premium, but not copays or deductibles. If you use the base pharmacies (and there are a ton in this area), you don’t pay anything for prescriptions.

[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?

I am OP but me asking my 25 and 23 year old to sign in employer policy just sucks money they could be saving in their savings account or putting in 401k. I am 63 but still work and with an 18 year old still in family plan. So for now their insurance costs me zero extra. I plan to work till youngest graduates college when I am 67.

Not kid related but my wife is a bit younger she turns 65 when youngest graduates college. So if I quit before 65 she also has insurance problems, kinda crazy I can’t even retire at 65 without my wife and youngest kid losing insurance.

You started this thread by complaining you can’t retire and now you are here I guess showing how dumb it would be to retire.

It’s really not very expensive for healthy young adults to cover their portion of employer health insurance.

It depends. My prior company we did it free single people on bare bones medical plan (dollar subsidy covered that) and full pay on vision and dental plus zero subsidies family plan. But a family plan we still got that same amount. I was paying $1,800 a month insurance! Top of line family plan with vision and dental. I quit that job.

My new job pays same percentage off single or family.

My older kid her bare bones plan is very cheap but does not cover all her stiff.

To be honest we have to over 65 guys at work in very poor health who can’t retire as need our medical plan and both have wives under 65. One married younger wife with step children he adopted. He is 66 with four kids on plan! None biologically his but his second wife is 15 years younger.

It is crazy. People are working in their death bed or past 65 due to medical

[Anonymous]

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.

Where do they work and where do you work?

My kid pays $0 for their health insurance for their job because premiums are like nothing for single 20 somethings in good health. Assuming he stays with the company, I think he will have to pay something when he moves to a family plan.

I mean, what are your older kids going to do when they hit 27? You might as well cut the chord now and get them used to budgeting for insurance.

Cut the cord now and have them pay more for worse insurance? Better to have them contribute to the premium paid by the parent until they hit 27. The dollars add up and we all need more of them in this economy.

+1000

Our kids get to stay on our insurance if it's the better choice for them. Why waste $$$?
We also keep them on our cell phone plans, as it's much cheaper that way. If you want charge them for the cost, but why make them pay $40-50 more per month?

[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?

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?

[Anonymous]

We live in CA with very generous Medicaid rules so my kid can always fall back on it.
I also can give my kid his own health insurance through some state sponsored caregiving for a family member.
So yes there are options.

[Anonymous]

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

[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.

Where do they work and where do you work?

My kid pays $0 for their health insurance for their job because premiums are like nothing for single 20 somethings in good health. Assuming he stays with the company, I think he will have to pay something when he moves to a family plan.

I mean, what are your older kids going to do when they hit 27? You might as well cut the chord now and get them used to budgeting for insurance.

Cut the cord now and have them pay more for worse insurance? Better to have them contribute to the premium paid by the parent until they hit 27. The dollars add up and we all need more of them in this economy.

+1000

Our kids get to stay on our insurance if it's the better choice for them. Why waste $$$?
We also keep them on our cell phone plans, as it's much cheaper that way. If you want charge them for the cost, but why make them pay $40-50 more per month?

Because OP wants to retire. This isn’t an issue if OP is fine working.

Why is it everyone’s working age kid seems to have shitty insurance, BTW?

My kids work professional jobs with excellent insurance for little to no cost.

[Anonymous]

Anonymous wrote:

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.

Where do they work and where do you work?

My kid pays $0 for their health insurance for their job because premiums are like nothing for single 20 somethings in good health. Assuming he stays with the company, I think he will have to pay something when he moves to a family plan.

I mean, what are your older kids going to do when they hit 27? You might as well cut the chord now and get them used to budgeting for insurance.

Cut the cord now and have them pay more for worse insurance? Better to have them contribute to the premium paid by the parent until they hit 27. The dollars add up and we all need more of them in this economy.

+1000

Our kids get to stay on our insurance if it's the better choice for them. Why waste $$$?
We also keep them on our cell phone plans, as it's much cheaper that way. If you want charge them for the cost, but why make them pay $40-50 more per month?

Because OP wants to retire. This isn’t an issue if OP is fine working.

Why is it everyone’s working age kid seems to have shitty insurance, BTW?

My kids work professional jobs with excellent insurance for little to no cost.

Because their kids aren’t working corporate jobs. They are either in the service economy, or they are working for political campaigns, non-profits, internships, or other kinds of jobs that at interesting and fulfilling, and may pay off in the long run, but need parental subsidies right now. It’s the privilege of the upper middle class to be able to have these jobs.