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on the radio with Paul Petillo
Join Paul Petillo, Dave Kittredge and Dave Ng every week on Financial Impact Factor Radio as they to discuss everything from retirement to insurance, investing to estate planning, from getting started to preparing to stop.
books by Paul Petillo
I just published my fifth book - this time with Smashwords! ReBuilding Wealth in a Paycheck-to-Paycheck World by Paul Petillo, copyright 2011 This ebook is available across all platforms including iPad and iPhone, Amazon and Sony.
on personal finance
In the world of personal finance, asking what's the worst that could happen is not the same as asking: "will I be able to afford this?" or "have I saved enough for retirement?"
More personal finance
on retirement
The Who, What, When, Where and Why of Retirement
If things are good, for some they won't be good enough. If it turns out that things are not so good, someone will ultimately benefit for this off-chance negativity.
More on retirement planning
on mortgages
American dream or not, the games you may have once played with financing your home are not available for the vast majority of homeowners.
More on mortgages and homes
on insurance
Insurance : Life, Health, Auto, Home
Is the insurance industry the next victim of the financial crisis?
Health Channel
on investing
The mutual fund investor has a great many more options available to them in the post-Great Recession marketplace. The question is: are they right for you as you make a retirement plan using 401(k)s or IRAs?
More on investing
on twitter @PaulPetillo
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Zack's Investment Tools: Stock Screener or Mutual Fund Screener
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Our recent financial discussions
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on insurance
Legislation concerning Insurance Dependency
California
A.B. 1698 - Would require that health insurance providers carry the insured's dependents until they reach the age of 26, regardless of their enrollment in an educational institution.
Vetoed by governor (2005) text of veto
Colorado
H.B. 1346 - Expands the definition of dependent to include unmarried children under the age of 25 who are financially dependent upon or reside at the residence of the parent, regardless of enrollment in higher education. Also includes the minor children of unmarried dependents under the age of 25 who live with or are financially dependent on the parent.
Passed
Vetoed by Governor
Colo. Rev. Stat. § Chapter No. 322 (formerly HB 1101) states that a child is considered a dependent for insurance purposes until their 25th birthday (even if they are not enrolled in an educational institution) as long as they are unmarried, financially dependent, or share the same permanent address as the insurance provider. Effective Jan. 1, 2006 more information
Connecticut
S.B. 409 - Creates the Nutmeg Health Partnership Insurance Plan, a provision of which raises the age of dependency to 26, regardless of enrollment in an educational institution. States that the child must be unmarried and a dependent of the policyholder.
Did not pass out of committee by end of regular session.
Delaware
H.B. 446 - Requires insurance providors to cover policyholder's dependent children until age 24. Dependents must be residents of Delaware or, if living outside the state, must be full-time students. Insurance copmanies may charge more for dependent coverage past age 18, but it may not exceed 102 percent of the policyholder's cost before the child turned 18.
Signed by governor 7/10/2006; Chapter No. 419.
Hawaii
H.B. 1272 - Requires any child who qualifies as a dependent (for tax purposes) to be covered under the caregiver's health insurance plan, regardless of the existence of a biological parent-child relationship. Carried over to 2006. Did not pass out of committee by end of regular session.
H.B. 2813 - Requires insurance companies to cover the dependents of policyholders without a limiting age if, or as long as, the dependent is mentally or physically incapable of sustaining employment or the dependent is chiefly dependent on the policyholder for support and maintenance.
Did not pass out of committee by end of regular session.
Illinois
HB 4447 would allow dependent children enrolled in educational institutions who were part of the All Kids program before their 19th birthday to buy into the state's health insurance program. Dependents are eligible for the program from age 19 to their 23rd birthday.**
Did not pass out of committee by end of regular session.
Public Act No. 94-32 Relates to members of the United States Armed Services (including the Illinois National Guard); states that dependents called to active duty between the ages of 19 and 23 shall remain a dependent (as long as they are a full-time student) after their 23rd birthday for the amount of time they spent serving. Cut-off age: 25 (formerly H.B. 116).
Kentucky
H.B 209 - Extends coverage past the age of 25 for dependent students whose education has been interrupted due to active military service. Law currently states that children are covered as dependents until their 19th birthday; if dependents are enrolled in educational institutions, coverage is extended until the age of 25.
Did not pass out of committee by end of regular session.
Maine
Me. Rev. Stat. § Chapter No. 33 2741-A states that a same-sex partner must be eligible for coverage in the same manner as a spouse, regardless of financial dependency on the insurance provider.*
Sec. 1. 24-A MRSA § 2742-A - Requires insurance companies to cover dependent children until age 24 if they have a mental or physical disability which prevents them from being enrolled (or continuing to enroll) in postsecondary education.
Passed
Maryland
H.B. 1405 - States that an insurer who provides coverage to dependents 18 or older who are enrolled in higher education full-time may not cut off coverage to dependents of the same age if they are only in school part-time due to a documented disability. Passed 5/2/2006.
Massachusetts
H.B. 3907 - States that insurance companies must continue coverage to students who otherwise have aged-out of dependent status, but have not graduated as a consequence of being called for active National Guard or Massachusetts Reserve duty.
Did not pass out of committee by end of regular session. More information
Minnesota
H.B. 3281 - States that active duty personnell in the armed services reserves or Minnesota National Guard who had to take time off school to perform their service (if service was before age 25) must be extended coverage past the cut-off age. The time period of the extention is dependent on the time spent in service (same as S.B. 2971).
Did not pass out of committee by end of regular session
Missouri
H.B. 1612 - Requires group insurance policies to cover dependent children with chronic illnesses until the age of 25 or until the child marries.
Did not pass out of committee by end of regular session.
New Hampshire
H.B. 1570 - States that a dependent child may remain so for insurance purposes until they are 24 if they are unmarried, financially dependent on the policyholder and share the same address. If they are full- or part-time students, the address clause does not apply. Once a child over the age of 19 is removed from the policy, they cannot be put back on.
Passed in the House. Did not pass out of Senate committee by end of regular session.
H.B. 37 - "Michelle's Law" Requires insurance companies to continue coverage for dependents who otherwise would have aged-out of coverage if they are mentally or physically incapable of earning a living. The coverage must continue as long as the incapacity remains. The bill would also require coverage to continue for a year for dependents who are full-time students--even if they have gotten too old for dependent status--if they have had to take a medical leave of absence from school due to injury or illness.
Passed
New Jersey
S.B. 1683 - Requires that the insurance coverage of an unmarried dependent may not be terminated until the dependent's 26th birthday, regardless of enrollment in an educational institution. In committee (void--see "laws").
A.B. 3759 - states that, at the option of the insured person, a dependent may be covered up to the age of 30, as long as they have no dependents of their own. The insurance provider may charge a higher rate for this coverage, but the increase is not to exceed 3 percent of the premiums.
Passed Read statement. (Public Act 2005 c.375)
New Mexico
NM Stat. Ann. § 13-7-8 (formerly HB 335) states that health insurance for dependents may not be terminated based on age before their 25th birthday, regardless of whether the dependent is enrolled in an educational institution.
New York
S.B. 6847 - States that insurance companies may, at their own discretion, cover the unmarried dependents of policyholders until age 25. The insurance company may place restrictions on the coverage as they see fit. State law already mandates that insurance companies provide coverage to unmarried dependents until age 23 if they are enrolled in higher education. In committee.
A.B. 10692 - States that insurance companies must cover policyholder's dependents until the age of 25, regardless of enrollment in an educational institution. In committee.
A.B. 10784 - Amends the insurance code to allow unmarried dependents enrolled in school full-time to be eligible for insurance until age 25. In committee.
Oregon
H.B. 2064 - Revises the current statute's definition of dependent to include elderly parents and disabled adult children. These dependents are eligible for coverage.
Passed/Enacted
Pennsylvania
H.B. 2603 - Requires insurance companies to continue coverage for dependent students if they must take a medical leave from school; the coverage must continue for a year. (H.B 2668 very similar)
Did not pass out of committee by end of regular session.
S.B. 869 - Relates to military personnel; states that full-time students whose studies are interrupted by service in the reserves or the National Guard must be extended health care benefits as a dependent of their parent until they finish school, regardless of their age. Passed
Rhode Island
H.B 6927 - Expands the Medicaid program to cover children aged 19 and up who become ineligible for coverage solely due to age. Coverage will extend to cover children to age 24 if they are a full-time student, not eligible for employer-sponsored insurance, or if they are eligible for employer-sponsored coverage but the premium exceeds 15 percent of their net income. Small premiums may be charged.
Did not pass out of committee by end of regular session.
%">S.B. 2211 - Insurance plans which cover dependent children must cover unmarried dependent children until age 19 or, if students are financially dependent, until age 25. If the dependent child is mentally or physically impared, the plan must continue their coverage after the specified age.
Passed
South Dakota
SD Codified Laws Ann. § Chapter No. 265 (formerly HB 1045) states that any insurance provider offering benefits to a dependent may not terminate those benefits by reason of age before the dependent's 19th birthday. If the dependent is enrolled in an educational institution, they are not to be terminated until they reach the age of 24 (in a calendar year).
Texas
HB 1446 makes dependent status available for full-time students until they are 25 years or older (in some cases). Texas state statute puts the maximum age for dependents at 19 if they are not enrolled in an educational institution.
Passed
Utah
Utah Code Ann. § Chapter No. 31A-22-610.5 Requires that coverage for unmarried dependents continue until the dependent's 26th birthday, regardless of whether or not the dependent is enrolled in higher education.
Passed in 1994
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bluecollardollar: from the blog
Why Annuities are Good (yikes!) and Bad for Your Retirement
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