Insurance cover of children up to age 27 tax-free: IRS Business Insurance
IRS Notice 2010-38—eagerly awaited by employers and insurers—involves a provision in the new health care reform law that will require health care plans to extend coverage to employees' adult children up to age 26 and allows tax-favored coverage up to age 27.
That provision takes effect on the first day of a plan year starting six months after the March 23 enactment of the law. For employers with calendar-year plans, which are the most common, the coverage requirement begins in Jan. 1, 2011.
Many major health insurers already have said they will expand coverage to adult children ahead of the mandate unless employers object. The group includes Aetna Inc., CIGNA Corp., Humana Inc., Kaiser Permanente, UnitedHealth Group Inc. and WellPoint Inc. In addition, some self-funded employers are considering amending their plans now.
Typically, group plans have offered coverage of employees' children to age 18 or 19, or until age 22 or 23 if the child
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