If you have a kid in college, you may be double-paying for their health care coverage. Most four-year universities offer a student health Insurance Plan, and many automatically enroll students in the plan. When he was attorney general of New York, Andrew M. Cuomo warned 300 colleges that they needed to “clearly and conspicuously disclose” this mandatory coverage and itemize the cost. Student health insurance plan prices vary drastically, from $1,750 a year at American University, for example, to $2,651 a year at George Washington University.
Either way, that’s a sizable chunk of money to pay if your child is already covered by your own plan. And more offspring than ever are, because of a provision in the Affordable Care Act that allows children to stay on their parents’ plan until their 26th birthday. (Proposed Republican bills to replace the ACA keep this provision intact.) In fact, parents may be paying a collective total of $1.2 billion in redundant health insurance costs, according to a study by Keybridge Research....Read Full Article