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Tax-free health coverage for children

July 1st, 2010 / By: / Industry News

As many college graduates lost health care coverage in May, the Obama Administration is asking employers to adopt the Affordable Care Act’s requirements allowing children up to 26 to be covered under their parents’ health insurance plans.

While the law does not take effect until September, the Department of Health and Human Services wrote to all major health plans, and all 65 insurance companies have agreed to make the early adoption provision available.

In addition, the IRS has issued guidance that ensured that these optional benefits would not be taxable.Visit www.irs.gov.

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