Maloney Hails Move to Enable Tax-Free Health Insurance for Millions of Young Adults
The health care reform law, which Maloney supported, requires health insurance providers to allow children under the age of 26 to receive coverage under their parents’ health insurance plans, starting in September 2010. Fortunately, many health insurance providers have begun implementing this requirement early – and the IRS’s announcement will allow parents to take advantage of this new option on a tax-free basis.
“Eliminating the gap in health coverage that millions of Americans experience between graduation and entering the workforce is a big victory for young adults and an even bigger relief for parents,” Maloney said.
“Thanks to the Obama Administration, many students graduating this spring will now be able to remain on their parents’ insurance tax-free. This is a great deal for American families – and is but one of the many vital improvements to our health care system that Americans will see in the months and years to come.”
Please see the IRS Release for more information.