Here’s one more point I’d like to make. For any parents out there with an employer group plan, you should compare the cost of adding your adult Son or Daughter to your group plan vs. buying a comparable plan in the private Texas health insurance market. You’ll find that the group plan through work is normally up to 2-3x what you’ll pay in the private market.

Just in case you missed my point. A law was passed that now gives you the opportunity to pay 2-3 times as much as you should to provide your adult child health insurance. Where do I sign up? Can you get me the same deal on that new car I’ve had my eye on? That Honda looks great at $25,000, but I’d much rather pay $50,000-$60,000 for the same car instead.

To be fair, there are some adult children that cannot qualify for private health insurance due to medical reasons. Most States in the U.S. have a High Risk health insurance Pool or some other comparable program to take care of those that are uninsurable. The rates for these high risk programs offered on the State level are very comparable in price to placing those adult dependents on their parents’ employer group plan. At least that’s the way it is with the Texas High Risk Pool. In many cases, they’re less expensive.

To summarize this article: We now have a law on the books that claims to have solved a problem that never existed in the first place. Now that the non-existent problem has been solved, you have the option to pay up to 2-3 times as much as you need to for the same product. Once again, government to the rescue!

By the way, please don’t think that I have it out for our current administration. I just take issue with nonsensical programs in general and claiming to have passed a law that helps millions of people, when in fact; they didn’t need the help in the first place. It would have been much less expensive for the government to send out a mailer to every household in the country informing them that health insurance can be purchased directly on an individual basis from virtually any health insurance carrier in their home State or through the State High Risk program(s).

Just wait until next week when I explore the “child only” market!