Thursday, April 1, 2010

Is the economy crippling millennials independence?

26 is the cut off age for young adults to remain on their parents' health insurance. According to the new health care bill signed by President Obama in late March, the bill extends the period in which young adults can stay on their parents insurance, the Washington Post reported.

The economic climate is one factor for the change. As more post grads try to obtain employment in the middle of a recession, it is a challenge to find jobs that offer decent health insurance, or for part time employees to be eligible for health insurance.

I know from experience that many retail jobs do not offer any health insurance to employees who work less than 35 hours, and not having health insurance is never a good feeling.This new feature to the bill is good news for Generation X-ers, but it can also be viewed as a setback as well.

Ian Shapira writes that, "In its bureaucratic way, the government's restructuring of health care sets a new starting point for independent adulthood: no longer at age 18 or 21, but deep into the 20s. The new health-care benefit, to take effect in six months, acknowledges the economic and social forces --the grim job market and delays in marriage and childbearing --that have the millennial generation, those generally in their 20s more dependent on their elders than their parents had been."

The economic state is creating a phenomenon of more young adults relying on their parents to provide for them. In my personal circumstance, I know that I will be a victim of parent dependency after I graduate from college. The likelihood of affording my own place is extremely bleak and next to impossible with apartment prices for rent over $1,100 a month not including utilities. I must say that I am not a fan of depending on my parents, but if it will help provide stability long enough for me to get on my feet then I will gratefully accept the invitation.

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