For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.
Benefits June 8, 2010
BofA Makes Early Dependent Coverage Change
June 8, 2010 (PLANSPONSOR.com) – Bank of America has started early expansion of health insurance coverage for employees' dependents up to age 26 in advance of the government requirement.
Reported by PLANSPONSOR staff
Under the bank’s current health coverage, dependent children up to age 19 can be covered under the employees’ health plans. If the dependent is a full-time student, dependent coverage would end at age 24. As part of the Patient Protection and Affordable Care Act, dependent children would be able to stay on an employee’s family health plans until age 26 beginning next year, the company said in an announcement.
Steps taken by Bank of America will mean currently covered dependents who are 19 up to age 24 will no longer be required to be students, effective July 1, 2010. Beginning September 15, 2010, currently enrolled dependent children age 19 up to age 26 can continue coverage under the employee’s company health plans in advance of the implementation of the government requirement.
“This action represents the continued investment in our associates,” said Bank of America President and Chief Executive Officer Brian Moynihan, in the announcement. “As a significant creator of jobs in the United States, and globally, Bank of America is committed to providing a high-quality, comprehensive benefits package.”