The Obama Administration released regulations today on "grandfathered" plans. What is a "grandfathered" plan, you ask? They are the plans identified in the health care law that don't have to change with reform; the ones that people can keep if they like their coverage as it is.
Today, the regulations make clear that these plans can exist as long as they do not do things like cut benefits or make unreasonable increases in cost-sharing such as deductibles and co-payments. Importantly for young Americans, they have to incorporate the provision allowing young adults to stay on their parents' plan until age 26. And that means that employers can start that coverage right away without worrying about losing their "grandfathered" status.
This is important news. It means that parents can keep their employer-sponsored plans as is, and still enroll their eligible adult children. It is more evidence that health care reform is going to help millions of young Americans. Thanks, grandpa!