One Group that has Benefited from Healthcare Reform

More young adults in the 19-25 age range have health insurance now than this time last year, according to a report in the New York Times. The newspaper attributed the uptick to the 2010 Affordable Care Act, with its provision that dependents can be covered under their parents' health insurance plans until they reach age 26. Before this provision came into effect, children had to come off their parents' insurance policies at 18 or 21, or when they left college. The new law, according to the Times, has provided much needed relief for young people who live with chronic medical conditions and previously were unable to get health insurance. Most are now covered under the group plans that their parents have through their employers, it reported.

The newspaper went on to report that for the first time, those most likely to be uninsured were in the 25-34 age group. If you are in that group, and are healthy, it is important to leaven your feeling of invincibility with an eye toward the future. If you are unemployed and shop for a private plan before you are hit with a chronic condition, you will have a much easier time getting an affordable policy. Once you have a health policy, many states have insurance regulations that guarantee renewability, meaning your policy must be renewed as long as you pay your monthly premiums and also cannot be cancelled because of illness. It's something to discuss with your family and an insurance agent when you are setting your priorities and coming up with a monthly budget.