Bank of America has said that it will begin early expansion of health insurance coverage for dependents up to age 26 through an employee’s company health plans in advance of a government requirement.
Under Bank of America’s current health coverage, dependent children up to age 19 can be covered under employee’s health plans. If the dependent is a full-time student, dependent coverage would end at age 24.
In addition, as part of the Patient Protection and Affordable Care Act, dependent children will be able to stay on an employee’s family health plans until age 26 beginning next year.
The company said that currently covered dependents from age group 19 to 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 employee’s company health plans in advance of implementation of government requirement.
Brian Moynihan, president and CEO of Bank of America, said: “This action represents the continued investment in our associates. As a significant creator of jobs in the US, and globally, Bank of America is committed to providing a high-quality, comprehensive benefits package.”