Parents’ Health Insurance for Adult Children Living at Home
We’ve talked before about legislation in various states that allows parents to keep their dependent adult children on their health insurance.
Here’s an article from the Wall Street Journal that summarizes the various states’ coverage all in one place. If you need to know whether your health insurance could cover your adult child, you should definitely take a look!
http://online.wsj.com/article/SB125098113262151655.html?mod=rss_Health
“Convenience” brings adult kids home to nest
A study released last month in Australia shows that while some adult kids are moving home for financial reasons, some just like the fringe benefits that come with living with Mom and Dad. According to an article in the Brisbane Times:
The report found men did less cooking and cleaning when they were living with their parents than they did when living out of home. For men aged 20 to 24 the difference was more than two hours a week: those living at home spent three hours and 15 minutes a week on domestic duties. Those who lived away spent five hours and 25 minutes cooking, cleaning and gardening.
Are you providing extra “convenience” that’s keeping your adult kids at home too long?
Though it may not feel like it, your kids value your advice
In Australia, the Australian Temperament Project has been following the life of nearly 2000 Australians since they were born in 1983. Now 23- or 24-years old, these young adults are giving some input into how they view their relationships with their parents.
Here are some interesting recent findings from the Project:
- 88 per cent of young adults said they still counted on their parents for advice and emotional support, though only 70 per cent of parents thought of themselves as still helping in that role
- 94 per cent of young people said their relationship with their parents was important to them
- 84 per cent said their parents played a major role in their lives
The most recent findings are published in in the current issue of the journal Family Matters. You can read an article about the study here.
New Zealand & Australia: 20-27% of 20- to 34-year-old men live at home
New results from statistics New Zealand show that 20% of 20- to 34-year-old men live with their parents — but only 13% of women in the same age range do. In Australia, 27% of men in the same age group live at home.
Here’s a quote from Bernard Salt, a social demographer, from an article from press.co.nz:
Men are living at home well into their 20s because they get free meals, free board, free laundry and free access to the family car. And you can have your girlfriend stay in your bedroom overnight, so why would you ever leave home?”
You can read the whole article in which Salt is quoted here.
Nearly 3 out of 5 college students to live at home this year
According to a new survey from the National Retail Federation, 58.5% of college students will live with their parents this year:
12.8 percent of survey respondents say the economy will impact where a student lives, with many choosing to save money by living at home. Nearly three out of five (58.5%) college students will be living at home this year, compared to 54.1 percent last year and 49.1 percent in 2007. As a result, fewer students will live in a dorm room or college house (15.8% vs. 18.0% in 2008) and in off campus apartments or homes (22.4% vs. 24.3% in 2008).
You can read the full write-up of the survey here.
New study shows men living with parents more likely to be violent
According to a new study published in the journal Social Psychiatry and Psychiatric Epidemiology, adult men who live at home with their parents are more likely to use drugs, get in fights, and engage in risky sexual behavior than their independent peers. The authors of the study suggest that a lack of responsibilities for living expenses or a young family is part of the problem:
Violence outside of the home and involving strangers can be construed as one among a series of hedonistic and negative social behaviours – including hazardous drinking, drug misuse, sexual risk-taking and non-violent anti-social behaviour – exhibited by a subgroup without responsibilities of providing their accommodation, supporting dependent children, or ameliorating effects on their behaviour of living with a female partner.
You can read an article that provides more information on this study here.
Adult kids at home to be covered by parents’ health insurance in Wisconsin
Starting in February, health insurers in Wisconsin will be required to provide health insurance coverage for adult children living at home up to the age of 26, as long as they are not married and are not eligible for health insurance at work. You can read an article about the new legislation here.
New survey says 37% of 50+ women have one or more adult kids living at home
A new survey from VibrantNation.com, a website for successful women over the age of 50, has found that almost half of boomer women are supporting their adult children financially, and more than a third are dipping into their own retirement savings to do so.
Here are the key findings from their survey, which was sent to over 50,000 members, e-newsletter subscribers, Facebook fans and Twitter followers:
- You Never Stop Being a Parent: 44% of Boomer women report that they are helping their adult children financially and otherwise more than they anticipated or budgeted because of the economy.
- 24-Hour Mom ATM: More than one quarter of Boomer women are helping adult children with housing costs (29%) and daily living expenses (26%). Fewer, though still rather significant percentages, are helping with education (17%) and healthcare (17%) costs.
- Dipping into the Piggy Bank: 35% reported that they are using funds set aside for their retirement/future to help an adult child and/or grandchild.
- The Un-Empty Nest Syndrome: 37% of Boomer women say they have one or more adult child currently living with them. Of these, 29% reported that they charge their adult child rent and 16% have set a limit on how long the adult child can remain. Of those who said they had set a limit, 45% have extended their original deadline because of the recession.
As you’ll know if you’ve been reading this blog for any length of time, we recommend against dipping into retirement savings or otherwise compromising your own financial situation to support your adult kids. Help your kids in whatever way feel right for you, but remember to take care of yourself, too.
You can read more about the VibrantNation survey in their press release here.
New study finds parents with adult children living at home are more depressed
A study released today in Britain shows that parents with adult children living at home are more likely to be depressed than empty nesters. Here are our top tips for avoiding depression when adult kids live at home:
• Put yourself first: It’s difficult for parents to put their own needs ahead of the needs of their children, but when adult kids are at home, this is critical. Don’t change travel or retirement plans to support your adult kids unless they’re really in trouble. And don’t give up your den if it’s an important retreat – find an unused space where your adult child can settle in.
• Establish ground rules: Adult kids might not like the word “rules” but they’re important for making sure everyone has the same expectations and everyone’s needs are met. Some families with adult children living at home find a contract can help formalize the rules and keep everyone on the same page.
• Ask kids to contribute: They may not be able to afford market-value rent, but adult children living at home should help make a dent in the extra expenses they create (extra gas, higher phone bill, etc.), or at least contribute their labor to household chores. Parents with adult kids who help out around the house are less likely to feel taken advantage of or financially compromised.
• Don’t take on too much: A college grad is capable of cleaning a bedroom, making a meal, and doing laundry. Don’t start providing the same “services” you did when kids were small or you’ll be setting yourself up for way more work than you should reasonably bear, and paving the way for resentment and other bad feelings.
• Take time out for yourself and your spouse: Your kids are grown-ups now, so they don’t need (and probably don’t want) to spend all their time with you. Make time to do things for yourself, and be sure your spouse isn’t pushed aside – especially if your spouse is your kids’ step-parent.
• Talk, talk, talk: Communication is the most important step in keeping parents and adult kids happy. Don’t hold in anger, don’t seethe, and be honest. Share your thoughts and work together to continually improve the situation.
New affiliate program
Hello readers!
We are pleased to announce the we have launched an affiliate program for the print version of our book, The Hands-On Guide to Surviving Adult Children Living at Home. The print version has over 50 pages of the same great content as our eBook, in a handy take-anywhere printed format, with full-color covers and convenient “lay-flat” binding, plus the bonuses and a 30-day guarantee.
The book sells for $37.97 plus shipping, and we offer a 15% commission. If you’d like to sign up for our affiliate program and start earning commissions on The Hands-On Guide to Surviving Adult Children Living at Home, please click here.