In terms of insurance, attained age is defined as the age of the person insured at a certain point of time. An individual’s age in any point of time is determined and used for life insurance purposes. It is often explained as the age being reached at the very last birthday.
Another definition of attained age is the present age of an insured individual that is computed by adding up the period that has elapsed ever since the issuance of the insurance policy towards his or her age when the insurance policy was being dealt with. It is also the age of a person on which the beneficiary of the insurance policy, trust, or pension plan will receive corresponding benefits.
Is it related with the attained age pricing in Medigap Plans?
It can possibly be related to such pricing provided that under the attained age pricing, the value is being paid for in a Medicare supplement policy basing on one’s current age. Unlike other plans that are based on a community rate or issue aged pricing, the premium increases as a person gets older. Though a medicare supplement program that is based on the age pricing may be initially less expensive, it may be the most expensive among the three pricing models. The prices on medicare supplements can increase because of some factors such as inflation.
Further, according to the affordable care act, one must be required to obtain plans and issuers that offer dependent programs in order to make the program available until a certain child would reach the age of twenty six (26). Both the unmarried and married children may qualify for this kind of coverage. The rule applies on all plans in particular market and so with a new employer program. This rule also applies to any existing employer programs unless such adult child will receive another offer of employer based coverage through his/her job.
Starting in year 2014, adult children up to the age of 26 may live with their parent’s employer program even if they will be having another offer for coverage by another employer. In some countries, there are estimated numbers of children who are not insured ranging from ages nineteen to twenty five. These children can be eligible to join up with their parent’s health program if such program will offer a dependent coverage. There are also informations that are based on 2007 estimates regarding small area insurance or commonly called as “Small Area Health Insurance Estimates” (SAHIE) and the 2008 March current population survey annual social and economic supplement or CPS-ASEC.
The estimated figures of individuals who are not insured range in ages 19-25 based on the CPS and is bigger than the estimate being presented in the “Regulatory Impact Analysis” or RIA. The estimates based in the RIA are based on a data coming from the “Medical Panel Survey “or MEPS’ estimated figure of the full-year uninsured. The CPS data generally are thought to correspond to a point in time that will measure something closer to the figure of individuals having no health insurance as against the point in time when the survey was conducted.