Bank of America Corp (NYSE: BAC) said that it would be expanding health insurance coverage for dependents up to age 26 ahead of a new government mandate.
The Charlotte-based bank’s current employee insurance plans cover dependent children up unto age 19, or up to age 24 for full-time students. Under the healthcare-reform legislation which was passed earlier this year, dependent children will now be able to stay on an employee’s health plan until age 26 starting in 2011.
Starting on July 1st, Bank of America Corp (NYSE: BAC) will no longer dependents between age 19 to 24 to be students. As of September 15th, children enrolled between the ages 19 and 26 will be able to receive health coverage under employee health plans.
“This action represents the continued investment in our associates,” Bank of America CEO Brian Moynihan said in a statement. “As a significant creator of jobs in the United States, and globally, Bank of America is committed to providing a high-quality, comprehensive benefits package.”
Bank of America Corp (NYSE: BAC) has approximately 280,000 employees world wide.
