The age at which parents stop paying for insurance really varies significantly based on personal choices and circumstances. It is also important to mention that there are no set universally accepted rules which dictate when parents should stop paying for insurance.
That being said, here are some common considerations regarding when parents stop paying for insurance:
• Age of Dependent: Generally, most parents stop paying for insurance once their dependent reaches the age of majority (usually 18 in most states). For parents with adult dependents, they might choose to keep paying for their children's insurance until their dependents reach the age of 26 and are eligible for their own insurance under their parent's health plan (if the health plan provides it).
• Financial Means: Financial means also play a significant role in making a decision about when parents should stop paying for insurance for their dependents. Depending upon the financial capacity of the family, some parents may have to stop paying for insurance at an earlier age if they cannot sustain the expenses of their dependent's insurance premium.
• Dependent's Income: Similarly, if the dependent has their own income and can start paying for their insurance premiums, then the parents may choose to stop paying for their dependent's insurance.
• Types of Insurance: The type of insurance taken by the dependent also comes into play here. For instance, if the dependent is insured under a parent's employer-sponsored health plan, then the parents generally stop paying premiums after their dependent turns 26 or no longer has a relationship with the employer.
Ultimately, it really depends on the family's situation and the choices they make. In some cases, the parents might choose to keep paying for their dependents' insurance until they reach a certain age even if it means exceeding the age of majority. So, it is important to make informed and wise decisions that are most suitable for your individual family circumstances.