September 29, 2016

Changing American households create new insurance implications

Jefferson City, Mo - Whether it's aging parents moving in with their grown children or young adults moving back in with mom and dad - today's Missouri households come in all shapes and sizes.  Baby Boomers and members of Generation X are feeling the pressure of adult children returning home and taking care of older loved ones in their home.

The Missouri Department of Insurance encourages families to make sure everyone understands how a change in address might affect insurance needs.  "As your family structure changes, the department recommends you understand the insurance implications of these new living arrangements," said Director John Huff of the Insurance Department.

Aging Relatives

For seniors, moving in with an adult child can be uncomfortable. Before the first box is packed, parent and child need to talk about finances, including insurance.

Consider the following questions:

  • Are you current on health, auto and life insurance premium payments?
  • Are you covered by Medicare?
  • Is long-term care insurance something we should look into?
  • What are your end-of-life wishes?

This level of detail will help both parties decide what changes, if any, need to be made to existing coverage.

Boomerang Kids

Adult children are more likely to be living with their parents than in any other scenario - including living with a spouse or partner, other family or friends or alone.

Consider the following questions:

  • How will health insurance be covered? Who will pay for what?
  • Will we combine auto policies? How will driving records affect premiums?
  • What belongings are you bringing? Will expensive items items such as electronics or sporting equipment increase homeowners insurance premiums?

For insurance tips to help modern households of all shapes and sizes including baby boomers, same-sex couples, single parents, millennials and more, visit  Missouri consumers can call the department's Insurance Consumer Hotline at 1-800-726-7390 with questions or go to the department's website at for additional resources.