By Linda Marsa
Your Situation: My kid has a chronic condition.
When parents have coverage, kids can't be excluded if they have a health issue like asthma or diabetes. The new $10,000 limit on a family's out-of-pocket costs may help too, by cushioning the financial burden of your child's medical care if he requires frequent hospitalizations or pricey medications. In addition, insurers can't impose annual maximums on medical expenses or lifetime maximums on costly drugs. While most people rarely reach lifetime caps—plans typically max out at around $2 million—this new regulation is vital for people who have a serious or chronic illness or a child who has one.