Saturday, September 23rd, 2017

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Just graduated? You still need health insurance.

Summer days are dwindling and reality is setting in for recent college graduates.  Their focus now must shift from relaxing and celebrating their accomplishments to reworking resumes and landing that critical first job.

Often the last thing on the minds of the young and seemingly invincible who are searching for employment is health insurance. Yet, no matter how important everything else may seem, there is no question that health insurance should be a top priority.

What actually happens after the excitement of graduation when young adults realize they may no longer be covered by their parents’ health plans?  All too often, the answer is that many of them join the ranks of America’s uninsured.

Unfortunately, some also will find that their perceived invincibility isn’t enough to pay for unforeseen medical bills from an accident, illness or emergency that can quickly drain a small or non-existent bank account.

A national study just released found that more than half of all young people have gone without health insurance at some point in the past five years—including 75% of those who are now carrying medical debt. In fact, young adults are among the largest and fastest-growing groups of Americans lacking health insurance today.  According to 2006 Census Bureau data, nearly 30% of 18-24 year olds have no health insurance. If you factor in the Americans age 25-34 who also are without health insurance, young adults represent over 40% of America’s uninsured population.

Reducing the number of young uninsured Americans has become a priority in the halls of Congress, on the presidential campaign trail, and in state legislatures. Over the past few years, a number of states have extended the age that dependents can remain on their parents’ health plans as a way to address this issue.

Another solution to address the gaps in coverage for recent graduates is short term health insurance.  Short term health insurance offers one to six months of coverage, and can be a lower cost alternative for new graduates as well as workers between jobs and seniors with just a few months before Medicare eligibility.

Short term health insurance is designed to be an easily understood plan with a quick, simplified application process. There’s also the flexibility to drop the plan at any time without penalty which is important when your life is in a period of transition and change.

The reality today is that no one can afford to be without health insurance coverage and there are choices in the marketplace.  Certainly, the last thing a new graduate with limited income needs is to be saddled with medical debt before he or she even has a chance to get on solid financial ground.

Rich Collins is CEO of Golden Rule Insurance Company and president of UnitedHealthcare’s individual line of business. 

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One Response to Just graduated? You still need health insurance.

  1. AdoraStaten says:

    For those who can’t get health insurance for whatever reason (even through state aid) and have to pay out of pocket, they should check out AmeriPlan. AmeriPlan is a Discount Medical Plan Organization that arranges for their members to have access to dental, vision, chiropractic, pharmaceutical and medical providers who have agreed to offer their services at negotiated discounts off their usual and customary fees.
    What’s great is there’s no paperwork to complete, no restrictions on age or how many visits you can make, all ongoing dental/medical problems (conditions) are accepted and most importantly, 100% Satisfaction Guarantee!
    So, if your looking to save money (up to 80% on dental care, for instance) then I would check it out. Even if you already have health insurance, it’s a good supplement to have just in case your insurance won’t cover everything.

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