Health Care Insurance

Health Care Insurance Options for New Grads:

Just Graduated? You need health care insurance. Don’t leave school without it!

Your Situation	Options
Graduated. Looking for work.	Can stay on your parent’s plan until age 26 if you’re a dependent. Longer in some states. Note: Your own personal health care insurance plan may be cheaper than your parent’s coverage.
Graduated. Job lined up with health coverage starting in a few months.	Stay on your parents plan if possible. Short term health insurance – easy, quick application. Cancel anytime without penalty.
Graduated. Job lined up with NO group health insurance offered.	Look for a renewable health insurance plan that you may renew from year to year. Short term plans only cover 1-11 months in most states.
Graduated. Looking for work but no option to stay on parent’s plan.	Look for a renewable health care insurance plan with a high deductible – usually more affordable. Note: A renewable plan may be a better option if your job prospects are unclear.

Short term health care insurance is designed to fill gaps in coverage for a limited period of time. Short term plans are a good option for graduates looking for that first job, or waiting for coverage to start at a new job.
Short term products have an easy, quick application process and usually cost less. You can apply online and usually get coverage in 24 – 48 hours.

Check the ratings – health insurers are rated by A.M. Best and other firms. Only review plans offered by reputable, sound, financially stable companies.
Read the fine print – it’s important to know up front what’s covered by a plan and what’s not covered. Take the time to know what you’re buying, and ask questions!
Search the network–virtually all health plans today are connected to networks of doctors and hospitals. Make sure your doctor is part of the health plan’s network. Using doctors and hospitals in the network means you’ll enjoy lower prices for your care. There may also be penalties for using providers who don’t belong to the network.
Meet your budget – do the math. Include premium, deductibles, coinsurance and copays when considering the cost of different plans. The lowest priced plan may not be the best value. Consider total cost and coverage when shopping.

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