Posted on : May 19, 2009 | By : Sophie Callahan | In : Health Insurance, Miscellaneous
According to a UnitedHealth Group poll, more than half of young adults surveyed lack information about their options for health insurance. The poll surveyed 1,000 young adults between the ages of 18 and 21. The survey found that 67% of the students polled haven’t made any plans for health insurance when they graduate. 69% of those covered by their parent’s health insurance plans are unclear about the details of their coverage as well as 26% having no idea when their coverage will end.
Approximately 87% state that educators should do more to communicate information about obtaining health insurance and the basics of health insurance. Some of the options recent graduates and young adults have include:
- Employer-sponsored health insurance: If you’re lucky to get a job out of college, you will most likely have the option of an employer sponsored group plan. Benefits are usually very comprehensive and your employer pays for a portion of it if not all.
- Short term health insurance: If you are looking for a job and working part time or not at all for the meantime, getting a short term health insurance plan may be beneficial. Plans tend to last up to one year and you can cancel at any time. They are fairly low cost but they will most likely not cover any preexisting conditions.
- COBRA: COBRA, or the Consolidated Omnibus Budget Reconciliation Act of 1986, lets students keep their coverage under their parents for up to 36 months. However, COBRA plans are expensive.
- Individual Health Insurance plan: If the above options don’t seem appealing, an individual health insurance plan is another option. Either going directly to a carrier like Aetna, or a health insurance broker, you can choose a plan that caters to your needs. You can also cancel at any time if you get a job or find another plan that suits you better.
Just remember, health insurance is vital and everyone should have it. If something were to happen, it will cost a lot more to treat you than that couple hundred you pay a month for your coverage.