Health Insurance Tips for College Graduates

by admin on April 28th, 2015

Graduation is upon you and you’re one of the hundreds of individuals who will be out in the world seeking a career. Congratulations, you did it! The idea of being on your own is exciting, yet overwhelming. The possibilities are endless. Finding your career path may have its challenges and take some time. However, you may also find yourself without health insurance. As you are updating your resume and planning for interviews, you may also want to consider purchasing a health insurance plan that is right for you.

Here are some tips for you to consider:

  1. Check your parent’s plan. The Affordable Care Act allows adult children to retain coverage under your parents’ health insurance plan until you reach age 26. (If you plan to continue as a student, be sure to check your plan to see how long you can stay on). This might be a very appealing option; however, you may want to do some calculations and compare the cost of staying on your parents’ plan or if it would be more economical to purchase coverage on your own.
  2. Know your special enrollment events. A Special Enrollment Event is a time outside of the Open Enrollment period (November 1, 2015 – January 31, 2016) during which you have the right to sign up for health coverage if you have a qualifying life event. Qualifying life event examples include, but are not limited to, loss of coverage, moving to a new state, marriage, divorce, having a baby, or becoming a US Citizen.
  3. Do your research. Understand that the cost of a health insurance plan is more than just the monthly premium. Several things you want to consider include your annual deductible, copayments, and coinsurance. Additionally, if you accept a new job that offers employee health insurance, be sure to compare this group coverage cost along with an individual plan cost.

For more information regarding health insurance and options in your area visit www.healthcare.gov or www.dakotacare.com.

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