26 Jun 2017

Health Insurance Tips For Recent College Graduates

Health Insurance Tips For Recent College Graduates

Recent college graduates face a series of battles after finishing their studies, ranging from unemployment to crippling student debt. Many graduates don’t know where to begin when it comes to health insurance, as their coverage typically expires once they’ve received their degree and enter the workforce. Here are a few tips for recent grads when it comes to dealing with the complex issue of health insurance.

Parent’s Insurance

If you’re under the age 26, you can still qualify as a dependent under your parent’s job-based insurance plan. According to a 2015 report commissioned by the U.S. Census Bureau’s Current Population Survey, 29 percent of Americans between the ages of 19 and 26 were using their parent’s insurance. This can be a crucial lifeline considering college graduates normally struggle to find employment after they graduate. It can take several months or even years before they land a full-time position that offers medical benefits, therefore it can be a wise decision to utilize this support.

Employer’s Insurance

Some college graduates are recruited directly out of school if they’re able to showcase a unique set of talents and skills that can add value to an organization. If you land a job straight out of college, it’s important to ask if your employer provides health insurance as a part of their benefits package. In North America, employers usually offer benefits to full-time employees following a three-month probationary period. A small amount of money is normally deducted every paycheck in order for the company to purchase a company insurance plan.

Medicaid

Some graduates don’t earn a large salary after they leave college, meaning they can slip below the poverty line. For individuals who are unemployed or earn less than $16,000 a year (depending on your state) can qualify for Medicaid. Each state regulates and controls their Medicaid program in accordance with federal requirements, and it serves as an important support to individuals who would otherwise be uninsured. You can apply at any point during the year, as the open enrollment period does not apply to this program. For more information, visit HealthCare.gov.

Purchase Through The State Marketplace

According to HealthCare.com, nearly 22 percent of young adults were covered under marketplace health insurance in 2015. What does marketplace insurance mean though? It’s a government run service that assists the American public in shopping and purchasing inexpensive health insurance. You can only purchase this type of coverage during the open enrollment period and if you’re a recent graduate, you may qualify for tax credits that will help pay for the cost of the insurance premium. The next enrollment period for 2018 begins on November 1, 2017 and ends on December 15, 2017. You can find more resources regarding state marketplace insurance at HealthCare.gov.

Navigating the world once you’ve graduated from college can be quite nerve-racking and anxiety provoking, especially if you don’t have health insurance. It’s important to stay informed and know what resources are available, depending on your circumstances. For trustworthy insight and reliable information, you can always consult HealthQuoteInfo.

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