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If you are a recent college graduate, there is a lot that can occupy your attention: getting a job, finding a new place to live and perhaps even moving across the country. One more concern for recent graduates can be figuring out what to do about health insurance. Having a dependable health insurance plan is vitally important, even if you are in that “invincible” feeling of your early twenties.
What health insurance options are available for recent are available for recent graduates? We list a few key ones below.
Before the passage of the Affordable Care Act, health insurance providers would usually drop young adults from their parents’ plans as soon as they graduated college. But now, college graduates (or any young adult) can stay on their parents’ healthcare plan as a dependent until the age of 26.
This can be a tremendously advantageous option for those who already have a lot on their plate after graduation. It requires a minimum amount of work and lets your health benefits stay essentially the same while you sort out other important life decisions. While some options may vary from plan to plan, overall this is usually a strong choice for you to take if you can.
If you aren’t able to count on your parents’ insurance after college but expect to secure some insurance sooner rather than later, then it might be smart to get a short-term health insurance plan. Be cautious: short-term plans can vary from state to state and many may not have the same range of coverage as more robust options. But, if you only need coverage for a few months or a year—say, in a period between when you start a new job and the health benefits kick in—a short-term plan could be the perfect solution.
If you’re looking for a more comprehensive insurance plan, then you may want to look into getting an ACA-Compliant Plan. Each state will have its own exchange and you can enroll during Open Enrollment, though there are some Special Enrollment Periods depending on your circumstances. An ACA-Compliant Plan will get you more essential health benefits than a Short-Term Plan and also cover pre-existing conditions. If you don’t have any other immediate health insurance options, visiting your state’s exchange could be your best bet.
This step is definitely easier said than done, but certainly one ideal way to get health insurance is to get a job at an employer who will provide you with health benefits. Employer benefits are great because many companies offer robust plans and will also pay a large portion of your premiums. Though this can seem to be a lofty goal, there are many large organizations that offer health benefits to hourly workers, including Whole Foods, Starbucks, and JP Morgan. Even if you don’t see a long “career” at these jobs, they can provide a steady transition from college to your dream job.
There are many situations that offer clear indications you need to go to the emergency room. Any serious condition, like chest pressure or tightness, severe arm pain, a head injury, or other intense bodily harm requires an expedient trip to the emergency room. But, there are some situations that you know require medical attention but might not rise to the necessity of an emergency room visit.
While you should always trust your instincts and take every precaution when faced with a serious medical situation, there are usually a good number of circumstances where a trip to the emergency room would be an unnecessary expense. The average cost of an ER visit can run awfully high—so if it is possible to get the exact same (or even, better) care for less expense then it is almost certainly worth it to do so. Here is a quick guide on know when it is okay to skip the ER.
There are plenty of common illnesses that are much better handled by a visit to your primary care doctor than a trip to the emergency room. If you are experiencing low-to-medium pain from an earache, sore throat, fever, or limited rash then you should make an appointment to see your doctor as soon as possible, but avoid heading to the emergency room. Same goes for if you are experience moderate symptoms from the flu, a cold, or pink eye. Seeing your doctor will usually result in just a $30-$40 co-pay, while an ER visit could cost upwards of $300 or more out-of-pocket.
There are also plenty of injuries that you may encounter that require medical attention but don’t necessarily need you to put up with the sometimes-long waiting periods at the emergency room. If you are feeling any sprains, minor back pain, minor bone fractures, or a second or first-degree burn. These injuries are often better served by a trip to the urgent clinic or your primary care physician. If you experience severe pain for any of these injuries however, don’t hesitate to head to the emergency room.
Your health is nothing to gamble with, but unnecessary emergency room visits can come with a cost that can significantly impact your finances. If you aren’t experiencing severe pain and think you might have a common illness or minor injury that could be easily treated by a doctor or at an urgent care center, you can call your healthcare provider for guidance. Technology is also creating video chat options in an industry known as “telemedicine” to give patients a chance to quickly connect with professionals to discuss non-emergency medical situations. By taking the time to understand the severity of your medical condition and talking it over with a professional, you may be able to avoid an unnecessary trip to the emergency room.
It’s not uncommon for friends to borrow cars—it can be just for a quick run to the store, covering a long leg of a road trip, or you may give your friend unfettered access to a car you don’t necessarily use every day. Of course a friend will always make a concerted effort to drive as safely as possible but accidents do happen. So what do you need to know if your friend is driving your car and a collision occurs? We cover a few of the basics you should be aware of.
Chances are that your insurance liability coverage will cover any damage to another car or injuries sustained by the other driver in a collision. This is because your insurance would likely be the “primary insurance” on the accident. However, this is not a guarantee as every insurance policy may have specific types of coverage. If you have a friend that is going to borrow your car, especially if it’s for a long drive or an extended period of time, you would be wise to get in touch with your insurance agent and ask them exactly what your policy covers and does not with other drivers.
While more often than not, any damage caused to other cars in a collision where your friend was driving your car would be covered by your liability insurance. It is possible, though not guaranteed, that your policy will also cover any damage your friend causes to your car when they were driving it. There is a possibility that your coverage will have limits—meaning that if your friend causes $7,000 worth of damage, your policy may only over $3,500 of it. That difference might be able to be made up by your friend’s insurance policy, or they’ll have to help pay it out of pocket.
To mitigate the risks associated with letting other people drive your car, especially for long distances or an extended period of time, it is smart that both you and your friend review your selective coverages. A short conversation with your agent could clear up any confusion over who is responsible for what before you hand over your vehicle to a friend in need.