Tuesday, April 05, 2005
College grads should consider HSAs
[Cheryl Powell, "College seniors need to get health insurance before they graduate and strike out on own," The Akron Beacon Journal, 5 April 2005.]
The realities of everyday life outside of college can come as a shock to recent graduates. Faced with the sudden necessities of finding a place to live and a job to pay the bills, other important items to take care of can be overlooked. Too often, one of those is health insurance. The emergence of health savings accounts may provide a way for new entrants in the workforce to obtain comprehensive coverage at a reasonable rate - and build up a sizable account in the process.
If you're getting ready to graduate from college, here's an assignment that can help you avoid major headaches down the road.
Figure out today whether you'll still have health insurance when you head out into the real world in the next month or two. If you won't, do a little research now to determine your best options.
In most cases, insurance provided through a parent's employer ends when children are out of school. Many insurance policies also cut off dependents when they turn a designated age, often 21 or 23, regardless of whether they're still in school.
College grads looking to keep premiums low should consider purchasing a plan with a high deductible, [Stan Sieniawski, president of InsureOne Benefits] said. (Deductibles are the amount you must pay on your own before insurance starts picking up the bills.)
You could save about 40 percent on your premium by selecting a plan with a $2,500 deductible instead of a $500 deductible, Sieniawski said.
"It's really an uphill, educational battle as it relates to getting people to realize they're actually spending more money premium-wise for benefits they're not using on a regular basis," he said.
[Cheryl Powell, "College seniors need to get health insurance before they graduate and strike out on own," The Akron Beacon Journal, 5 April 2005.]
The realities of everyday life outside of college can come as a shock to recent graduates. Faced with the sudden necessities of finding a place to live and a job to pay the bills, other important items to take care of can be overlooked. Too often, one of those is health insurance. The emergence of health savings accounts may provide a way for new entrants in the workforce to obtain comprehensive coverage at a reasonable rate - and build up a sizable account in the process.
If you're getting ready to graduate from college, here's an assignment that can help you avoid major headaches down the road.
Figure out today whether you'll still have health insurance when you head out into the real world in the next month or two. If you won't, do a little research now to determine your best options.
In most cases, insurance provided through a parent's employer ends when children are out of school. Many insurance policies also cut off dependents when they turn a designated age, often 21 or 23, regardless of whether they're still in school.
College grads looking to keep premiums low should consider purchasing a plan with a high deductible, [Stan Sieniawski, president of InsureOne Benefits] said. (Deductibles are the amount you must pay on your own before insurance starts picking up the bills.)
You could save about 40 percent on your premium by selecting a plan with a $2,500 deductible instead of a $500 deductible, Sieniawski said.
"It's really an uphill, educational battle as it relates to getting people to realize they're actually spending more money premium-wise for benefits they're not using on a regular basis," he said.
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