Health insurance is not something you can purchase at any time. Health insurance is more like the phone in your pocket, which you may want to upgrade from time to time. Some people pay more for faster service and others choose a low-cost pay-as-you-go plan. Nearly everyone will download an app or feature from time to time that suits their individual needs.
Just as you might upgrade your phone, you should reevaluate your health insurance coverage often (at least annually). You should also re-evaluate your health insurance at certain milestones or life events. In this article, we consider two life events: going to college and post-graduation. Below are a few key things to consider when you or a family member are approaching these milestones.
Going to College
For more information on Campus Coverage, review our article ‘Student Health Insurance - Deciding to Opt-In or Waive’
Consider the monthly premiums, the deductible, out-of-pocket amounts, and the types of services the plans cover.
Electing this option can provide more independence and privacy than coverage under a parent’s plan, but it’s important to consider if you will be able to afford the premiums, deductibles, and out-of-pocket amounts on your own.
Post-Graduation/ First Employment
If you are entering the workforce after college but you are under 26 you have the choice to remain on your parent's plan. Or if you’re fortunate to find full-time employment with health insurance benefits you also have the option to accept your employer's insurance plan.
Consider the monthly premiums, the deductible, out-of-pocket amounts, and the types of services the plans cover. Also, check if your preferred doctors are in-network with your employer's plan.
Electing your own coverage can give you independence and privacy. An important consideration though is the monthly premiums and the affordability of the plan’s deductible or out-of-pocket amount.
Take a look at our article on HSAs to learn more!
If you waive coverage now, you will need to elect coverage when you turn 26, as you will no longer be eligible for coverage under your parent’s plan.
Health insurance feels complicated, but it is one of the most significant decisions you can plan for; the sooner you become familiar with evaluating your options the easier it will become.
Last Revised June 29th, 2022