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Health Insurance What graduating college students should know.
Why you need health insurance… Large medical bills are one of the primary reasons people file for personal bankruptcy. Even “minor” surgeries can cost thousands of dollars. Without health insurance, you will usually have to prove you can pay for medical care before receiving treatment, except in emergencies. Delaying medical or dental treatment can lead to more serious, and costly, health problems.
Hopefully you will have a job that provides good health insurance coverage. What if you don’t?
Finding affordable plans… The amount you pay each year for health-care coverage is called your health insurance premium. Premiums are affected not just by your age, but also by the components of your policy.To keep premiums low, consider the following: Higher deductibles: A deductible is the amount that you must pay out of yourpocket each year before your policy kicks in. Deductibles typically range from $500 to$5,000 per year. Higher deductibles usually mean lower premiums. Higher co-payments: A co-payment is an amount that you pay toward medicalcare. Co-payments are made in addition to the deductible on your policy. With higherco-payments, you may pay more at the time of a doctors visit or hospital stay. However,your premiums overall will be lower. Higher total out-of-pocket maximums: Your out-of-pocketmaximum is the total amount that you must pay toward your health careunder your plan. Most plans cap off your out-of-pocket costs at a certainamount. In general, the more you pay yourself toward medical costs, thelower your annual premium. Source: www.cashcourse.org/unh
9 things to look for in a plan…1. Appropriate coverage for preventive care2. Maximum benefits allowed for catastrophic illness or injury3. Coverage for mental health4. Coverage for prescription medications5. Medical benefits of at least $50,000 per accident or illness6. Reasonable waiting period for pre-existing conditions7. Co-payment of 25% or less8. Deductible that does not exceed $500 per accident or illness9. Are there any pre-existing exclusions or waiting periods?
Where to get health insurance in New Hampshire… The State of New Hampshire Insurance Department Web site lists companies who are licensed to sell individual health plans in the State of New Hampshire. nh.gov/insurance/consumers/healthinscos.htm. If you are not a resident of New Hampshire, visit healthinsurance.org
Learn more about health insurance and financial management www.projectcash.unh.edu Health Services, University of New Hampshire