Your kids have graduated from college and they’re moving out to start life on their own. Are they aware of their insurance needs? Thinking about insurance is critical.
– Health Insurance –
According to the U.S. Census Bureau, “Young adults (18 to 24 years old) were less likely than other age groups to have health insurance coverage.” In 2002, nearly a third of college students were uninsured. That’s a lot of people who, apparently, feel lucky. Do you really think your children’s health and well being should be left to chance?
Surely not. But what can you do? They’re out of school; they’re moving out; and they’re too old to stay on your policy as dependents. While ultimately insurance is the responsibility of our sons and daughters, there are a couple of interim options:
- The Consolidated Omnibus Budget Reconciliation Act, better known as COBRA, gives certain individuals the right to temporary continued health coverage at group rates. It is important to understand that COBRA is not a cure-all. Only certain people qualify; the coverage must be lost under specific conditions; and premiums often are more expensive than they are for active employees, since COBRA participants, without a contributing employer, generally pay the entire cost themselves. But it usually is less expensive than individual health coverage.
- Short-term health insurance was designed with the college graduate in mind. It is exactly what it sounds like: a complete short-term health insurance policy, purchased for three to twelve months. It is perfect coverage to provide protection until a permanent policy can be secured through an employer or otherwise.
– Renter’s Insurance –
What about their belongings? Renter’s insurance covers damage to or loss of personal property from a host of circumstances, including fire or lightening; windstorm or hail; explosions; riot or civil commotion; aircraft; vehicles, smoke; theft; water-related damage from home utilities; and more. It will also cover against charges of negligence or if someone gets hurt while in their apartment. Renter’s insurance is not expensive, running $100 to $200 for an entire year of coverage.
Of course, this brief overview of post-college insurance is not all-inclusive. Stop in today, or have your son or daughter give us a call. We’ll go over all the things they should consider as they begin a life on their own, and start them off on the right foot.
Call us at (856) 935-0845 or visit our website at www.hdyoung.com to protect your child’s future.
The information in this article is meant as a guideline only. There is nothing in this article that alters the coverage or interpretation of any specific policy. Because some statements are generalizations, and because different companies’ policies contain slight differences, please refer to your specific policy. Call our office before making any judgements or decisions concerning your particular situation and coverage that may, or may not, apply.
