Date: May 30, 2008
For more information contact: Mikaela Reck, Public Information Officer, (608) 267-9336 or mikaela.reck@wisconsin.gov

College Grads: Don't Forget About Health Insurance

Madison, WI—While most college grads are thinking of swapping their textbooks for cash and ditching the lecture hall for a full-time job, the Office of the Commissioner of Insurance (OCI) urges students to also think about finding new health insurance coverage.

Many college students stay on their parents' health insurance policies while they are in school. But most of these students will lose coverage once they are no longer going to school full-time.

"While you're young and healthy you don't always feel that you need health insurance," said Sean Dilweg, Insurance Commissioner. "In fact nearly a fifth of young single adults decline employer health insurance in order to save money."

However, forgoing health insurance is a dangerous decision. Accidents and unforeseen illnesses can be financially devastating. The OCI offers tips for the college grad on finding insurance:

• Consider your family's health history before declining an employer's health policy.
• For periods of no coverage between graduation and landing your first job, consider checking to see if you can extend your parents' coverage short-term under COBRA. Some colleges also offer graduates interim coverage through the university plan or an alumni association. You can also contact a health insurer to purchase your own short-term coverage.
• If you feel you can't afford regular health insurance, think about purchasing a high-deductible major medical policy that only covers very serious or catastrophic health costs. These plans offer lower premiums and help you cover bills for major medical events like surgery, hospitalization or emergency room care.
• Consider a Health Savings Account (HSA) partnered with a high-deductible health plan. HSAs can be set up individually, or sometimes as an option through employers. They allow you to accumulate and spend pre-tax money for health expenses via an account that you own and can take with you when you change jobs.

"As you sort through job prospects, don't always make the salary your sole priority," Dilweg said. "Health coverage may be the most important benefit you can receive, and it's important you weigh your options before making a decision."

There are many resources available to you if you have questions about obtaining health insurance coverage. One option is to contact a licensed insurance agent or health insurance company. You can also contact OCI with any insurance questions, concerns or complaints at 800-236-8517.

Created by the Legislature in 1871, Wisconsin's Office of the Commissioner of Insurance (OCI) was vested with broad powers to ensure that the insurance industry responsibly and adequately met the insurance needs of Wisconsin citizens. Today, OCI's mission is to lead the way in informing and protecting the public and responding to its insurance needs.