The news about the cost of healthcare is scary for most Americans, but healthy young students probably think it's one of their lowest priorities. Nearly 40% of college graduates are uninsured at some time during their first year after graduation, according to the Commonwealth Fund. Many times, parents are not aware that their children are no longer covered under their plan. Do your clients know whether or not their children are covered?
Although Generation Y may believe they are perfectly healthy, stuff happens and, with their new-found independence, there comes a new-found responsibility. A good starting point is to help new graduates look at what they have and what they lack.
First question: Does their new employer even offer healthcare coverage? According to the Kaiser Institute, approximately 47% of America's small business owners provide no healthcare coverage.
If their employers offer coverage, when does it kick in? Some employers do not offer benefits immediately (it can take up to three months before benefits take effect). An interim solution should be discussed.
