More top health insurance tips for new college grads | Get Smart Get ...

Looking for health insurance options after college graduation this year?

We gave you the first four of our top tips yesterday. Here are tips five through eight:

5. Think about why you need coverage ? and for how long. Many young adults only want a health insurance plan that will provide back-up coverage in case of a serious injury or illness. Others may only need something to cover them for a few months until employer-based coverage kicks in. (According to an eHealthInsurance survey, 53% of small businesses impose waiting periods before coverage starts for new workers.) Either way, short-term health insurance may be a good option. Short-term coverage typically lasts up to six months at a time and does not cover preventive care, prescription drugs, or pre-existing medical conditions. Even so, it can still provide meaningful protection in case of unexpected hospitalization.

6. Don?t be afraid of high deductibles. Some health insurance plans with lower monthly premiums tend to come with higher annual deductibles. High deductibles shouldn?t necessarily scare you away from these plans, however. If you?re relatively healthy and don?t visit the doctor often, a high-deductible plan may be right for you. Just be sure that you could afford to pay the full annual deductible in case of an unexpected injury or serious illness. Take a look at the annual ?out-of-pocket limit? too: that?s the true maximum amount you could be required to pay for covered services in any given year ? including copayments and coinsurance as well as your deductible.

7. Think about FSAs and HSAs, and know the difference. An FSA (Flexible Spending Account) is set up by your employer. Money from your wages can be deposited into an FSA on a pre-tax basis and used tax-free to pay for qualified medical expenses, including copayments, deductibles, and things like glasses or contacts. Any money left in the account at the end of the year reverts to your employer. An HSA (Health Savings Account) is similar but differs in important ways. HSAs are used in conjunction with qualifying high-deductible health insurance plans. Money can be deposited into the account on a pre-tax or tax-deductible basis to pay for the same kinds of medical expenses. But the account itself and the money in it belong to you and can accrue and earn interest year to year. Many employers offer HSA-eligible health insurance plans and some may even contribute to your account.

8. Don?t go without health insurance. Healthy young people who almost never get sick often imagine they don?t need health insurance. But you do need it. When you?re fresh out of college your financial future is less than assured. An unexpected illness or injury could put you in a huge financial hole if you?re uninsured. Don?t hamstring your financial future before it even starts by going without coverage.

Want to know more about college grads, students, parents and health insurance? Check back with us at Get Smart ? Get Covered as we get closer to college graduation this year.

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