The summer months and the period following graduation can leave some college students and recent graduates scrambling to find affordable, year-round health insurance if they lack coverage under a school or parent’s health plan.
A nationwide poll by AgileHealthInsurance.com revealed that more than 70 percent of college students and recent graduates reported having difficulty finding affordable insurance coverage. Many students cited expensive premiums and high out-of-pocket costs as impediments to affordability.
“Uninsured students and graduates face significant and enduring education-related costs and, as a direct result, have very limited budgets for health insurance coverage,” said Bruce Telkamp, founder and chief executive officer of AgileHealthInsurance.com. “Our research in this area has consistently shown that unless they can find major medical insurance for under $100 per month, most will forgo health coverage and become uninsured.”
For the nearly four million students graduating from higher education institutions and the 20 million students on their summer break, the cost of health insurance can be a burden, particularly for low-income students or graduates who face impending student loan repayments, the company said.
The penalty for not having health insurance in 2018 is 2.5 percent of household income or $695 per adult, whichever amount is higher.
AgileHealthInsurance.com is a company that educates consumers on the availability of private market health insurance options that are alternatives to Affordable Care Act plans. The company markets short-term health insurance plans as an “optimal” and affordable choice for students lacking coverage during the summer months or for graduates waiting for job-based benefits to begin.
However, health insurance policy experts recommend that students or recent graduates select an insurance plan based on their available financial resources and a plan’s coverage.
