Thursday, April 26, 2007

Assurant Health Offers Insurance Advice for College Grads

Assurant Health has been in business since 1892 and is the brand name for products underwritten and issued by Time Insurance Company, John Alden Life Insurance Company and Union Security Insurance Company. Together, these three underwriting companies provide health insurance coverage for almost one million people nationwide. Each underwriting company is financially responsible for its own insurance products.


Press Release From Assurant Health
Friday, April 13th, 2007



If you’re looking for a different kind of gift for your new college grad that’s more sensible (and much more affordable) than a flashy car, you may want to consider . In fact, concerned parents might make this their top priority if only they knew that, as soon as their sons or daughters doffed their caps and gowns, many of these grads were no longer protected against medical catastrophes.


Unfortunately, many parents are unaware that some health insurance plans stop providing coverage to adult children, even if are living at home. Plus, they don’t realize affordable, short-term medical insurance is readily available. “It’s a shame that this lack of knowledge is putting so many young adults needlessly at risk,” said Heidi Hanstein, vice president for Assurant Health, which helped to pioneer the concept of short-term coverage.


“I’m sure many parents and grads wouldn’t take such a chance if they knew how easy it is to apply for and purchase temporary coverage.” This disturbing news is supported by two surveys conducted by Assurant Health. Other findings included:


...Approximately 40 percent of parents mistakenly believed that adult children (ages 21 -24) living at home were covered under their health insurance plans.

...20 percent of college parents have no idea when their health insurance will no longer cover their college-age children.

...Most believe that short-term health insurance for a healthy young adult costs more than $100 per month; in fact, such policies generally cost around $50 per month.

...68 percent of the parents were not even aware of the availability of short-term health insurance.


These results are consistent with previous studies such as a report from the Commonwealth Fund that found nearly 40 percent of college graduates (and 50 percent of high school grads not attending college) are uninsured at some time during their first year after graduation. Typically, most adult children who are students will lose their coverage when they attain a certain age, graduate or are no longer attending school on a full-time basis.


Since most of these new college graduates won’t have coverage until after they have found a job, many find themselves falling through a gap in coverage. Companies such as Assurant Health can fill that gap with policies that usually cover periods ranging from one to twelve months, depending on the state and company. The enrollment process for such policies is simple and fast. Applicants can go online to answer a series of yes/no questions and coverage can begin the next day. Because temporary policies are usually designed to cover the unexpected, most do not include coverage for preventive care, physicals, immunizations, dental or eye care. Also, temporary policies generally do not cover pre-existing conditions.


Assurant's primary products include individual medical, small group, short term and student health insurance products, as well as non-insurance products and consumer-choice products such as Health Savings Accounts and Health Reimbursement Arrangements. With almost 3,000 employees, Assurant Health is headquartered in Milwaukee, Wis., and has operations offices in Minnesota, Idaho and Florida, as well as sales offices across the country.

http://www.comparehealthrates.com/news/health-insurance-blog.html

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