Press Release
A decision by the N.C. Department of Insurance to lower auto insurance rates by 2.9% is estimated to save residents $350 million beginning November 15, 2006. Charlotte’s largest locally owned car Insurance Agency, Charlotte Insurance, formally Insur-A-Car, brings these and other savings directly to the N.C. customer.
(PRWEB) May 8, 2006 -— A recent decision by the North Carolina Department of Insurance will save N.C. drivers $350 million in premium payments with its lowering of auto insurance rates in North Carolina by 2.9%. Charlotte Insurance enables customers to capitalize on this decision by finding the best insurance value according to the customer’s specific needs. The decided rate decrease is to take effect November 15, 2006.
While the Department of Insurance’s mandate is forcing all auto insurance companies to further consider the customer, Charlotte Insurance has been focusing on their customers since their beginnings as Insur-A-Car. This is why they have been the largest locally owned Charlotte auto insurance provider since 1992. They have recently been renamed Charlotte Insurance to better portray the fact that they are now a full-service North Carolina Insurance Agency, with everything from Charlotte motorcycle insurance to car, home, boat, business, life, and disability coverage.
Despite their growth, the emphasis on its local consumers remains. As Concord born and Charlotte raised President Marty Karriker points out, “We want proud Charlotteans and North Carolinians to feel they have the stability of a large company taking care of their insurance needs while still getting that personal small town service feel. We think of ourselves as a town staple that people can count on for many years to come!”
Sean Hertel, Vice President of Charlotte Insurance, echoes the commitment to consumers searching for North Carolina insurance for their homes, businesses, autos, and others, “We work for the customers, not the companies.”
Charlotte Insurance uses a variety of techniques to bring an optimal experience to the average shopper for Charlotte motorcycle insurance and the like. First of all, they have many consumer-friendly resources and guides available on their website pertaining to each type of insurance they sell, from Charlotte auto insurance to N.C. boat insurance. Each insurance type has a guide to understanding the basics, commonly asked questions, and tips on how to save. CharlotteInsurance.com also has insurance and finance calculators and an insurance glossary available for the user.
There is a live, online chat feature for quotes, questions or customer service. You may also speak directly with a personal agent at 704.285.SAVE. When you are connected to an agent, he or she will provide you with rate comparisons that are readily and sometimes exclusively available to Charlotte Insurance because of their prominent positions with major insurance companies.
When looking to save on Charlotte motorcycle insurance or to cash in on the N.C. Department of Insurance’s rate decision for North Carolina and Charlotte auto insurance, visit CharlotteInsurance.com.
Monday, May 8, 2006
Get Degree Lose Health Insurance
BY KATIE MERX
FREE PRESS BUSINESS WRITER
This weekend and for the next few weeks, thousands of Michigan college students will graduate from college and into the ranks of the uninsured.
With the hectic business of graduating, finding a job and moving, many won't realize they're suddenly living without health insurance.
Even those who are aware they've lost coverage may not do anything about it. After all, they're young, invincible and -- in many cases -- making modest, if not meager, incomes. And health insurance can be expensive.
Forty percent of college graduates are uninsured at some time during the year after their graduation, according to a survey by Milwaukee-based Assurant Health and the College Parents of America. That leaves the grads without easy access to health care and at risk of accumulating massive medical bills before they've even paid for their education.
That's exactly the bind Rob Logan landed in when he graduated from Eastern Michigan University in 2004.
Logan lost the health coverage he had through his mom's employer when he graduated. He had two part-time jobs, but neither provided health insurance.
At first, Logan was indifferent. He was young and healthy.
"I wasn't too worried about it," he said. "I don't get sick and don't take many risks. I wasn't fearing for my life."
But his parents, Pete and Elaine Logan, were concerned. If he was injured in a car accident or needed an emergency appendectomy, he couldn't afford it.
"As parents, we would do anything for him," said Pete Logan. "But it would probably bankrupt us. ... We finally told him: 'If you won't do it for yourself, we have to do it for us.' "
So Rob Logan agreed to sign up for a plan that would cover the scary, expensive stuff.
The Logans, like many people, weren't sure where to start, but made their way to eHealthInsurance.com, where they looked at affordable individual plans that would save the Logans from bankruptcy in the case of an expensive medical emergency.
Because Rob Logan wasn't sure when he would find a job that offered health benefits and didn't have much of an income, the Logans chose an individual plan with a $3,500 deductible after which there was no co-payment.
"It was like 65 bucks a month," Rob Logan said.
The plan wouldn't cover doctor's visits, prescription drugs or annual physicals. Plus, the deductible would have emptied his bank account and then some.
But his parents were confident they could help with the deductible without worrying that they'd lose their Scio Township home.
Pete Logan said he plans to find a similar plan for his second son, Ben Logan, who is preparing to graduate from Michigan State University next weekend.
"I think it is important for parents to consider health insurance not only for the well-being of their child, but for their own financial benefit," Pete Logan said.
But it can be a difficult and confusing process, he said. Several of his friends have called him for advice on how to shop for coverage.
Choosing individual insurance can be confusing, said Tim Hite, a benefits consultant at the Reaume Co. in Troy. Many people don't know how to go about it.
But it has its advantages, Hite said. Individual plans stay with the covered person regardless of job status, and they are easily canceled if the individual or spouse becomes eligible for employer-sponsored health insurance.
Rob Logan, now 24, canceled his individual policy in January, when the employer-sponsored health insurance took effect at the job he landed in October.
Individual plans are available in all combinations of benefits, as well as in short-term policies, for people between jobs or those waiting for employer-sponsored health care to kick in. Many group health plans don't take effect for 30 to 90 days after the hire date.
And depending on the deductibles and co-pays, individual plans can be affordable, ranging from $30 on up.
People can search for individual policies by calling your insurance agent or a health insurance company, or by checking a quote-finding site such as www.eHealthInsurance.com.
"A lot of young people just want to be covered in case they are out on a bike ride and get hurt," said Emily Fox, director of corporate communications for eHealthInsurance.com. "But the shopping is really important."
The prices of individual plans vary widely based on co-pays and deductibles.
"It's important to remember that many of these are just for catastrophic coverage, so if you have anything" minor "happen to you, you're going to pay for it," Fox said.
"So when people are healthy and heading in this direction, before they fall off their parents' plan" or some other, "they should go and have a doctor's visit and get their annual checkup taken care of so they don't have to worry about it."
Rob Logan said everybody should do what they can to acquire some sort of emergency health coverage.
"A lot of my friends are not as lucky as me and don't have people who can help them. ... But it's worth having," he said. The lack of health insurance "is a major problem with a lot of younger people, and I imagine older people, too. Quite a few people I know have major debt because of medical costs."
FREE PRESS BUSINESS WRITER
This weekend and for the next few weeks, thousands of Michigan college students will graduate from college and into the ranks of the uninsured.
With the hectic business of graduating, finding a job and moving, many won't realize they're suddenly living without health insurance.
Even those who are aware they've lost coverage may not do anything about it. After all, they're young, invincible and -- in many cases -- making modest, if not meager, incomes. And health insurance can be expensive.
Forty percent of college graduates are uninsured at some time during the year after their graduation, according to a survey by Milwaukee-based Assurant Health and the College Parents of America. That leaves the grads without easy access to health care and at risk of accumulating massive medical bills before they've even paid for their education.
That's exactly the bind Rob Logan landed in when he graduated from Eastern Michigan University in 2004.
Logan lost the health coverage he had through his mom's employer when he graduated. He had two part-time jobs, but neither provided health insurance.
At first, Logan was indifferent. He was young and healthy.
"I wasn't too worried about it," he said. "I don't get sick and don't take many risks. I wasn't fearing for my life."
But his parents, Pete and Elaine Logan, were concerned. If he was injured in a car accident or needed an emergency appendectomy, he couldn't afford it.
"As parents, we would do anything for him," said Pete Logan. "But it would probably bankrupt us. ... We finally told him: 'If you won't do it for yourself, we have to do it for us.' "
So Rob Logan agreed to sign up for a plan that would cover the scary, expensive stuff.
The Logans, like many people, weren't sure where to start, but made their way to eHealthInsurance.com, where they looked at affordable individual plans that would save the Logans from bankruptcy in the case of an expensive medical emergency.
Because Rob Logan wasn't sure when he would find a job that offered health benefits and didn't have much of an income, the Logans chose an individual plan with a $3,500 deductible after which there was no co-payment.
"It was like 65 bucks a month," Rob Logan said.
The plan wouldn't cover doctor's visits, prescription drugs or annual physicals. Plus, the deductible would have emptied his bank account and then some.
But his parents were confident they could help with the deductible without worrying that they'd lose their Scio Township home.
Pete Logan said he plans to find a similar plan for his second son, Ben Logan, who is preparing to graduate from Michigan State University next weekend.
"I think it is important for parents to consider health insurance not only for the well-being of their child, but for their own financial benefit," Pete Logan said.
But it can be a difficult and confusing process, he said. Several of his friends have called him for advice on how to shop for coverage.
Choosing individual insurance can be confusing, said Tim Hite, a benefits consultant at the Reaume Co. in Troy. Many people don't know how to go about it.
But it has its advantages, Hite said. Individual plans stay with the covered person regardless of job status, and they are easily canceled if the individual or spouse becomes eligible for employer-sponsored health insurance.
Rob Logan, now 24, canceled his individual policy in January, when the employer-sponsored health insurance took effect at the job he landed in October.
Individual plans are available in all combinations of benefits, as well as in short-term policies, for people between jobs or those waiting for employer-sponsored health care to kick in. Many group health plans don't take effect for 30 to 90 days after the hire date.
And depending on the deductibles and co-pays, individual plans can be affordable, ranging from $30 on up.
People can search for individual policies by calling your insurance agent or a health insurance company, or by checking a quote-finding site such as www.eHealthInsurance.com.
"A lot of young people just want to be covered in case they are out on a bike ride and get hurt," said Emily Fox, director of corporate communications for eHealthInsurance.com. "But the shopping is really important."
The prices of individual plans vary widely based on co-pays and deductibles.
"It's important to remember that many of these are just for catastrophic coverage, so if you have anything" minor "happen to you, you're going to pay for it," Fox said.
"So when people are healthy and heading in this direction, before they fall off their parents' plan" or some other, "they should go and have a doctor's visit and get their annual checkup taken care of so they don't have to worry about it."
Rob Logan said everybody should do what they can to acquire some sort of emergency health coverage.
"A lot of my friends are not as lucky as me and don't have people who can help them. ... But it's worth having," he said. The lack of health insurance "is a major problem with a lot of younger people, and I imagine older people, too. Quite a few people I know have major debt because of medical costs."
Thursday, May 4, 2006
As health insurance costs rise, so does number of uninsured
By Sally Trafton and Laura Gustin
(May 4, 2006) — According to national and local data, many of us may be closer to losing our health insurance than we might think. "No way!" you say? Recent reports might convince you otherwise.
The Commonwealth Fund Biennial Health Insurance Survey tells us that in 2005, nearly one-third of Americans ages 19 to 64 were uninsured for some part of the 12 months prior to the survey. Of those earning from $20,000 to $40,000, 41 percent had been uninsured for some part of the last year.
In 2001, 24 percent of U.S. adults, ages 19 to 64, or 38 million people, were uninsured or had lost their insurance for a period of time in the previous 12 months. By 2005, that total had risen to 48 million, or 28 percent of that age group, according to the survey.
Much of the growth in the numbers of uninsured results from lost coverage for working families. In the United States today, 83 percent of the uninsured come from working families, including 67 percent whose household head works full time.
The reality is that access to health insurance is diminishing. Since World War II, most Americans received health insurance as a benefit from their employer. For many years, employer-sponsored health insurance worked fairly well to keep down the numbers of those Americans without coverage.
However, during the last decades of the 20th century and the beginning of the 21st, employer-sponsored health insurance benefits have begun to erode, largely because of the escalating costs of health insurance premiums: Real wages have grown 11 percent since 1980, keeping pace with inflation, while real benefit growth has grown 50 percent. By comparison, health insurance premiums nationally have increased 73 percent over the last five years. Employers and individuals are increasingly being priced out of the market.
May 1 through May 7 is the fourth annual Cover the Uninsured Week. The Monroe County/Finger Lakes Partnership on the Uninsured is joining the Robert Wood Johnson Foundation, the U.S. Chamber of Commerce, AARP and 16 other national organizations, to call attention to the 48 million uninsured in America.
Throughout the week and the month of May, the partnership is sponsoring activities to engage the community in a dialogue about the "Myths and Facts: The True Face of the Uninsured." As health care issues consume more and more of the media, from local news to editorial pages, we all need a better understanding of this critically important policy issue.
Why does covering the uninsured matter?
Studies show that uninsured people use fewer preventive and screening services, are sicker when diagnosed, receive fewer therapeutic services, have poorer health outcomes, and lower annual earnings because of poor health. The Institute of Medicine names lack of insurance as the sixth leading cause of death in the United States among adults ages 18 to 65.
The Monroe County/Finger Lakes Partnership for the Uninsured will examine methods we might use locally to increase the number of people with health insurance coverage and advocate on behalf of the region for the adoption of such approaches.
Our hope is to obtain coverage for the uninsured, and we believe this can be done through collaboration, developing an initiative that articulates a shared vision among the business community, insurers, health care leadership and consumer advocates.
(May 4, 2006) — According to national and local data, many of us may be closer to losing our health insurance than we might think. "No way!" you say? Recent reports might convince you otherwise.
The Commonwealth Fund Biennial Health Insurance Survey tells us that in 2005, nearly one-third of Americans ages 19 to 64 were uninsured for some part of the 12 months prior to the survey. Of those earning from $20,000 to $40,000, 41 percent had been uninsured for some part of the last year.
In 2001, 24 percent of U.S. adults, ages 19 to 64, or 38 million people, were uninsured or had lost their insurance for a period of time in the previous 12 months. By 2005, that total had risen to 48 million, or 28 percent of that age group, according to the survey.
Much of the growth in the numbers of uninsured results from lost coverage for working families. In the United States today, 83 percent of the uninsured come from working families, including 67 percent whose household head works full time.
The reality is that access to health insurance is diminishing. Since World War II, most Americans received health insurance as a benefit from their employer. For many years, employer-sponsored health insurance worked fairly well to keep down the numbers of those Americans without coverage.
However, during the last decades of the 20th century and the beginning of the 21st, employer-sponsored health insurance benefits have begun to erode, largely because of the escalating costs of health insurance premiums: Real wages have grown 11 percent since 1980, keeping pace with inflation, while real benefit growth has grown 50 percent. By comparison, health insurance premiums nationally have increased 73 percent over the last five years. Employers and individuals are increasingly being priced out of the market.
May 1 through May 7 is the fourth annual Cover the Uninsured Week. The Monroe County/Finger Lakes Partnership on the Uninsured is joining the Robert Wood Johnson Foundation, the U.S. Chamber of Commerce, AARP and 16 other national organizations, to call attention to the 48 million uninsured in America.
Throughout the week and the month of May, the partnership is sponsoring activities to engage the community in a dialogue about the "Myths and Facts: The True Face of the Uninsured." As health care issues consume more and more of the media, from local news to editorial pages, we all need a better understanding of this critically important policy issue.
Why does covering the uninsured matter?
Studies show that uninsured people use fewer preventive and screening services, are sicker when diagnosed, receive fewer therapeutic services, have poorer health outcomes, and lower annual earnings because of poor health. The Institute of Medicine names lack of insurance as the sixth leading cause of death in the United States among adults ages 18 to 65.
The Monroe County/Finger Lakes Partnership for the Uninsured will examine methods we might use locally to increase the number of people with health insurance coverage and advocate on behalf of the region for the adoption of such approaches.
Our hope is to obtain coverage for the uninsured, and we believe this can be done through collaboration, developing an initiative that articulates a shared vision among the business community, insurers, health care leadership and consumer advocates.
Health insurance regulation bill dies
Lawmakers killed a bill Tuesday that would continue regulating health insurance rates, leaving the industry free to decide how much to charge businesses -- unless legislation is revived by the last day of session on Thursday.
The bill died because House and Senate lawmakers couldn't agree on amendments drafted by Kaiser Permanente Hawaii that would have made it harder for the state to deny insurers' rate proposals, according to the state insurance commissioner.
But in a last-ditch effort, lawmakers could revive the law that took effect in January 2003, which gave the insurance commissioner broad power to deny proposed rate hikes that he considers either excessive, discriminatory or detrimental to businesses and consumers.
"Health insurance is a big concern for folks," said Insurance Commissioner J.P. Schmidt. "Simply having some kind of oversight is important otherwise [Hawaii Medical Service Association] and Kaiser can charge whatever they want."
Schmidt says even if the rate regulation bill is revived, the language in the amended bill makes the law ineffective and would likely result in higher premiums for businesses.
The bill died because House and Senate lawmakers couldn't agree on amendments drafted by Kaiser Permanente Hawaii that would have made it harder for the state to deny insurers' rate proposals, according to the state insurance commissioner.
But in a last-ditch effort, lawmakers could revive the law that took effect in January 2003, which gave the insurance commissioner broad power to deny proposed rate hikes that he considers either excessive, discriminatory or detrimental to businesses and consumers.
"Health insurance is a big concern for folks," said Insurance Commissioner J.P. Schmidt. "Simply having some kind of oversight is important otherwise [Hawaii Medical Service Association] and Kaiser can charge whatever they want."
Schmidt says even if the rate regulation bill is revived, the language in the amended bill makes the law ineffective and would likely result in higher premiums for businesses.
Minimal rise in US auto insurance rates seen in 2006
NEW YORK, May 3 (Reuters) - The cost of U.S. auto insurance is expected to rise by just half a percentage point in 2006, the smallest increase in six years, according to the Insurance Information Institute.
The average cost for auto insurance nationwide for 2006 is estimated at $867, an increase of just $4 per vehicle from last year, according to the III, a New York-based group sponsored by the property and casualty insurance industry. The increase represents a continued slowdown from 2005 when auto insurance costs rose by 2.5 percent.
"The cost of auto insurance is increasing by about one-sixth the rate of inflation and little more than a single gallon of gasoline," said Robert Hartwig, chief economist of the III. "Many people who have excellent safety records may see their rates go down, often by $25 to $50 per vehicle."
People who trade in gas-guzzling sport utility vehicles for smaller, more fuel efficient and less expensive cars may see even lower insurance costs in many cases, III said. Smaller cars that cost less are often less expensive to insure because of reduced repair costs.
Some insurers now even offer special discounts for hybrid vehicles, which run on a combination of gas and electricity. It may also pay to just leave the car at home, III said.
"People who make the switch to public transportation may also qualify for lower insurance premiums if they no longer use the vehicle commuting and drive it significantly fewer miles each year," Hartwig said.
Insurers have also cited the declining number of auto accidents, safer cars, new auto theft technology and fraud-fighting efforts as additional factors contributing to the cost slowdown.
The average cost for auto insurance nationwide for 2006 is estimated at $867, an increase of just $4 per vehicle from last year, according to the III, a New York-based group sponsored by the property and casualty insurance industry. The increase represents a continued slowdown from 2005 when auto insurance costs rose by 2.5 percent.
"The cost of auto insurance is increasing by about one-sixth the rate of inflation and little more than a single gallon of gasoline," said Robert Hartwig, chief economist of the III. "Many people who have excellent safety records may see their rates go down, often by $25 to $50 per vehicle."
People who trade in gas-guzzling sport utility vehicles for smaller, more fuel efficient and less expensive cars may see even lower insurance costs in many cases, III said. Smaller cars that cost less are often less expensive to insure because of reduced repair costs.
Some insurers now even offer special discounts for hybrid vehicles, which run on a combination of gas and electricity. It may also pay to just leave the car at home, III said.
"People who make the switch to public transportation may also qualify for lower insurance premiums if they no longer use the vehicle commuting and drive it significantly fewer miles each year," Hartwig said.
Insurers have also cited the declining number of auto accidents, safer cars, new auto theft technology and fraud-fighting efforts as additional factors contributing to the cost slowdown.
Monday, May 1, 2006
Save on Auto Insurance
From about.com
The average combined rate (liability, collision, comprehensive) of automobile insurance in the US is $774.12 a year, according to the National Association of Insurance Commissioners. Checking your policies and making comparisons on a regular basis only makes sense. Where else would you shell out almost $800 every year without checking your options?
First of all, check your state's requirements to make sure you're not paying for more insurance than you need. Most insurance agencies will help you determine that, but keep in mind that their business is to sell you insurance and the more coverage they sell, the more they make.
While cutting back on unnecessary options, don't overdo it, because it could cost you in the long run.
For instance, it's commonly advised to raise your deductible to save on premiums, but in some instances that could cost you even more.
Do shop for discounts, though. Some familiar ones are:
Accident free drivers discount
Discount for insuring your home and auto with the same company
Multiple auto discount
Good student discount
Nonsmokers discount
Driver's education discount
Defensive driving course discount
Passive restraint discount (for vehicles with air bags or automatic seat belts).
Even if not specifically discounted, these things will help determine your policy cost.
According to the Washington Post, one car in every two is involved in an accident each year. While I was unable to verify this statistic, (maybe it only applies to Washington, D.C.) it's still something to take into consideration, because if you do have an accident, your rates will go up.
Of course, no one plans on getting into an accident, but driving an automobile is a gamble in which you can figure the odds with a little sleuthing. Insurance companies charge more for these things, because they know there are more accidents in these situations:
Teenage drivers, up to 21.
Single driver as opposed to married
Males, especially young ones (to 25)
"Sports" type vehicles as opposed to "family" type.
High mileage drivers, meaning that you drive several miles to work or school each day.
Type of driving. A delivery route in the city is more dangerous than sightseeing on a country road.
To put this into practical terms, if you're a woman, over 25, married, live in a rural area, and only drive once a week for shopping and visiting, you'd be better, statistically anyway, to raise your deductible as high as your insurance company will allow because you probably won't have an accident.
On the other hand, if you are an 18 year old guy with a red Camaro and you drive a hundred miles round trip to work every day, your insurance will see you as an accident waiting to happen and will charge you accordingly.
A lot of what you pay for insurance is your choice, so choose the frugal way!
The average combined rate (liability, collision, comprehensive) of automobile insurance in the US is $774.12 a year, according to the National Association of Insurance Commissioners. Checking your policies and making comparisons on a regular basis only makes sense. Where else would you shell out almost $800 every year without checking your options?
First of all, check your state's requirements to make sure you're not paying for more insurance than you need. Most insurance agencies will help you determine that, but keep in mind that their business is to sell you insurance and the more coverage they sell, the more they make.
While cutting back on unnecessary options, don't overdo it, because it could cost you in the long run.
For instance, it's commonly advised to raise your deductible to save on premiums, but in some instances that could cost you even more.
Do shop for discounts, though. Some familiar ones are:
Accident free drivers discount
Discount for insuring your home and auto with the same company
Multiple auto discount
Good student discount
Nonsmokers discount
Driver's education discount
Defensive driving course discount
Passive restraint discount (for vehicles with air bags or automatic seat belts).
Even if not specifically discounted, these things will help determine your policy cost.
According to the Washington Post, one car in every two is involved in an accident each year. While I was unable to verify this statistic, (maybe it only applies to Washington, D.C.) it's still something to take into consideration, because if you do have an accident, your rates will go up.
Of course, no one plans on getting into an accident, but driving an automobile is a gamble in which you can figure the odds with a little sleuthing. Insurance companies charge more for these things, because they know there are more accidents in these situations:
Teenage drivers, up to 21.
Single driver as opposed to married
Males, especially young ones (to 25)
"Sports" type vehicles as opposed to "family" type.
High mileage drivers, meaning that you drive several miles to work or school each day.
Type of driving. A delivery route in the city is more dangerous than sightseeing on a country road.
To put this into practical terms, if you're a woman, over 25, married, live in a rural area, and only drive once a week for shopping and visiting, you'd be better, statistically anyway, to raise your deductible as high as your insurance company will allow because you probably won't have an accident.
On the other hand, if you are an 18 year old guy with a red Camaro and you drive a hundred miles round trip to work every day, your insurance will see you as an accident waiting to happen and will charge you accordingly.
A lot of what you pay for insurance is your choice, so choose the frugal way!
Health insurance advice for new grads - baltimoresun.com
It may be a new college grad's first real world experience -- and a rude one at that.
Just as soon as the cap and gown are returned to the rental shop, graduates may find themselves bumped from their parents' health insurance.
Many decide not to replace it, figuring they're young, healthy and can wait until they land a job with coverage. The risk is that the job doesn't come up, but an accident or health problem does.
If you decide not to chance it, the first step is to find how much time you really have to buy a policy. Some policies drop you faster than you can text message. Others give months to shop around.
As time runs out, consider your options:
If you're insured under a parent's workplace plan, you may be eligible to continue buying that coverage for up to 36 more months under the federal law COBRA. You will pay the full price plus administrative costs. Not cheap.
A short-term policy. This will cover you for as little as one month to as long as a year. Some policies go for as low as $50 a month, experts say. Applications usually have a half dozen questions, and you can be approved within 24 hours, says Bob Hurley, with eHealthInsurance.com.
An individual policy. Longer term, but not necessarily inexpensive. Some insurers keep prices down by offering limited benefits and high deductibles.
Wellpoint, for instance, targets the "young invincibles" with its new Tonik product line, with policy names of "thrill-seeker," "part-time daredevil" and "calculated risk-taker." Costs range from $69 to $137 per month. It's only available in three states but may be rolled out in 11 other states, including Virginia, next year, where Wellpoint does business, says spokesman Scott Golden. Maryland isn't one of them.
A health savings account. It's a high-deductible policy with a savings feature. Premiums run $50 to $60 per month, Hurley says.
The accounts work like this: You put in tax-free dollars each year to pay the deductible and medical bills. The money builds up in the account and you never pay taxes on it if you use it for health care. To qualify, the deductible must be at least $1,050 for an individual. This year, you can't save more than the cost of the deductible or $2,700, whichever is less.
Parents might want to start new grads off by funding the account to pay the first year's deductible, Hurley suggests.
Some insurers won't touch you if you have a pre-existing condition. States offer programs to cover consumers in this situation. In Maryland, it's called the Maryland Health Insurance Plan.
Find insurers selling policies in your area from the state's insurance commission. In Maryland, visit www.mdinsurance.state.md.us.
Just as soon as the cap and gown are returned to the rental shop, graduates may find themselves bumped from their parents' health insurance.
Many decide not to replace it, figuring they're young, healthy and can wait until they land a job with coverage. The risk is that the job doesn't come up, but an accident or health problem does.
If you decide not to chance it, the first step is to find how much time you really have to buy a policy. Some policies drop you faster than you can text message. Others give months to shop around.
As time runs out, consider your options:
If you're insured under a parent's workplace plan, you may be eligible to continue buying that coverage for up to 36 more months under the federal law COBRA. You will pay the full price plus administrative costs. Not cheap.
A short-term policy. This will cover you for as little as one month to as long as a year. Some policies go for as low as $50 a month, experts say. Applications usually have a half dozen questions, and you can be approved within 24 hours, says Bob Hurley, with eHealthInsurance.com.
An individual policy. Longer term, but not necessarily inexpensive. Some insurers keep prices down by offering limited benefits and high deductibles.
Wellpoint, for instance, targets the "young invincibles" with its new Tonik product line, with policy names of "thrill-seeker," "part-time daredevil" and "calculated risk-taker." Costs range from $69 to $137 per month. It's only available in three states but may be rolled out in 11 other states, including Virginia, next year, where Wellpoint does business, says spokesman Scott Golden. Maryland isn't one of them.
A health savings account. It's a high-deductible policy with a savings feature. Premiums run $50 to $60 per month, Hurley says.
The accounts work like this: You put in tax-free dollars each year to pay the deductible and medical bills. The money builds up in the account and you never pay taxes on it if you use it for health care. To qualify, the deductible must be at least $1,050 for an individual. This year, you can't save more than the cost of the deductible or $2,700, whichever is less.
Parents might want to start new grads off by funding the account to pay the first year's deductible, Hurley suggests.
Some insurers won't touch you if you have a pre-existing condition. States offer programs to cover consumers in this situation. In Maryland, it's called the Maryland Health Insurance Plan.
Find insurers selling policies in your area from the state's insurance commission. In Maryland, visit www.mdinsurance.state.md.us.
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