But all it takes is a bout of pneumonia or a trip to the emergency room to make them – and you – wish fervently that they had health insurance. Fortunately, there are several ways to bridge the gap until junior gets a job.
- Short term health insurance: This quick solution to the health care crunch offers coverage for anywhere from a few months up to a year. It’s easy to get. Your child can apply online. Coverage starts almost immediately, and it's not too pricey. Costs for a 22-year-old non-smoking male, for example, ranged from $50 to $112 per month, with a $2,500 deductible, in 2008. But these policies only cover accidents and sudden serious illnesses, not preventative care, pre-existing conditions or that Hep B vaccine he somehow missed.
- COBRA: You can continue your child's coverage under your family's policy for up to three years under the federal Consolidated Omnibus Budget Reconciliation Act or COBRA, but you’ll have to pay the considerable premiums yourself, including the share that your company was paying before. But this may be a good option if your child has pre-existing health conditions or he wants to continue with his family doctor.
- Alumni association insurance:If your child has graduated from college, have him check with his alumni association for health plans. UC Berkeley, for example, offers its graduates several health coverage options, including short-term insurance and Blue Shield Major Medical. Apply for the latter within 90 days of graduation, and your new grad will be accepted despite any pre-existing conditions.
