Healthcare solutions for college students

Meet College Students and Recent Grads at the Coverage Table with These Health Care Solutions

“Summertime is always the best of what might be.”

–Charles Bowden

Ah, the sand, the sun, the memories made, and the fun. Summer has settled in across the country, and we’re all finding ways to celebrate. But the lull between semesters and before graduation can see the celebration for some to come to a screeching halt: 72% of college students and recent grads are struggling to find affordable health insurance.

With 40% of this demographic mostly concerned about the cost of premiums and 20% concerned about high out-of-pocket costs, these prospective clients will undoubtedly have questions for you this summer. They may be coming off their student coverage through their universities or their parents’ health plans or they may be waiting for coverage sponsored by their new employers to begin. They may also be priced out of traditional major medical coverage as well. Short-term medical plans may be just what they need.

STM plans can include benefits and features such as:

  • Flexibility in cost depending on benefits selected
  • Variety of deductible and coinsurance options
  • Benefits that are paid in a similar manner to traditional major medical plans
  • Wellness options
  • Little to no waiting periods
  • Next day coverage for some carriers
  • Relatively inexpensive premiums due to lower and more restricted benefits
  • Low-cost doctor and specialist copays depending on plan selected
  • Open network of physicians, specialists, and hospital depending on plan selected

It’s not just the college students and recent grads who are concerned. Their families may have questions about what makes sense as well. It’s important to make sure all those concerned understand what benefits STM plans may offer as well as their limitations. This level of coverage is available at any time in the year and can be cancelled at any time. It can also offer access to providers of their choice, including providers they visited through their parents’ health coverage. If they need to change providers, STM plans provide them the opportunity to file their own claim and submit for reimbursement if needed.

However, STM coverage does not provide the minimum essential health benefits required by the Affordable Care Act (ACA) and will not help them avoid the penalty for not carrying health insurance. At this time, STM plans also have a maximum duration of 3 months. Continuation of coverage requires re-application and there are also limits on how many times someone can re-apply. In addition, pre-existing conditions may not be covered. Benefits vary by plan and state and may not include those that are listed above. Make sure your clients review any plans they’re considering carefully.

If these clients aren’t eligible for STM coverage and priced out of ACA coverage, they may find health benefit insurance plans (commonly known as limited benefit medical plans) to fit their healthcare needs.

Health benefit insurance plans are designed to provide a wide variety of expenses for accidental injuries, sickness, inpatient surgical care, outpatient care, and even pre-existing conditions. Plans vary as to which specific expenses they cover, but often times, this level of coverage may provide little to no waiting periods, access to doctors nationwide, and benefits for critical illness and/or accidental death.

HBI coverage can also offer benefits and features such as:

  • Freedom to choose any doctor or hospital of their choice
  • Guaranteed issue coverage with $50-$100 paid toward doctor and specialist visits
  • Next day coverage or little to no waiting periods for accidental injuries or sickness
  • 12 month waiting period for pre-existing conditions
  • Ability to supplement existing coverage
  • Access to non-insurance benefits such as a prescription savings program, 24/7/365 video and phone access to quality physicians, and a patient advocacy service

Before enrolling your clients into this level of coverage, please make sure they understand that it does not count as minimum essential coverage required by the Affordable Care Act and is not suitable to serve as their only medical coverage. Although the premiums may be lower than a major medical plan, the benefits are also lower and more restricted.

Benefits offered vary by plan and states. Not available in all states.

Are you ready to help college students and recent grads enroll in the coverage they need today?

Learn more today by:

Calling 1.877.376.5831 and selecting option 3

Emailing salessupport@hiiquote.com

Health Insurance Innovations, Inc. is a leading developer and administrator of affordable, web-based individual health insurance plans and ancillary products. We help consumers address their health insurance needs by offering access to a number of products offered by various insurance carriers.

For agent use only – not for use with the general public

affordable-insurance-options-for-college-graduates

Seasons Change and So Do Coverage Needs: College Students and Recent Grads Hit the Short-Term Market

Spring is upon us – though more apparent in some parts of the country than others – and that means summer is warming up right around the corner. That also means the spring semester will end soon at colleges and universities across the country, leaving many students and recent graduates with expired health coverage.

Past reports of short-term medical enrollment have ranged widely from 160,000 to 850,0001, but that number seems likely to grow this year. Not only do summer months see college students and recent graduates flocking to the short-term market1 but public awareness of the market has also increased significantly.

A recent poll shows 31%1 of consumers polled indicated they are familiar with it and an additional 10.4%1 indicated they have used such coverage. Compare that to 7% of consumers who were aware of the coverage option in 2017, and it’s clear that continued growth is forthcoming.

Are you prepared to help this specific audience find coverage that fits their needs this summer?

Here’s how short-term medical coverage may be their solution until they can choose a longer term solution:
  • Provides flexibility in cost and length of coverage
  • Offers choice of deductible and coinsurance options
  • Delivers low copay options
  • Secures ability to cancel without penalty at any time

Understanding the needs and concerns of college students and recent graduates is imperative when helping them select coverage. According to a recent poll2, 72% expressed concern over the cost of healthcare coverage, with 40% worried about the cost of monthly premiums and 20% anxious about out-of-pocket expenses.

With that in mind, these coverage highlights are crucial to the conversation:
  • Provides wellness options
  • Often offers lower rates than traditional health plans
  • Affords a low cost layer of financial protection from rising healthcare costs
  • Offers choice of deductible as low as $250

Note that with STM, clients are not buying an ACA health plan. The following need to  be kept in mind by any prospects:

  • STM coverage does not provide the minimum essential health benefits required by the Affordable Care Act (ACA) and will not help to avoid the fee for not carrying health insurance. STM plans are not guaranteed issue, do not cover pre-existing conditions, and require a series of medical questions to be answered
  • Plans vary in what is covered, check any plans carefully prior to making a purchasing decision

In addition to college students and recent graduates, other prospective clients who are facing life-altering transition periods may find short-term medical meets their needs.

These include:
  • Pre-Medicare retirement
  • Change in employment status
  • Missed Open Enrollment
  • Rolling off parental insurance
  • Filling a gap in your major medical coverage

Are you ready to address the needs of this growing market’s diverse audiences?

Learn more today by:

Health Insurance Innovations, Inc. is a leading developer and administrator of affordable, web-based individual health insurance plans and ancillary products. We help consumers address their health insurance needs by offering access to a number of products offered by various insurance carriers.

For agent use only – not for use with the general public

 

Sources:

1: “Poll: Spike in Short-term Health Insurance Public Awareness. AgileHealthInsurance.com.” March 14, 2018 https://www.agilehealthinsurance.com/health-insurance-learning-center/short-term-health-insurance-public-awareness-survey

 

2: “Poll: 72% of College Students and Recent Grads Have Challenges Finding Affordable Health Insurance. ” June 20, 2017. https://www.agilehealthinsurance.com/health-insurance-learning-center/student-health-insurance-survey

 

 

College Students and Recent Grads Look to Short-Term Medical Coverage Options

College Students and Recent Grads Look to Short-Term Medical Coverage Options

It’s summertime, and the living is easy, right? Your prospective clients this summer may include two specific audiences looking for temporary health coverage to help them ensure that living stays easy: college students and recent graduates.

According to a recent poll from AgileHealthInsurance.com, 72% of college students and recent graduates polled noted that finding affordable coverage has been challenging. These clients may be coming off their student coverage through their colleges or their parents’ health plan or they may be waiting for coverage sponsored by their new employer to begin.

Short-term medical plans may provide these clients with features they need such as:

  • Flexibility in length of coverage and in cost
  • Variety of deductible and coinsurance options
  • Low copay options
  • Ability to cancel without penalty
  • Paid benefits similar to traditional major medical plans
  • Wellness options
  • Next day coverage
  • Little to no waiting periods
  • Deductibles as low as $250
  • Relatively inexpensive premiums
  • Guaranteed acceptance
  • Unlimited low-cost doctor and specialist copays
  • Open network of physicians, specialists, and hospital

Short-term medical coverage is available at any time in the year; there is no special enrollment period. Many plans include preventive care as well as lower rates than major medical coverage. Your clients may be transitioning off their parents’ insurance and wondering if they can visit their same providers under their new coverage. They’re in luck: they often can, as short-term medical coverage provides them with the opportunity to see providers of their choice. If their chosen provider does not file a claim for your client in office, your clients can simply submit their own claims for reimbursement.

Note: STM coverage does not provide the minimum essential health benefits required by the Affordable Care Act (ACA) and will not help to avoid the fee for not carrying health insurance.

Why will your clients purchase short-term medical coverage?

  • Prompt approval: Secure coverage and proof of insurance quickly
  • Affordability: Cost-effective rates
  • Security: Peace of mind as they bridge their health coverage gap in their time of transition
  • Flexibility: Options that can help address their health realities

It is important to keep in mind, that while short-term and limited medical coverage do provide these benefits, neither one is intended to be a replacement nor an alternative to ACA or other major medical plans. These types of coverage do not provide the minimum essential health benefits that are required and will not help to avoid the fee for not carrying health insurance.

Learn more today by:

Health Insurance Innovations, Inc. is a leading developer and administrator of affordable, web-based individual health insurance plans and ancillary products. We help consumers address their health insurance needs by offering access to a number of products offered by various insurance carriers.

 

For agent use only – not for use with the general public