Health Benefits 101

Graduation is right around the corner, and it can be a bittersweet moment for graduates. It's time to move from the classroom into your very first real job. Along with this real job comes this scary and exciting place called the "real world." Here graduates are no longer under their parents' insurance and have to begin their own health policies-which can be very confusing for graduates. Here is a simplified version of what to expect upon graduation. If you graduate with a job lined up, you may think that your health insurance policy will begin right away. However, many businesses have a waiting period. This means that you will not be eligible for health benefits until the first of the month after you have worked, or for 30 to 120 days. This all depends on the company. After this waiting period, your employer is required to pay a minimum of 50% of your premium health rate under Wisconsin state law. For example, if your monthly medical health insurance policy costs $140, then you would pay $70 and your employer pays the other $70. During this waiting period, there are a few options for individual health policies. You can apply for a short term policy, which can last anywhere from one to six months. The benefit of this policy is that is cheaper per month than other individual policies, but the downfall is that only renewable one time. Another option is to apply for an individual policy that lasts one year. This tends to be more expensive, but you can keep renewing it if you don't find a job with good health coverage. If you choose not to sign up for a health policy when you graduate, there is still an option for you. Instead of visiting a clinic when you get sick, which can cost you hundreds of dollars for a simple check-up, you can go to Aurora Quick Care in Wal-Mart and pay a low one-time fee. The fee is usually less than $100, excluding medication costs. However, this is not for serious health issues-only for minor colds and check-ups. One thing that might be a surprise to college graduates is that the health insurance policies for healthy males and females do not cost the same. Females under the age of thirty will be paying more than their male co-workers for the same health policy. If females have to pay $150/month, the males would pay only $120, for example. This is because females are more likely to take advantage of the health policy and visit the doctor more often. If you are going onto graduate school and are still under you parent's policy, look into when that ends. Some insurance carriers' policies will end when the child is 23 years old, but others last until the child is 25 years old. Whether or not you have a job lined up after graduation, make sure to look into all possible health insurance options so you know what is best for you.

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