Parents Need to Be Educated on Health Insurance Risks
Student Health Insurance
Nearly 40% mistakenly believe that adult children living at home are still covered under their health insurance plans
Graduation day is just around the corner, but it's the parents of these young students who still need remedial education on whether their health plans cover their children and the options now available for short-term medical insurance.
Findings from a recent national survey of college parents revealed that only 23 percent were highly confident that their adult children would immediately find a job after college that provides health insurance. Yet, fewer than one in three were aware that they could buy short-term medical insurance for these young adults for as little as $50 per month.
The research was conducted by College Parents of America and Assurant Health. It reaffirmed the results of a previous Assurant Health survey that showed 40 percent of parents mistakenly believed that adult children (ages 21 - 24) living at home were covered under their health insurance plans.
"We hope this sends a wake-up call to the tens of thousands of parents who do not realize they may be at great financial risk right after their children graduate," said James A. Boyle, founder and president of College Parents of America, the only national membership association dedicated to advocating and serving on behalf of current and future college parents.
Some of the survey's other findings included:
- 20 percent of 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