January 1, 2010

Q: I'd like to apply for Value Benefits 24 Hour Accident Expense Coverage. I am a student that just graduated and is in between jobs.

A: This would not be a suitable insurance policy for you. Do not allow yourself to be fooled into thinking this insurance would do anything to protect you from the potential devastating effects of catastrophic medical expenses. The good news is that excellent full coverage major medical insurance is available at such a low price that there is no reason to take the risk of being uninsured. The most popular choices for recently graduated students are "Simple STM", "American Health Shield" and "Secure STM". All offer excellent coverage of about $100 per month for a typical monthly premium - less than a third of the amount paid by older adults.

Value Benefits 24 Hour Accident Expense Coverage is meant to be added to our coverage as a supplement AFTER you have comprehensive major medical insurance. You may want to consider this coverage as part of an overall benefits and insurance package after you settle into your new job. This type of supplemental insurance can be included as part of a voluntary flexible benefit package through an employer which allows you to buy the coverage on a pre-tax basis.

We suspect that some graduating students who are unfamiliar with the differences between types of health insurance are tempted to buy the least expensive insurance they can find. This mistake could be devastating if any significant type of medical care is needed. The likely result would be thousands of dollars of unpaid medical bills being pursued by a collection agent and years of ruined credit scores at these prime years of your life. Avoid this risk by buying the proper protection for a few dollars more.

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