3 Things Grads Need to Know About Insurance

You’ve attended your last class. You’ve taken your final final exam. You’ve walked the stage. You’re getting started in your field of choice, fingers crossed. While you’ve been filling your brain with all kinds of knowledge, what you probably didn’t learn in school was what insurance you’d need once you got out…and off mom or dad’s insurance plan.

First Things First—Stay Healthy

Accidents, injuries, and illness—they can happen to anyone. Health insurance is a must. While your employer will probably cover most, if not all, of your premiums, understanding your coverage is important. Here is a quick glossary of the most basic terms:

Claim—a request by a plan member, or a plan member’s health care provider, for the insurance company to pay for medical services.

Copayment—one of the ways you share in your medical costs. You pay a flat fee for certain medical expenses (e.g., $10 for every visit to the doctor), while your insurance company pays the rest.

Deductible—the amount of money you must pay each year to cover eligible medical expenses before your insurance policy starts paying.

Explanation of benefits—the health insurance company’s written explanation of how a medical claim was paid. It contains detailed information about what the company paid and what portion of the costs you are responsible for.

Premium—the amount you or your employer pays each month in exchange for insurance coverage.

Provider—any person (i.e., doctor, nurse, dentist) or institution (i.e., hospital or clinic) that provides medical care.

Knowing what is covered and where to go for treatment can save you thousands of dollars. And if you don’t know, ask!

Second Things Second—Protect Your Stuff

Your collection of Craigslist furniture and hand-me-down appliances may not seem like much in the way of worldly possessions, but as those pieces need replacing, and you upgrade to bigger and better things, it becomes crucial to protect them with renters insurance.

You didn’t furnish your home all at once, but if your things are stolen or damaged, and you needed to replace it all, you’d find out quickly, just how fast it all adds up! In addition to the personal property covered by renters insurance, many people don’t realize, it also protects you from some personal liability. Additional coverage may also be available for a very low cost that could save you in other ways, like replacing items stolen from your vehicle or protecting you in the event of credit card charges. Don’t wait until everything you own is “top of the line” to think about protecting it. Start small but smart. Before you need homeowners insurance, get renters insurance!

Extra Credit—Plan for Financial Success

Adulting can be tough. One of the best ways to start is to find professionals who can guide you along the right path from the very beginning. From saving on insurance plans to setting up retirement plans, and every phase of life in between—we are here to answer your questions, offer advice, and most importantly, help provide the products and services that will lead to your financial freedom and success. Don’t wait until it’s too late and you realize what you should or could have done to prepare for the unexpected. Plan ahead and get the right coverage for your needs.



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