Author: Tony Novak

Article:
A highly effective but little-known strategy for controlling
medical insurance costs will become a bit less attractive after
September 1 when the nation's leading issuer of medical
insurance raises rates for policyholders over age 29. This
change primarily affects self-employed individuals who
maintained their own health insurance plans after graduation
from college.

Students who purchase private medical insurance enjoy more
liberal coverage than the plans typically offered through their
parent's plan or their own college or university. These
insurance plans cover treatment from any doctor or hospital
throughout the U.S. without the need for a referral or
pre-authorization. Premium rates are typically about $500 per
year for those under age 30. But the best part of this coverage
is that it can be continued year after year long after
graduation as long as you need the coverage. As a result of this
renewability provision, some adults are able to enjoy high
quality insurance coverage for less than $1000 per year for the
next several decades. Fortis Health, the largest issuer of
student insurance policies, announced that it is raising rates
for policyholders over age 29. The new rates will be about 15%
higher. While the new rates are probably still attractive
compared to regular medical insurance policies, there are other
alternatives for older and non-traditional students. Fortis'
rates for short-term medical insurance or permanent individual
insurance with a high deductible might be a better deal in many
situations. An alternate health insurance plan from Clarendon
Insurance Company often offers 3 years of coverage to
individuals over age 29 at a lower price than the Fortis plan.
Rates and enrollment for all of these plans are available online
at www.MedSave.com.

About the author:
About the Author: Tony Novak, MBA, MT, is a financial adviser
based in Narberth, Pennsylvania. He is editor/publisher of "Tax
and Benefit News" and moderator of the tax forum for financial
planners at "Financial Planning Interactive". He is available by
telephone at 1-877-529-7435 to address public inquiries on tax
and benefit planning issues free of charge through OnlineAdviser
service sponsored by www.MedSave.com and
www.FreedomBenefits.com

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