After graduation students have to apply for a separate insurance scheme as they would no longer be covered by their parents insurance scheme. But some may feel that they can go without insurance to save money which proves to be disastrous if they are injured or diagnosed with a serious medical problem. Even those who find jobs right away can be without insurance for a few months since there's often a waiting period before employer-sponsored coverage is bestowed on the new comer.

According to a study by the Commonwealth Fund, a nonprofit researcher in New York it was found that more than half of adults who were uninsured last year reported problems with medical debts. People 19 to 29 were the group most often uninsured. Larry Akey, a spokesman for America's Health Insurance Plans, a trade group in Washington, D.C talks about the insurance plans to the students. He says that the school-sponsored insurance is through the summer.

In case of parents' plan, then it will not cover the health expenditure as soon as one receives a diploma. Tom Billet, a senior health benefits consultant in Stamford, Conn., with Watson Wyatt Worldwide adds that in case your parents' plan is self-insured then you're more likely to be considered a dependent eligible for coverage until the end of the year. But recently some states have passed laws that have increased the age limit to 23 to receive full time student insurance.