Congratulations on graduating. Now go get health insurance

Depending on where you live, it might not be as pricey as you think. A non-smoking, 22-year-old male who lives in Baltimore could buy a comprehensive insurance plan with a $1,000 deductible for $94 a month, according to In New Brunswick, N.J., the same coverage costs $355.74. The price differs because state laws vary, Collins says.

Most states give insurance companies a green light to pick and choose whom they insure — which, in most cases, means people with chronic health conditions are shut out.

But five states, known as "guaranteed issue states," require insurance availability for everyone, healthy or not. These states are Maine, New Hampshire, New Jersey, New York and Vermont.

While this is valuable for those with chronic health conditions, it also means premiums are higher, making insurance more expensive for healthy people.

A health maintenance organization

A type of comprehensive, individual insurance plan, HMOs offer a fixed list of health care providers. They're generally less expensive than preferred provider organization plans, which allow you to choose health providers, Gabel says.

Although PPOs offer more choices, grads probably don't need them, Gabel says, because they probably don't have a relationship with a specific doctor yet.

Alternatively, consider a point of service plan, or POS. These plans are similar to HMOs, but offer the option of using out-of-network services, as long as you pay a deductible and higher co-payment.

A short-term plan

If you nail a job but have to wait a few months for the insurance plan to kick in, consider short-term coverage. These plans are less expensive than individual insurance plans. You can use them to fill in gaps in your coverage, up to six months.

However, be aware that they are called short term for a reason: They're designed as a temporary fix. It's risky, for example, to buy one short-term plan after another as a substitute for individual health insurance. You're treated like a new client every six months, which gives the company the ability to refuse you. If you fall ill or get into an accident right after purchasing a new plan, the company may drop you, Fish-Parcham says.

Catastrophic insurance

These plans, also known as high-deductible plans, charge deductibles ranging from $500 to $5,000, with low premiums. Although catastrophic insurance doesn't usually cover the cost of regular doctor visits and prescriptions, it does offer coverage for emergencies.

But if you choose to buy one of these plans, "you have to be sure" there's money in the bank to cover the deductible, Fish-Parcham warns.

Policies geared toward young adults

The Kaiser Family Foundation reports that 30% of the uninsured are ages 19-29.

Insurance companies have created plans "developed with this population in mind," says Susan Pisano, vice president of communications at America's Health Insurance Plans, an insurance industry trade association. They include lower premiums —Aetna's BodyGuard, for example, offers plans from $40 to $110 a month.

Aetna spokesman Matthew Wiggin says the monthly cost is low because the plans only focus "on the type of coverage that young adults are most likely to use."

Since young adults are active, and prone to more accidents, Aetna included more emergency care coverage than in its individual plans. Meanwhile the prescription drug benefit is limited to generic drugs.

Another low-cost option is a limited benefit medical plan. Marketed as a low-income alternative, these plans cost less than $200 a month, with little or no deductible.

But many health industry experts tell consumers to be wary, as these plans cap total coverage. If you end up in the hospital, you could be on the hook for a large part of the cost.

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