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New benefit for Vanderbilt alumni targets new grads

by Jul. 20, 2010, 3:14 PM

Vanderbilt University hopes to make the post-college transition a little easier for those recent graduates and other alumni who are without health insurance by offering a new short-term plan for them called GradMed.

“Commencement can be a joyous but stressful time for new alumni who are in the midst of a job search or preparation for graduate school, especially if they also have to purchase medical insurance, “ James Stofan, associate vice chancellor for alumni relations, said. “In addition, other alumni who experience a loss of benefits, for whatever reason, can apply for the temporary health care benefits.”

The university has partnered with American Insurance Administrators, the largest marketer and administrator of comprehensive alumni insurance programs in the United States, to offer the plan. Participants can choose their length of coverage–up to 180 days.

Participants receive comprehensive protection with benefits for hospitalization, outpatient services and coverage for surgery and doctors’ bills. However, pre-existing conditions, meaning those for which the insured person had symptoms or treatment during the 12 months before enrolling in GradMed, are not covered.

Stofan said that the university was pleased to be part of a growing number of higher education institutions now offering this perk to graduates. “This is just one step in Vanderbilt’s effort to nurture strong ties with our alumni by offering programs that matter to them,” he said. “We wanted to start with this benefit given the rising cost of health insurance.”

Other programs offered by the Vanderbilt Alumni Association include career advising support and an expanded travel program. Additional discount programs for alumni are currently under development.

For more information on GradMed, click on www.GradMed.com.

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