College graduation is a time of joy and relief for students and parents alike. While the new graduate will be leaving the ivy walls with pigskin in hand, most will also be leaving the protection of Mom and Dad's health insurance as well.

Leaving the graduate completely unprotected is NOT a good idea. Remember, accidents do happen.

Paying as much as $400 a month for a comprehensive major medical plan, if the young person is healthy, is not necessary. Nor is accident insurance...which charges a lot for very little.

Assuming a job is in the graduate's future, short term coverage at around $75 a month will protect him or her from accident and illness expenses until the employer's coverage begins.

These short term policies do not cover preexisting conditions, however. So be advised.

Ask the school for recommendations or visit insure online.

About to step into the real world for the first time? Check out these articles to get you started on the right track:

• IRAs: The Retirement Tool You Absolutely Need
• Student Loan Alert: Consolidate Now!