Just graduated? Here's your next challenge: Get health insurance

Too many young adults are uninsured and it's not looking any better for the class of 2008. High school graduates completely lacking health insurance now stands at 38%, while 34% of college graduates also lack coverage.

Young adults are often bumped off of their parent's insurance, whether it's on their high school or college graduation day. Even if they're able to secure a job with benefits, those often don't kick in until several weeks, or even months, into employment. The result is a lapse in coverage that can create financial havoc on a young person's ability to save.

"One of the reasons young adults aren't covered is because they think it's too expensive," says Robert Zirkelbach of America's Health Insurance Plans, a health insurance company lobbying group. "Individual health care coverage is more affordable and accessible than is widely known." According to Zirkelbach, 90% of young adults who apply for insurance are offered coverage, and the annual premiums average $1,359 for ages 18 to 24 and $1,534 for ages 25 to 29.