Student Health InsuranceContrary to popular belief, college students are not invincible. Securing student health insurance to cover the unexpected while your son or daughter is transitioning from full-parental dependency to post-college independence may be a good option for your family and your child. Here is some helpful information about student health insurance that you can apply to decide if this coverage is right for your family:
Students Start School To Finish SchoolThirty percent of college students do not have any type of health insurance. Those without health insurance coverage significantly increase the chance of a health or medical problem having severe financial consequences that could interfere with continuing their studies.
Close That GapStudents attend college with the dream of landing the perfect job. In some cases that perfect job will offer health insurance. However, most jobs offering health insurance will not come knocking until after graduation--four or more years after starting college. This creates a significant gap in health insurance coverage for students who are no longer eligible for coverage under their parent's policy once they turn 18 or leave home.
What Does Student Health Insurance Cover?Most student health insurance plans are flexible. Plans can be tailored to cover most of the same costs as a standard health plan. Student health insurance also can serve as more of a catastrophic-type policy, covering only major medical expenses. Options are available and the level of coverage depends on your situation.
Is Student Health Insurance Necessary?Many parents no longer choose or have the option to keep students on the family health insurance plan, leaving their son or daughter without health insurance. In addition, many educational institutions require students to carry at least minimum health insurance coverage. Many institutions offer a health insurance plan that the student can purchase. However, terms of these plans may not be ideal for everyone.
How Do I Keep the Cost Down?College students typically are younger and healthier. This is why premiums for student health insurance are more favorable than similar plans available to others. However, when you're a poor college kid everything seems expensive.
Controlling the cost of student health insurance is similar to the cost-control methods available for other types of health insurance. For example, raising the deductible and co-payment to a higher but affordable) level will help keep your premium down. If you have specific physicians you visit, make sure they are included in your plan's network. Review the policy for information concerning the cost of prescription medications.
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