You have just graduated high school and the exciting prospect of
going off to college is ahead of you. You are young, fearless and
invincible. It is no wonder; of all the plans you are making for college
that student health insurance is not on the top of your list of things
to do. However, sometimes the unexpected happens and if that occurs, you
want to be sure you are prepared. For your parents, you might be
covered under their employer group insurance so they think you have
sufficient protection. However, student health insurance is something
that should seriously be considered for many reasons. There are benefits
of getting student health insurance so it is important to compare the
rates and be sure you are adequately covered.
For students who
have no health care coverage at all, it is important to think about.
Even if you are in the best of health, you are going away to a new
school with all the stressors that that entails. You will likely be
living in a dormitory and exposed to many people who might be sick.
Student health insurance will help in the event of an emergency or
serious illness but it will also help take care of those pesky common
illnesses that may prevent you from doing your best in school. You may
need a doctor visit or some prescription medication. Student health
insurance will help you mitigate the out of pocket expenses for these.
If your parents are footing the bill for college, they will be pleased
they won't have to pay the exorbitant rates sometimes associated with
medical expenses. Parents who have their college bound student covered
under their employer's group health insurance may want to look at how
cost efficient it is as opposed to using student health insurance. First
check the coverage and limits. If you have a network and the student is
attending college out of the area, it is possible there are no in
network physicians available in the area. This will increase the out of
pocket expenses if the student requires medical care.
Also look at
eligibility requirements for remaining in the group health care policy.
Is there an age limit? Sometimes dependents of employees are ineligible
after a certain age that can be as young as eighteen. Does your
dependent have to be a full time student to be eligible? If the student
drops below a certain number of hours in a semester, the student may be
dropped from the insurance plan and this will leave him without
coverage. If you do need to shop for student health insurance, keep in
mind that it is generally less expensive than other forms of insurance
for many reasons. Insurance premiums are assessed by risk. The college
student is statistically younger and healthier and requires fewer
medical expenses. This means the student is a lower risk which equates
to lower premiums. It is also assumed that the student will eventually
either graduate or drop out of college. In either instance, the student
is no longer eligible for student health insurance. Statistically
speaking, the shorter time covered via one plan, the lower the risk.
As
with any form of insurance, it is advisable to shop around for rates
and compare for the best value. Student health insurance is no different
than other insurance in that there may be discounts available for
certain situations. It is possible there are discounts available for
utilizing on-campus facilities for health care. If the premium amount is
a bit much, consider increasing the deductible. This is especially
helpful if the student is in very good health. If you have other
insurance such as auto or home owners insurance through your agent, see
if there is a discount for adding another policy.
Ask your agent
what discounts are available and shop around to compare quotes on
student health insurance. You may not think student health insurance is a
necessary expense but if the unexpected happens, you will be glad you
have it.
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