- College Students: What to Consider When Buying Health Insurance
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College comes with a laundry list of expenses. Tuition, books, and housing can add up quickly, but with all the new college costs, purchasing health insurance is probably last on your list, if at all. But what may be a secondary consideration could be the first thing to put you and your college-bound child at serious financial risk. Help protect your child's health and financial well-being by choosing a health plan that fits your family budget and benefits needs.
Can My Child Stay on the Family Plan?
Most insurance policies will continue to cover college students under their family health insurance plan if they meet the age and eligibility requirements. Conditions differ between policies, but most will provide coverage for a full-time (taking at least nine college credits per semester) undergraduate or graduate student under 25, but age may vary by plan and state in which the coverage is issued. However, if your health plan requires that members see physicians within a local network and does not include out of network coverage (like a typical HMO) and if your child is attending school out of the service area defined by your coverage, you may need to purchase a separate plan for him or her.
What If My Child Cannot Stay on the Family Plan?
If your child has recently reached the upper age limit of your family health insurance plan, your employer may offer you alternative coverage. Many college grads that are no longer eligible as dependents under their parents' plan can extend that coverage for up to 36 months under COBRA. This type of coverage helps people transition between health insurance plans without going uninsured.
What Are Our Other Insurance Options?
If your family health insurance plan is a "group" plan, offered through your employer, it may not cover your child because he or she is out of state or does not meet age requirements. In this case, you may need to purchase an "individual" health plan directly from an insurance provider. Some colleges and universities require students to provide proof of health coverage, and if they do not have coverage they must purchase the health insurance provided by the campus. Since student health insurance plans vary greatly, pay careful attention to cost and coverage options.
Does My Child Really Need Coverage?
According to the Kaiser Commission on Medicaid and the Uninsured, 46.5 million nonelderly Americans were without health insurance in 2006. While health insurance may seem too expensive for low-income young adults finishing their academic careers, going without health coverage is a risk few can afford. Just one surgical procedure or emergency room visit could be costly.