If you’re going off to college, one of the things you might want to consider is getting a student health insurance. You might think you don’t need it because you’re healthy and you’re careful. But you might be surprised that a simple injury could cost you a lot.
Young adults aged 19-29 are the people who are most prone to encountering accidents. And these might put you in a serious financial pit, especially now that you’re away from your parents.
Actually, there are:
Four types of student insurance
Your Parent’s Policy
Thanks to the new health reform, anyone under 26 can still stay on their parents’ insurance plan. This choice is convenient, as all the bills and claims are handled by your parents. Sounds a bit like free-riding, right?
The major disadvantage, however, is that if you study in a different state, your coverage level decreases. This is also a bit more expensive than having a policy of your own.
This is available to full-time students and is usually rendered only inside the campus. This plan is the most affordable among the four, but the services are very limited.
You also risk losing the coverage if you have academic problems, like a dropped subject. eHealthInsurance.com has a great guide for school-sponsored insurance policies.
Student Health Insurance Plan
This is for students aged 17-29 who are enrolled in a state college or university. This could be a little expensive. But a great perk is if you transfer schools, you take the coverage with you.
Unfortunately, it’s available only to limited states.
Individual Insurance Plan
This is probably the best choice among the four. It might be a bit pricey, but you can carry it over until you graduate.
There are a lot of companies and policies to choose from under this insurance plan, so it’s easy to find the perfect one for you, with the right price range.
What you need to do
Once you have decided that you want to be insured, here are some things to consider before you get your plan:
Look at your needs
- What kind of coverage do you need?
- How much is your budget?
- For how long are you intending to keep it?
Do your research
- Acquaint yourself with the lingo
- Search the internet for the terms.
- Get brochures and read them.
- Look at all the plans and everything they have to offer.
Bring your research and your needs together so you’ll know the exact plan you need.
Look at all the benefits each plan has to offer, along with the costs, the network of physicians or hospitals affiliated, and consumer review.
Once you’ve done all these three, then it’s time to choose and apply.
Having health insurances not only grant you hospitalization benefits, but they protect your finances as well by limiting your medical costs. Since you’re away from home, this is one of the steps you can take towards independence and being accountable for yourself and your money. Investing in your health is probably the best way to start your adult life.