Medical Insurance for College Students: 3 Reminders

Many universities now require medical insurance for college students attending at their institution. It’s a good idea. They worry about their students and can only help so many at the little clinics on campus.

Unfortunately, that leaves us looking for a policy, right?

I have a few reminders to help you find coverage and pay for it. I’m not a health insurance salesman, so I won’t have links to insurance companies, just some common sense to help you get your degree.

3 Reminders

1. Do you already have access to good coverage?

Many plans allow dependents to be on your plan until age 23. If you can stay on your parents’ plan, that may make the most sense. Also, with many plans, family coverage has one set price, and doesn’t charge more for each person.

That means that if your folks already have coverage, and you can stay on their plan, it might not cost them any more to give you college health insurance on their plan, by just keeping your name as a dependent.

Every plan has little differences. You’ll have to look into it to be sure

One other idea, if you have insurance through an employer and you can keep it during school, you might save yourself some money and some time looking.

2. Does Your University Offer a Low Cost Option?

Many schools do have a low cost college student health insurance plan just for their students. In fact, many will sign you up automatically unless you opt-out by proving you have alternative coverage – in other words, you have to show them that you have your own medical insurance for college students policy.

It’s usually not hard to opt-out if you do have coverage. You probably just need to show them your card or policy so that they can put a copy on file.

On the other hand, I have had one of those plans through the school, and it wasn’t too expensive.

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3. How Can You Pay for Health/Medical Insurance?

That’s always the most important question, of course. Paying for the new expense.

Here’s some good news. If you have a student loan, you can use that money to pay for medical expenses and health insurance.

You can also use your Pell grant to pay for your college health insurance. And if you have scholarship money left over, typically that can be as well.

Since so many school require medical insurance for college students, you can use just about any source to pay for it.

Other Ideas

Like I said, I’m not a health insurance guru, but I have a couple of other ideas for you.

These days, H.S.A.’s have become more popular. An H.S.A. is a health savings account, and often has an insurance policy attached to it after you spend a high deductible, maybe $3000 or $5000 in a calendar year.

Think carefully about this. Do you have $3000 to spend? Maybe you need another kind of coverage if not.

Last, I’d suggest you definitely don’t try to skirt the rule. Medical insurance for college students is for your benefit, just in case.

Good luck – more soon.

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