Insurance Coverage for College Students

Preparing for college and education planning is a stressful time—not just for students, but their parents and other family members too. Potential students need many things: new clothes, dorm furniture, school supplies, a computer and internet access and possibly even a car. However, one of the most important things is something you may not have yet considered. Health insurance for students is vitally important because even college age students have medical requirements, and you never know when an accident could happen.

Understanding the options available for insurance can be one of the most complicated parts of education planning. That is why here at PaydayLoansCashAdvance we put together a simple guide highlighting some of the insurance options available to those pursuing a college education.

Parents’ Employer-Provided Plan

One of the most common ways that college age students obtain insurance is by receiving coverage from a parent’s insurance plan. This works well because there is little effort on the part of the student. The parents simply continue paying for coverage as they have in the past. Most of these plans will cover an employee’s children well beyond age 18. It is important that the parents contact a representative of the insurance company and find out what the requirements are to maintain coverage. It may be that if the child’s school out of the general geographic area that it will not provide coverage.

COBRA

If the student has left a job that previously offered health-care coverage, or the parents’ plan declined coverage for the student pursuing college education, COBRA may be the answer. COBRA allows participants to extend any previous coverage for 18 months. The downfall to COBRA is the cost. The participant must pay the full coverage cost out of pocket. This is often much more expensive than the coverage was when it was received through an employer. Although COBRA is expensive, it can save money in the long run when you compare it to the cost for paying an emergency room bill out of pocket.

School-Provided Insurance

Many colleges offer their own insurance plans. They work with major insurance providers to create a group plan that offers a lower-than-average rate available for students. Some schools require insurance as a pre-requisite for enrollment and in this case, these schools nearly always offer school-provided insurance as an option. When completing your education planning procedure, checking the options for school-provided insurance is an important step. In many cases these programs offer different plans that vary from offering accident coverage to full-scale insurance plans that offer prescription coverage and preventative care.

Private Insurance – While it can be expensive, private insurance is an option that many have to take. Group plans negotiate a better rate for insurance companies, so your monthly payment or deductible will likely be higher than if you were receiving coverage from a job. For many, this is an option only utilized if there are no other options.

Community Health Care – Those who do not have insurance or are between programs may have to work a little harder to get the health care they need. For basic care, community health care centers are a good option. They provide non-emergency care to those who do not have insurance. In terms of everyday care, they can provide savings over general health insurance. However, these centers can do nothing to shield the patient from the costs associated with a major emergency.

As you can see, insurance should be an important part of your education planning. While reading information online is a great way to learn more, speaking with a knowledgeable insurance agent is often the best solution. You can get the advice you need to make a smart decision when it comes to protecting yourself—whether you are in college or at any other stage of your life.

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