Back to School: Student Health Insurance

One of the things that many students overlook as they head back to school is student health insurance. However, this is an important part of protecting yourself from financial catastrophe.

Who needs student health insurance?

If you are under 24, and if you are covered on your parent’s health insurance, then chances are that you will remained covered. However, 24 is the age that insurance companies usually stop allowing students to use their parents’ health insurance. Instead, it becomes necessary to get student health insurance.

Coverage under student health insurance plans

For the most part, it is possible to purchase college student health insurance plans. These are usually available for undergraduate and graduate students that are under 30. These plans usually only cover individuals, although some plans allow the addition of families. Here are some things to consider when choosing student health insurance.

• Premiums: For the most part, premiums are paid at the beginning of the year or semester. You can get coverage for six months or for 12 months. Find out about payment options from your provider.
• Renewability: Happily, especially for those who may have developed something that may be considered a “pre-existing condition” by other insurance companies, most of the time student health insurance is renewable in a non-student form after you leave college.
• Maternity: Usually, maternity coverage has to be bought separately from your student health insurance plan. Check your plan carefully to make sure you know what, exactly, is covered.
• Overseas: If you are studying abroad, regular student health insurance may not be available. In such cases, it may be a good idea to look into short-term (or even long-term) overseas health insurance. Find out from the country you are visiting what sorts of options they offer for visiting students.

Does your school require student health insurance?

This year, the university my husband attends while finishing his Ph.D. is requiring health insurance for students. If the student does not have health insurance, he or she is required to purchase it through the school. Every semester, the health insurance premium is added to the bill that includes tuition and fees. The rate is reasonable, but my husband doesn’t need it, since we already have individual insurance.

You can check with your college or university to see if it offers insurance plans for students. And you should double check to see if your school requires student health insurance. If you already have health insurance in such a situation, you will probably be required to show proof of your insurance. We are in the process of trying to make the Health & Wellness Center at the university understand that we already have insurance.

Even though health insurance premiums in general continue to go up, you should make sure that you are covered by some sort of health insurance plan. It is the best way to protect yourself against unexpected (and possibly financially devastating) health and/or medical problems.

image credit: sxc.hu