Aside from car insurance and renters insurance, other types of insurance, including health insurance, are available for college students. Paying off medical expenses while in school can affect the finances of students. Health insurance generally covers health-related bills, making life much easier for policyholders. With health insurance for college students, paying off health-related bills while in school will be covered.
For several reasons, college students may need to get health insurance. These reasons include routine care, costly medical treatments, etc. Also, students with existing health issues are advised to have health insurance coverage while in college to cover them in case of any unexpected event. However, most college students stay under their parent’s or guardian’s health insurance policy until they are old enough to get theirs. Irrespective of this, it is important to know what health insurance to get, how to get it, and why you need it.
Do I Need Health Insurance as a College Student?
In most states, college students are required to have health insurance before resuming school. For this reason, most colleges offer health insurance for students who need coverage. However, if your college doesn’t require health insurance, purchasing one is advisable to do. Having health insurance while in college is an important part of staying healthy. Illnesses and accidents are unpredictable events that may likely occur at any time. Paying off bills for these events may likely affect your finances. For this reason, purchasing health insurance is advisable.
How Much Does it Cost?
Depending on factors like age, medical history, gender, etc., how much health insurance for college students costs is determined. Health insurance cost is also determined based on the insurance plan you select. These plans and their costs include:
- $248 for a catastrophic plan.
- $558 for a gold plan.
- $428 for the Silver plan.
- $327 for the bronze plan.
This is the average cost of a health insurance plan for a 21-year-old. However, how much these plans cost depends on the school the college student attends.
How to Get Health Insurance for College Students
There are several ways you can get health insurance for college students. Through any of these methods, you can easily get health insurance while in college. However, you can get health insurance through the following methods:
Parent’s or Guardian Health Insurance
Students can remain on their parent’s health insurance plan until they turn 26. This is often the best option for college students because they do not need to purchase any insurance plan. While we have this, this method is often not advisable. For instance, HMO plans require policyholders to receive care from their network providers.
If a college student whose parent has an HMO attends college out of state, there may not be HMO network providers in that state. To avoid this, students should consider other health insurance options.
School-sponsored health insurance plans
Most colleges offer health insurance plans to their students. These insurance plans are more affordable than private health insurance, making them a good option for students. Most school-sponsored plants work with ACA. This means they cover up to ten essential health benefits.
These benefits include emergency services, preventive services, pregnancy and childbirth, hospitalizations, and mental health services. Another reason why this insurance is a good option to consider is that it allows students to lump the price into their tuition fees so they can easily pay premiums while in college.
Health Insurance Plan Through Job
If you intend to work while in college, it is possible to get health insurance through your employer. Generally, employees pay more than average on premiums, which makes it more affordable for them than purchasing health insurance through a private insurer.
Affordable Care Act Health Insurance
ACA is another way college students can get health insurance. ACA plans to cover a wide range of preventative services, hospitalization, pre-existing services, laboratory services, drug prescriptions, mental health and substance use disorders, and emergency services. Through ACA health insurance, you can purchase a plan during open enrollment.
ACA catastrophic plans
These health insurance plans are tailored to protect people from high medical expenses in the event of an accident or illness. ACA catastrophic plans are available to only those under the age of 30. This health insurance plan works similarly to comprehensive coverage, but this plan has extremely high out-of-pocket payments on deductibles.
Can I Remain on My Parent’s Health Insurance While In College?
Until college students turn age 26, they can remain on their parent’s health insurance. Irrespective of where they move to, whether in college or married, they can be covered by their parent’s health insurance. However, once they turn 26, they will no longer be covered by their parent’s policy; instead, they will have to purchase personal health insurance coverage.