There are a number of health insurance options for college students , anything from staying under a parent’s plan to applying for insurance through Medicaid. Needless to say, having such numerous options can be a bit overwhelming, but knowing each option in depth is the best way to ensure your choice is the right one. The following is a list of different options students have in terms of acquiring health insurance, along with the benefits of each one.
The first option is to simply stay under a parent’s preexisting plan. Students under the age of 26 years old can normally do this with no problems, especially if the student is attending a college that is in-state. However, going out of state while staying under a parent’s plan can be a bit tricky. For example, not all insurance companies offer in-network providers near campus for an out of state school; if treatment is immediately required in case of an emergency, the student may be forced to leave the school to acquire long-term treatment or care. This is why students should always speak with their insurance companies to ensure that the insurer does in fact have networks in other states.
The second option (which is becoming more and more popular) is signing up for a health plan through the school university itself. The major advantage of getting a health plan through the school, is that the cost for these plans is eligible to be payed through loans or even scholarships. This is also quite desirable for older students who are no longer eligible to be covered under their parents’ insurance. However, the one downside is that plans offered through schools often have very limited coverage when compared to other, larger insurers; and not all school insurance policies will be accepted at universities in another country, requiring the individual to purchase another insurance policy that does fulfill the requirement.
The third option is applying for insurance through Medicaid, the federal run program that is meant to assist people from a lower socioeconomic class. In recent years, the span of people that are eligible for Medicaid has greatly increased, helping both students and other adults to get the proper insurance that they need. The one problem that persists, however, is the fact that many states have no opted to expand their Medicaid programs, limited coverage.
However, regardless of which path you take to acquire proper and affordable health insurance, it is important to be insured, especially if you are between the ages of 18 and 30. The reason for this is not for immediate use, but to protect yourself both medically and financially later on. Even simple medications may be difficult to purchase without insurance, as the prices for various types of medicine is increasing every year. Buying proper insurance as a student is a great investment for your future.