This post is sponsored by QuoteWizard.
Health Insurance and College Students
Heading to college is a stressful yet exciting time, and often the last thing on a student’s mind is their health insurance. However, it’s important to have medical coverage, no matter where you are. Luckily, there are plenty of health care choices for students. These are the most common options:
Stay on your Parent’s Plan
In 2010, the Affordable Care Act was passed. The ACA mandates that children can stay on their parent’s health care plan until they turn 26. That’s great news for students, especially because many won’t be earning health insurance benefits until after they graduate.
Your parent’s plan will only cover you if it includes dependent coverage, though. So be sure to check that you’re covered before banking on their health plan. You can always be added to your parent’s plan, even if you live on your own, are married, or aren’t financially dependent on your parents.
You may face a setback if you use your parent’s plan and go to school out-of-state. Because many providers offer policies based on location, you may not have any in-network providers near your campus. Be sure to ask your insurer about this before you head to school. Even if there aren’t any in-network providers around your new home, you may be able to get around this by scheduling check-ups when you’re visiting home.
If you are on your parent’s health insurance plan and you turn 26, you are going to be forced off your parent’s plan. In that case, you are going to need to apply to health insurance for yourself.
School-Sponsored Plans
If you’re not able to stay on your parent’s plan, the next-best option is to turn to your college or university for coverage.
Not all colleges offer health plans for students, but most of them do. Some offer plans directly through the school, which then pays and handles any claims. Other colleges partner with an insurance company. School-sponsored health insurance is also usually combined with other tuition and school fees, so it is often deducted automatically with your bill.
The Government’s Marketplace
Sometimes, the cheapest option is finding a health insurance plan through your state’s insurance marketplace. By going this route, you may qualify for lower premiums and other savings. Because of the benefits that go along with this option, you may pay less than with your parent’s or school’s plan.
Catastrophic Plans
If you’re a student under thirty, you may qualify for a catastrophic plan. These types of plans have low monthly premiums, but a yearly deductible of $7,150. However, you may save money getting a lower-level plan through your state’s marketplace because of the high yearly deductible.
Medicaid
If you’re not eligible for the previous options, check out your state’s Medicaid requirements to see if the program is an option for you. Medicaid is for people under 65 who have an income up to 133 percent of the federal poverty line. The federal government encourages people to apply, even if they may not be approved.
Skip Health Insurance
While this is not recommended, it is an option if you can skip it if you are under 65, don’t qualify for Medicaid, and make less than $10,000 a year.
Although there’s a lot on your mind as you head to college, you should rest easy knowing that you’ll have access to health insurance. Whether it’s through your parent’s plan, your university, or the government, there are plenty of ways for you to stay covered as a student.
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