There are so many things to think about when entering college. Financial aid for
room & board and book expenses initially come to mind, but many forget
another important expense—medical insurance. Before students head off to college,
they need to seriously consider future medical aid options. Those with a history
of ailments are likely to explore their options, but so should the poster children
for health. Unfortunately, a large portion of health-related issues surface during
adolescence. The fact that college students are frequently stressed out and sleep-deprived
sure doesn’t make things better.
Student Insurance Under a Parent Policy
In more ways than one, students who enter college are better off than those who
finish school at 18. Those who are considered dependents under the health insurance
plans of parents are frequently given the boot on their eighteenth birthday - a not-so-nice
way to be welcomed into the adult world. Those who head off to college, however,
continue to be dependents under their parents’ plan for a few more years (usually
until they turn 23 or 25). This typically applies to full-time students only. Those
who are enrolled part-time may be ineligible or forced to hand over additional cash.
Student Insurance Under a College Policy
Schools typically offer their own college insurance plans for those who choose to
take advantage of them. Oftentimes, students are automatically charged for this
service unless they let schools know they are uninterested. Some states require
entering students to be medically ensured. If that is the case, students who choose
to reject school offers must show proof of alternative coverage. The costs of college
insurance vary greatly, but they are frequently less expensive than private options.
This tends to come at the expense of quality.
Graduate Student Insurance
You may have noticed that full-time students can retain a parent plan until they
turn a certain age—a few states extended the eligibility age to 30. More often,
however, students may be cast aside during their low and mid twenties. According
to a Commonwealth Fund report, about 30 percent of the nation's estimated 44.4 million
people without health insurance are 19-29 years old. This makes them the largest
group of newly uninsured. Graduates students with no income and plenty of expenditures
are not pleased. Schools do take graduate school students into consideration, but
they do so at a cost. For example, the University of Illinois Champaign insurance
policy for the 2007-2008 year is $180 for undergraduates; graduates have to pay
$256. College students do have options, but they need to be prepared.
When putting aside college funds, expect the unexpected. Scrapping together additional
529 plan money and applying for a few more scholarships may be in order.
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