Three Health Insurance Options for College Students

Even when you are young and in good health, it is important that you have health insurance. But many young adults skip this important financial failsafe because they feel overwhelmed by the prospect of buying insurance coverage. Although it can be difficult to find the plan that is right for your individual situation, it is important that you take the time to do the research and find the right insurance coverage. 

You do not want to start your life with a load of medical debt to add to your student loan debt. You can put yourself in a bad financial situation before you ever get a chance to earn a decent income. This can easily happen if you have just one medical emergency, such as a broken limb, and you do not have adequate insurance coverage. 

Insurance does more than protect your physical health. It protects your financial health as well. Additionally, many schools require that their students have insurance, so doing without may not even be an option. 

Three of the most common student health insurance options are staying on a parents' insurance plan, buying the school's student insurance plan, or purchasing short term coverage. Before you make your decision, it is important that you understand the pros and cons of each option. 

Your Parents' Plan 

If you are currently covered by your parents' insurance plan, you might still be eligible for coverage while you are enrolled in college. Many student prefer to stay on such a plan because of the cost savings. Another benefit is that you will have the same coverage that you have had for years. If your school is not too far away from your hometown, you can even keep seeing your current doctor. 

If you are going to a school out of state, you will need to find a new physician in your new town. Staying on your parents' insurance plan will probably give you the best possible rates, but it might box you in to maintaining full-time enrollment to keep your coverage. This would prevent you from taking a semester off to work or travel without losing your insurance benefits. 

If you do take a semester off of school, you will need to purchase a temporary insurance policy. We will discuss this option further later on. If your parents do not have insurance, you'll have to look to one of the following options.

Your Schools' Plan 

Most colleges and universities offer a student insurance plan to enrolling students. Although this plan is purchased through the university, it is usually backed by a major health insurance company. A major benefit of a university's insurance plan is access to the student health center. Many universities have an on-site health center where students can go for basic medical care. This is an especially valuable resource if you will be living on campus. Some student insurance plans cover students during the summer months. Others require that the student be enrolled in summer classes in order to be eligible for insurance coverage. Check with your school's health center for specific information. 

Temporary or Short Term Health Insurance 

Many major insurance providers offer temporary or short term insurance plans. These are often ideal for young adults. You can purchase a plan that covers you for as little as one month to as long as one year. Short term insurance rates are usually affordable, making them ideal for young people. 

Your short-term plan will give you all of the benefits of a regular plan, but you will not need to make a long commitment. Short term insurance can be ideal if you decide to take a semester off. With short term insurance, you will have the freedom to do what you like while still keeping the security that only a quality insurance plan can provide. 

Even if you decide on another option for your insurance needs, do not forget that temporary insurance is an option. Many college students purchase short term insurance after they graduate until they can get their first jobs and sign up for employer plans.  Take a second to put your zip code into the health insurance box on the right and see what kind of rates are being offered in your area.