Health Insurance for Students: Options for College and University

Going off to college or university is an exciting part of a student’s life. However, with newfound independence comes the responsibility of independently managing one’s health and well-being. Students studying in foreign countries also need health insurance since it will cover the expenses of unexpected illnesses or accidents with minimal wait, expense, and documentation.

As parents, getting health insurance is an essential requirement for protecting yourself and your dependents from high medical costs whenever anyone needs medical care. In some policies, if you have grown children, they can be listed as dependents provided they are under the age of 26 and studying in the same country that you live in.

If they are studying abroad, many colleges and universities offer student insurance plans as well. In this article, we’ll go over the best health insurance options for college students so you can make an informed decision when choosing coverage.

1. Parent’s Health Insurance Plan

While students may be living away from their parents’ roof, leaving for college doesn’t always have to mean total separation. If the parents’ health insurance plan has covered adult children up until now, many plans allow students to stay on their plan until age 26, at times with a slight or even no increase in the premium.

That means the existing family health plan can cover students for their entire college experience. This gives them a chance to focus their time and energy on their education. By the time the student turns 26, chances are that they will be done with education and have a job that offers medical insurance.

Most policies support students on their parent’s health insurance whether they are in school full-time, part-time, or not even taking classes at all. So, if your child needs to take a gap year or a break during the summer, they will still have health insurance coverage through the family plan.

2. University-Sponsored Insurance

For those students who can’t rely on their parents for health coverage, they may be able to find an affordable plan through their university. Because most schools require their students to have insurance, they offer specialized student health plans to help cover medical expenses. These plans are often comprehensive and cater to the unique healthcare needs of students.

Some key advantages of university-sponsored plans include:

• Affordability: These plans are usually much more affordable than private insurance options, as the universities often subsidize some part of the premium costs.
• Campus Convenience: University-sponsored plans are designed with the campus community in mind, offering access to on-campus clinics and medical services.
• Designed for Student Needs: These plans often provide coverage for common student health concerns, such as mental health services, contraception, and immunizations.

Most student health plans cover the ten essential health benefits like hospitalization, preventive care, prescription drugs, emergency care, and more with no annual or lifetime benefit maximums. Plans for students differ based on the university they will attend, so for more detailed guides or answers, contact the university to see if their coverage offers the best plan options for your needs.

3. Private Health Insurance

Private health insurance is an option available for students who do not have access to either university-sponsored plans or parental coverage. While it is usually more expensive, private insurance offers a greater degree of flexibility and customization. Here’s what to consider when you decide to shop for private health insurance:

• Plan Types: You will need to research the various plan types, such as Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs), or High Deductible Health Plans (HDHPs), to find one that satisfies both your needs and budget.
• Coverage Options: Determine the extent of coverage you require, considering factors like your health history and any specific medical needs.
• Cost Analysis: you will need to compare options based on their premium costs, deductibles, and copayments across various private insurance choices to find the most affordable option.
• In-Network Providers: Ensure the plan you choose has a network of healthcare providers in your area to maximize benefits and minimize out-of-pocket expenses.

Health insurance is a basic part of being a responsible adult and is necessary to be a prepared college or university student. The right insurance plan can offer both the student and their parents peace of mind, ensuring that a student has access to the medical care they need without incurring additional financial debts.

Whether a student picks a university-sponsored plan, relies on their parents’ coverage, chooses private insurance, explores state programs, or considers Health Savings Accounts, what is important is that they research and select the best option for their unique circumstances.

Don’t wait until a health issue arises – start the search for suitable student health insurance today and secure your well-being as you pursue your educational goals.