Student Health Insurance
From LoveToKnow Insurance
Obtaining student health insurance can put a significant dent in a student’s budget. However, there are several insurance options available to carry students through their college years.
Health Insurance Basics
Before you begin to shop for student health insurance, it is important to understand the basics of a health insurance plan. Managed care and fee-for-service plans are two main options for insurance. Managed care programs allow for lower healthcare costs by stipulating certain rules and regulations about how the program may be used. Fee for service programs usually cover about 80% of medical costs, with the other 20% being billed to the patient.
Managed care programs are a better option for students because of the lesser cost. There are several types of managed care programs including HMOs and PPOs. HMOs allow you to choose a primary care physician from a specified list. From that point forward, all referrals must be within HMO’s network of doctors. PPOs allow you a greater degree of flexibility by allowing you to choose from a range of approved providers and also by allowing you to see doctors outside of the network.
Why Get Student Health Insurance?
Relying completely on free campus clinics is not an advisable option for a student. While campus clinics can assist with run-of-the-mill maladies like colds and the flu, student health insurance can provide you with the resources necessary to treat more serious issues. Obtaining student health insurance can allow you access to the advice of specialists that are not available through campus medical care.
Where to Obtain Student Health Insurance?
Some institutions require students to have some form of health coverage before they are allowed to enroll. The dilemma comes when students pass the age where they can be covered by their parent’s insurance. If the college does not offer student health insurance, there are numerous insurance companies that offer comparable health insurance plans.
The campus clinic or your academic advisors can offer some suggestions about where to look for reliable student health insurance. You can start by calling reputable insurance providers such as Aetna, Cigna and Blue Cross-Blue Shield to see what type of student plans are available. Some agencies will offer more flexible payment plans for students that cost less than the traditional Individual Health Insurance plans.
Whatever option you choose, it is important to fully understand all aspects of a health insurance plan before jumping in. Be sure to compare several quotes to ensure that you are getting the best value for your dollar.
The Cost Factor
The best option for student medical insurance may be a short-term or interim policy, which can be renewed periodically. Short-term policies may cover standard doctor’s visits, X-rays, lab tests, hospitalization and emergency care. Short-term insurance is typically less expensive than traditional plans. Another benefit of short-term medical insurance is that it can become immediately effective upon purchase; however, short-term policies may provide less coverage and benefits than a long-term plan, so be sure to carefully research all aspects of the policy before buying.
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