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Considering Student Insurance

iStock_000010156769SmallStudent insurance is a must for any child that is studying either in their home country or abroad. A price cannot be put on your child’s safety and health. If you haven’t already thought about student insurance, it’s time to at least learn some details about a policy.

Traditionally, families will carry their children on their insurance policy that is provided by their employer. While this is a significant way to keep the family healthy, it may not provide adequate coverage for your student children.

If your student is attending an out-of-state or out- of- country school, a student insurance policy is warranted. Your current insurance policy may consider the health care providers in other geographical areas as “out of network”. This will ultimately increase your out-of-pocket costs and can even raise your premiums.

Some health insurance plans will “drop” the children when they reach the age of 18, 19, and 20, 21 or even higher, the age varies by state and plan. Be aware of the policies stipulation for age limits and keep in mind that you may need to purchase a student insurance policy.

Often times, student insurance is less expensive than traditional health insurance policies-some reasons for the price differences are:

Often student health clinics procure prodigious discounts when services are utilized on campus. Due to the campus service, student insurance plans don’t need to be as comprehensive as traditional plans, therefore be less expensive.

When students complete their education, they are no longer eligible for student insurance, resulting in a short period of time that the insurance will be effective. The insurance companies that supply the policy are aware that the chances of the student implementing and utilizing their student insurance policy will be low. This ultimately ends up lowering the price of the policy premiums when compared to traditional health insurance policies.

Traditionally, college students are younger and typically healthier than the general population, resulting in reduced risk for the insurer. Student insurance rates typically reflect that reduced risk.

Once you decide to attain a insurance quote, remember to ask a few questions, such as:

What is the maximum amount of coverage supplied to me?
What will my deductible be?
Will the cost of my premiums change throughout the year?
What items are not covered on this plan? For example, some carriers won’t cover academic or recreational sports accidents and injuries.
Will I have a list of physicians that I can choose from or can I see any physician?
Do I need a referral to see a specialist?
What are my options if I fall ill or injured while traveling?
Will I ever need a pre-approval from the carrier before obtaining any format of health care?
What happens if I decide to go to graduate school?
What types of visits does my policy cover, sick visits or healthy visits?

Student insurance is definitely important to research and consider if your children are in school. Accidents and illnesses happen and once they have occurred, we cannot change the outcome-best to have the coverage available to receive premium health care for your family.


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