Whether you’re just starting college or close to the finish line, it’s important to be aware of the unique health insurance options available to students, and make sure that you have the coverage you need to stay healthy and fit as you complete your studies and enter the working world. Occasionally college students opt to go without coverage because they are young and in good health, but this is a dangerous gamble that can leave you with high bills, difficulty accessing healthcare, and delayed treatment in the event of injury or illness.
What’s available?
For many students, dependent coverage can be obtained through a parent’s health plan, which is generally more affordable than being the primary plan holder. This is a great option for coverage during your studies, and though some insurance companies discontinue coverage right after graduation, others can offer continuing coverage up until age 25.
If insurance is not available through your parents, find out whether your school offers a student health plan. Schools may offer anything from simple accident policies to comprehensive coverage, and these policies often have lower premiums than private policies.
Another option is to find out whether your employer offers an employee group health plan, and whether you qualify for this type of coverage. Employees are generally allowed to join a plan on their date of hire, or as soon as they become a part of the eligible class of workers. However, you must be sure to join within 30 days of first becoming eligible for the plan, or wait until the next annual 30-day open enrollment period for coverage.
You can also purchase health insurance privately through individual market plans, which are offered by insurance carriers to individuals who do not have coverage through school, work or other group. However, these plans tend to be a more expensive option, because you have to pay the full cost of your health care premium, and you will have to be evaluated individually for your health risk factors before you will be considered for coverage.
What to do if I can’t afford these options
If you are in a position where you can’t afford to purchase and pay premiums on your own health insurance plan, there are public health insurance programs such as Medicaid and SCHIP that can offer help to qualifying low-income students.
What to do after graduation
Upon graduation, or when your current plan is set to expire, you may want to consider continuing on with your plan through COBRA (Consolidated Omnibus Budget Reconciliation Act), a legislation that allows students to extend their dependent coverage for up to 36 months. To find out if you qualify, you will need to contact the human resources department of your insurance provider. Alternately, you can purchase short-term insurance, which is an inexpensive option designed to bridge the gap between graduation and employment.
