Graduate Student Health Insurance - Worth The Money?
Owning student medical insurance from your child's college is admittedly better than being uninsured
. However, these plans will not cover your child as well as a typical private medical insurance contract. The benefit limitations written into these policies can leave you with a bill you can't pay.Since most students are in their 20s, affordable medical insurance is probably available for your son or daughter from a major insurance company at a low price. You don't have to get the bare bones plan from the university in order to purchase an inexpensive contract.
You may be able to buy affordable coverage in the private market. If your daughter or son goes to university in another state, you may have even more alternatives since you will have the option of using your home address or their home address on the application. You may be able to keep your son or daughter on your group insurance.
Although policies marketed as student medical insurance are often lower in price than other policies, the relatively small difference in premiums may not justify the major difference in benefits. Please consider other alternatives before you commit your child to a contract that won't cover him or her very well.
Your student should leave college with a degree, and not just high medical bills he or she cannot to pay. Medical problems keep many students from finishing school. It can also leave them with a major financial burden if their insurance contract doesn't provide adequate benefits.
Many student medical insurance contracts will limit what they pay for medical bills to $100,000 per year. Standard policies will usually have a lifetime benefit, but no separate annual limit. Most people not in the medical field underestimate the cost of surgery and other health care. The $100,000 limit would not be written into the contract if some percentage of their contract holders didn't reach and exceed that limit.
Student health insurance plans usually limit the lifetime benefit also. Most standard contracts do as well, however, the benefit limits can be much much higher. Some standard medical insurance contracts have no lifetime limits.
Equally important as the benefit limitations is the limit on the amount of time a student is allowed to keep their coverage if he or she buy one of the typical policies offered through their university. If a major health event does happen, there may be lifetime medical issues.
Insurance carriers call these preexisting conditions. A significant preexisting condition can affect your daughter's or son's ability to get coverage after he or she is no longer eligible for their student insurance contract.
There should be policies available to your son or daughter from major health care insurance carriers that he or she can keep until they reach 65.
Purchasing a student health care insurance plan because the price is a little lower can be a big mistake. There are very inexpensive health insurance plans available for most young people that will not have any of the flaws mentioned above.
Be sure to consider all your alternatives when you are offered student health care insurance from your student's university. You should be able to find a medical insurance plan with a very high lifetime benefit maximum or no benefit maximum at all. You should be able to find a health care insurance contract that has not separate annual limit. You should be able to find a medical insurance plan that your student can keep until he or she is eligible for Medicare.
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