subject: Graduate Student Health Insurance [print this page] Having student medical insurance from a typical student insurance contract is certainly better than having no insurance at all. However, these contracts will not cover your son or daughter as well as a typical private medical insurance policy. The benefit limits written into these plans can leave you with a bill you can't pay.
Since most college students are under 30, affordable health insurance is probably available for your child from a major insurance company at a low price. You don't have to own the bare bones plan from the college in order to purchase an inexpensive contract.
You may be able to purchase inexpensive coverage in the private market. If your student goes to college in another state, you may have even more choices because you will have the option of using your home address or their home address on the application. You may be able to keep your student on your group insurance.
Although policies marketed as student medical insurance are often less expensive when compared to other policies, the relatively small difference in premiums may not justify the major difference in benefits. It is in your best interest to weight the benefits of other alternatives before you commit your daughter or son to a policy that won't cover him or her very well.
Your student should leave college with a degree, and not just high medical bills they cannot to pay. Medical problems keep many students from finishing school. It can also leave them with a huge financial burden if their insurance policy doesn't provide adequate benefits.
Many student medical insurance policies 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 medical care. The $100,000 limit would not be written into the policy if some percentage of their plan holders didn't reach and exceed that limit.
Student health insurance plans usually limit the lifetime benefit also. Most standard policies do as well, however, the benefit caps can be five time as much. Some standard health care insurance plans have no lifetime caps.
If the above weren't enough the benefit limitations is the limit on the amount of time a student is allowed to keep their coverage if they own one of the typical contracts offered through their university. If a catastrophic medical event does happen, there may be residual health care issues.
Health insurance companies call these preexisting conditions. A major preexisting condition can affect your student's ability to get coverage after he or she is no longer eligible for their student insurance contract.
There should be plans available to your student from major health care insurance carriers that he or she can keep until their eligibility for Medicare.
Purchasing a student health care insurance contract since the price is a little lower can be a big mistake. There are very affordable medical insurance contracts available for most in their 20s people that will not have any of the flaws mentioned above.
Be sure to look at all your alternatives when you are offered student health care insurance from your student's university. You should be able to find a health insurance plan without the limitations on coverage mentioned above. You should be able to find a health insurance policy that has not separate annual limit. You should be able to find a health care insurance plan that your son or daughter can keep until he or she is is 65.
by: Alston Balkcom
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