Being a student means living frugally and carefully. Why would you ever pay for something may never happen? The simple truth is no one can predict the future and illness and accidents occur all the time. College student health insurance is designed to protect you from the unexpected and at a mere fraction of the cost than if you were unprotected.
If you know what you’re looking for, finding affordable college student health insurance is quite easy. You should first understand three basic terms:
- Maximum medical benefits are the total maximum amount of medical expenses the insurance policy will cover over its lifetime.
- Deductible is your out-of-pocket obligation before the policy kicks in and covers the remaining balance
- Co-insurance is the ratio to which the medical bill is split. For example, 80/20 co-insurance means you are responsible for 20% of the cost while the policy will cover the remaining 80%.
Many colleges and universities already offer student health insurance plans underwritten by a legitimate carrier. This takes the time and guesswork out of finding your own. Quite a few educational institutions even require students to purchase its student health insurance. These plans will typically cover the basics like office visits, surgeries and treatments. However, they usually do not cover pre-existing conditions so if you have asthma or diabetes, you will have to pay for treatment out-of-pocket or with a different policy.
If you elect to buy college student health insurance make sure you know whether you can use your own healthcare provider or if a referral is necessary. Find out where the closest medical facilities are and if your school has a campus health clinic, whether their services are free or discounted with the plan. Finally, make sure you know if you are still covered when you are on vacation or not enrolled in classes.