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Student Health Insurance Needs

Options to Consider for Continuing Health Insurance as a Student

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If you are still under your parents' health insurance, but will soon attend college or move out on your own, it’s time for you to start reviewing how you will cover your student health insurance needs. Below are four options to consider if you want to keep your health insurance after moving out of mom and dad’s:

Student Health Insurance Option #1: Stay on parents' plan

Stay in school and keep your parents' health insurance to cover your student health insurance needs. With most health insurance plans, if you are between 19 and 25 years old, you can continue on the health insurance plan your parents currently carry for you. Have your parents check with their agent to make sure you will be covered.

Student Health Insurance Option #2: Let COBRA help you keep the student health insurance coverage your parents currently have for you.

If you are over age 25 and are still attending school, or if you decide not to continue school after the age of 18, you will most likely lose the health insurance coverage your parents currently carry for you. But, by utilizing COBRA, or the Consolidated Omnibus Budget Reconciliation Act, you may be able to temporarily continue the coverage your parents carry for you. Have your parents check with their agent to see if you can continue on their insurance plan with COBRA.

Student Health Insurance Option #3: Try short-term health insurance coverage if you are going to be working soon.

If you have a short period of time where you will not be in college and you can’t utilize COBRA, you may want to consider a short-term health insurance policy. This is a good option if you plan to have insurance soon through a job and want affordable, temporary coverage. Get a high deductible to keep the cost low.

Student Health Insurance Option #4: Get an Individual health insurance plan that will keep you permanently covered if you cannot stay on your parents' health insurance policy.

Choosing an individual health insurance policy should only be utilized if you cannot stay on your parent’s health insurance policy and you are not able to get any type of group health care through an employer. The premium for individual health insurance is usually more costly than group health insurance. In addition, you will usually need to do some medical testing to qualify for a policy so if you can continue your parents' coverage through COBRA, try that option first. Although the premium may be just has high, you should not have to medically qualify first. And, again, keep your deductible high to get an affordable premium.

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