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How to Find the Best Deal on Student Health Insurance
As a college student, you probably haven't given much thought to a medical plan. Hopefully, your medical needs have been provided for by your family. As you get older and assume more responsibility for yourself, you must recognize the need for a medical plan as one more aspect of adult life that requires thoughtful consideration.
Being a student provides you with many options in medical plans. You can stay on your parents' plan, take advantage of the COBRA healthcare program, or you can pay for short-term or long-term coverage yourself. Being young and healthy, you may feel that cheap student health insurance is unnecessary, but you couldn't be more wrong.
Why You Should Invest In Medical Insurance
The bottom line is all about health and money. It may be easy to dismiss the possibility of requiring medical services, but accidents and illnesses do happen. A trip to the emergency room averages $3,300. As a college student with limited resources, this could be financially devastating, especially if your injury keeps you from working for any period of time. Cheap medical insurance can save you more than you think.
Studies have shown that those without a medical plan are 40% more likely to be hospitalized for avoidable conditions than are those who have invested in cheap medical insurance. The reason is simple. If you have a medical insurance and see a doctor regularly, conditions are diagnosed in early stages and are easier to treat. Delaying treatment of even the most trivial injuries or illnesses can be a fatal decision.
Evaluate Your Medical Plan Options
Your first healthcare option, if you are aged 19 to 25 and enrolled in school, is to stay on your parents' medical plan. It is important that you and your parents verify through the insurance agent that you are covered. If you are not in school or if you are over the age of 25, you may need to use COBRA to maintain coverage on your parents' plan. COBRA, or the Consolidated Omnibus Budget Reconciliation Act, may permit you to continue receiving benefits under your parents' medical plan so long as certain conditions are met. In both of these cases, cheap medical insuranceis easy.
Many colleges and universities offer health insurance to students. If you are unable to continue under your parents' plan, this is a good place to look for short-term medical insurance coverage. Many college students wrongfully assume that they will automatically receive medical benefits under a group medical plan once they join the work force. Even if medical benefits are offered, they generally do not become active until after you have worked for a specified period of time, usually 90 days. It is to your advantage to invest in short-term, cheap insurance until you are fully covered under a medical plan elsewhere.
Making The Best Possible Health Insurance Decision
Many independent insurance providers offer both short and long-term health insurance policies. Different plans have different advantages and disadvantages, such as which doctors you can visit, whether or not you need a referral to see a specialist and the amount of your copayment. You can significantly reduce your premiums by opting for a high deductible. You must pay this amount before the insurance benefits begin. Be sure to consider several 'what if' situations to determine the best medical insurance and deductible for your personal situation.
Whether you are able to stay on your parents' policy or not, their insurance agent can be a wealth of information and it doesn't cost anything to ask questions about your options. Failing to get cheap insurance can cost you a lot more than money.
Christine_O.
