Going Off to College: Do You Have Health Insurance?

Concept Of College EducationFor many students the answer is no. It’s just not something that is regularly considered when making the college choice, packing, and moving. Young people consider themselves invincible. However, they still need healthcare.

Here are some options:

1.  Stay on your parent’s health plan. Due to ObamaCare, young adults can now stay on their parent’s health insurance until age 26.

2.  Buy health insurance from the college. This might be a good option for some students. It is often something you can add to your tuition and room and board so student loans can help with the cost. However, more and more colleges are cutting back on offering health insurance and the college plan may be limited. Make sure you know what coverage you are getting.

3.  Go to the Health Exchange. You may qualify for your state’s health exchange. Depending on what state you are in, you may have good options for reasonably priced coverage. You also may qualify for a tax subsidy for all or part of the cost.

4.  Buy catastrophic health insurance. Under ObamaCare, young adults under the age of 30 are allowed to purchase catastrophic health insurance. This will likely have a high deductible (around $6,000) but with a cheaper monthly premium. It will often also cover preventative visits.

5.  Sign up for Medicaid. If your state has expanded Medicaid, this might be a good option if your family meets the low-income threshold.

As always, you should look at all the options and consider the cost along with what is covered. Planning ahead is always the best option rather than waiting until you have an health emergency.

What are your plans for insurance while you are in college? I’d love to hear from you!

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