Student Health Insurance
Many students think that they will never become unhealthy and as such many are prone to go without health insurance. This irresponsible approach is compounded even more in some unfortunate situations as students that go without health insurance and develop serious medical conditions often cannot obtain an individual health insurance plan in the future due to their health problems. Students will do well to always maintain continuous health insurance coverage so that they will never have to worry about paying a large medical bill without the financial backing of an insurance company.
The bright side of the story is that it is usually quite easy to find cheap student health insurance. Health insurance rates are based to a large degree on the age of the applicant so it follows that younger students can obtain very affordable health insurance.
Students will want to compare multiple health insurers and compare their health plans side by side in order to find the best deal. Compare student health insurance quotes from a minimum of 3 different insurance companies in order to start saving money!
Here are a few quick ways to save a little cash and find the student health insurance plans that provide the best bang for the buck:
1. See if your university or school offers any type of health insurance plan. Don’t rush out and buy the plan right away if you find out that a plan is offered. Rather, what you will want to do is to just find out the basics of what the plan does and doesn’t cover, how much it costs, and if there is an option to convert into a permanent health plan after you graduate. After you get this information then use the plan details as a baseline to compare with other private health insurance plans that may or may not be a better value.
2. Think about a temporary health insurance policy. Temporary health plans are rarely a good idea because of their traditionally limited benefits (as compared to permanent major medical plans) and the obvious fact that they are not permanent and so the insurance company is under no obligation to continue to offer you coverage even if you may have developed some major health complications during the time that you were on the short term policy. That being said, temporary health plans are usually cheaper than regular permanent plans and can make great sense for a student that is soon to graduate and has a job with benefits locked in for the near future. (Warning: Short term plans should only be purchased when there is a permanent health insurance plan lined up already in the future).
3. Stay away from indemnity plans and discount health plans! An indemnity plan is a health plan that although cheaper than a traditional plan also offers very limited benefits and has many exclusions in the policy. Even worse than an indemnity health insurance plan is a discount plan. Discount health plans or discount cards are not insurance and can ruin many people’s financial future if relied upon in the place of a comprehensive full coverage major medical health insurance plan.
4. Investigate a Health Savings Account (HSA). HSA’s are great for young, healthy students because of the tax benefits, the savings component (that can build up quite dramatically over time), and the much lower than average monthly premiums. HSA’s typically cost much less than traditional health insurance plans because of their higher deductibles and lack of pricey extras like copays yet still have all of the comprehensive major medical coverage that is needed.
5. Compare different insurance company’s health quotes. Aim to compare at least 3 different insurance company’s offers side by side to find the best plan at the best price. Use our free quote finder to search all of the best insurance company’s that actually offer coverage in your area; get free health insurance quotes now!