Do College Kids Need Their Own Insurance?
Requisite trip to Ikea. Check. Pick up supply of Ramen Noodles and Kraft Macaroni and Cheese. Check. Look for cheap toaster. Check. The to-do list for preparing your kid for college is a lengthy one, but you've made your way through it one item at a time. The SUV is packed and ready to go. You smile and give yourself a congratulatory pat on the back. You're handling this big life event rather well, aren't you?
The only trouble is, you've forgotten to do one very important thing--look into your child's health insurance coverage.
This may seem like no big deal. After all, college kids are young, healthy and bubbling over with vim and vigor, right? True, but they can also have an accident, catch a virus, or injure themselves during a night of alcohol-riddled partying. And any of these events could result in hefty hospital bills. The best way to avoid monetary mishaps brought on by out-of-pocket medical expenses is to ensure that your son or daughter is protected by a health insurance policy.
Why Coverage is Important
Don't let your child's robust health fool you. College students are not impervious to illness or physical misfortunes. Living in close quarter with other students equates to an increased risk of being exposed to a number of ailments including everything from the common flu or it's virulent cousin, H1N1, to mononucleosis or meningitis.
It may be difficult for you to imagine your little "angel" in an intoxicated state, but the truth is that college life often involves a hefty dose of partying and alcohol.
And these impaired minds can lead to all sorts of injuries. According to the National Institute on Alcohol Abuse and Alcoholism, almost 600,000 students between the ages of 18 and 24 will be accidentally hurt while under the influence of alcohol and over 690,000 will be assaulted by another student who is intoxicated. Health insurance coverage will protect your family's financial well-being "just in case."
Check Your Plan
Your bona fide college student may be covered under your own health plan--which would enable you to quickly "check" this item off your list too. Thanks to the Affordable Care Act, students are able to remain on their parents' health plan until they turn twenty-six. There is, however, one caveat. If your child is going to school out-of-state, you will need to make sure that there are network providers in their college town. Without an approved provider close at hand, you may find yourself presented with a substantial bill.
Other Options
If your plan will not suffice, there are other options you may wish to explore. College Plan. Many colleges and universities offer very affordable health insurance plans to their students. This is a viable option that many people take advantage of. And, thanks to Obamacare, all school plans issued after January 1, 2014 can no longer have exclusions for pre-existing conditions or annual or lifetime limits, making them an even more attractive alternative.
Medicaid: If your family has a low income--up to 133 percent of the federal poverty level--or if you are beleaguered by substantial medical expenses, your child may be able to receive coverage through Medicaid.
Individual Plan: Another option is to purchase an individual health insurance plan through the Health Insurance Marketplace or directly through your favorite private provider.
So grab that "to do" list and add "get Junior health insurance coverage." Even if it turns out that they didn't need it, you will benefit from the peace of mind that comes from knowing that your child's health--and financial security--will be protected for the duration of their post-secondary school years. And, when you get that item checked off your list, you can give yourself a well-deserved pat on the back.
The only trouble is, you've forgotten to do one very important thing--look into your child's health insurance coverage.
This may seem like no big deal. After all, college kids are young, healthy and bubbling over with vim and vigor, right? True, but they can also have an accident, catch a virus, or injure themselves during a night of alcohol-riddled partying. And any of these events could result in hefty hospital bills. The best way to avoid monetary mishaps brought on by out-of-pocket medical expenses is to ensure that your son or daughter is protected by a health insurance policy.
Why Coverage is Important
Don't let your child's robust health fool you. College students are not impervious to illness or physical misfortunes. Living in close quarter with other students equates to an increased risk of being exposed to a number of ailments including everything from the common flu or it's virulent cousin, H1N1, to mononucleosis or meningitis.
It may be difficult for you to imagine your little "angel" in an intoxicated state, but the truth is that college life often involves a hefty dose of partying and alcohol.
And these impaired minds can lead to all sorts of injuries. According to the National Institute on Alcohol Abuse and Alcoholism, almost 600,000 students between the ages of 18 and 24 will be accidentally hurt while under the influence of alcohol and over 690,000 will be assaulted by another student who is intoxicated. Health insurance coverage will protect your family's financial well-being "just in case."
Check Your Plan
Your bona fide college student may be covered under your own health plan--which would enable you to quickly "check" this item off your list too. Thanks to the Affordable Care Act, students are able to remain on their parents' health plan until they turn twenty-six. There is, however, one caveat. If your child is going to school out-of-state, you will need to make sure that there are network providers in their college town. Without an approved provider close at hand, you may find yourself presented with a substantial bill.
Other Options
If your plan will not suffice, there are other options you may wish to explore. College Plan. Many colleges and universities offer very affordable health insurance plans to their students. This is a viable option that many people take advantage of. And, thanks to Obamacare, all school plans issued after January 1, 2014 can no longer have exclusions for pre-existing conditions or annual or lifetime limits, making them an even more attractive alternative.
Medicaid: If your family has a low income--up to 133 percent of the federal poverty level--or if you are beleaguered by substantial medical expenses, your child may be able to receive coverage through Medicaid.
Individual Plan: Another option is to purchase an individual health insurance plan through the Health Insurance Marketplace or directly through your favorite private provider.
So grab that "to do" list and add "get Junior health insurance coverage." Even if it turns out that they didn't need it, you will benefit from the peace of mind that comes from knowing that your child's health--and financial security--will be protected for the duration of their post-secondary school years. And, when you get that item checked off your list, you can give yourself a well-deserved pat on the back.
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