Explore College Student Insurance Options for Graduates

Universal fact remains that every year a lot of college and university going students in America need emergency medical treatments. A lot of these students are not prepared for paying the high cost incurred due to these medical emergencies and surely look out for university sponsored individual health insurance for young adults.

A lot of universities have initiated to have student medical insurance plans which students have to just enroll for. However; these may be the plans with high premium and low coverage as they are not tailor made – keeping in mind the student requirements. Students also have the option of buying an insurance plan from open market – which suit their requirements and also takes care of university prerequisites.

Insurance happens to be a very vital requirement for any individual. The medical costs are increasing leaps and bounds making it nearly impossible to afford for common man. SchoolandUniversity.com has made a small attempt to guide all through this vital and inevitable information for requirement of Insurance; specially STUDENT INSURANCE.

Insurance - for whom?

• Domestic students traveling abroad - study USA insurance
• Grad students or students who are married
• International students who need visa compliant coverage - international student insurance
• Students who are in transition from college to the workplace - student accident insurance
• Students who are no longer covered by parents - self-employed health insurance
• Students who need temporary coverage - travel medical insurance
• Student personal property insurance
• k-12 student accident/athletic insurance

Eligibility for student insurance plans – How to buy?

The best fitment of an insurance plan for any individual may depend on various factors including:

• Age
• Employment status
• If employed - does the employer buy you the insurance?
• If employer does not pay for your insurance – will you buy it paying it on your own?
• If so - does your income justify your premium paying capacity?
• Kind of coverage you want to go for
• Medical tests prior to buying the insurance - health and wellness
• Where you live
• Your life style
• Your living circumstances

Identify your health insurance

Unless and until one is aware of how insurance works; any individual will not be able to select the appropriate health insurance plan. Selecting a good plan is of utmost importance as it covers and protects you from medical expenses incurred in case of medical emergencies which are not affordable. A good insurance or the appropriate or correct type of insurance is the one which will cover nearly 100% of the medical expenses.

Some of the key elements:
Student health care coverage - Components:

• Doctor visits
• Emergency services
• Hospitalization
• Laboratory and imaging tests
• Mental-health and substance-abuse treatment
• Outpatient treatment
• Prescription drugs
• Preventive care
• Rehabilitation services.

God forbid - not everyone would need all the remittance all the time; but one must understand that medical emergencies always catch you unarmed. Individuals; not appropriately prepared for these situations face massive financial and emotional traumas.

Plan Details:

Plan detail are also important

• Co-insurance
• Co-pays
• Critical plan details such as deductibles
• Standard form
• Summary of Benefits and Coverage
• Limited benefit plans or mini-meds - Often sold directly to consumers through telemarketers or online. Affordable and one can get even in poor health and poor finances also.
• Medical discount plans - Charges a monthly fee for membership which may entitle to discounts on medicines from various medical providers.
• Health care sharing ministries- Faith based organizations, collect money from members to distribute among those who cannot afford medical expenses.

Types of Health Insurance Plans:

• PPOs – Preferred Provider Organization: Services or plan with large networks and user friendly process of getting help from doctors off the network from the plan. One may end up paying more as compared to HMO – if you see doctors who are no listed for you in the PPO.
• HMOs – Health Maintenance Organization:  Services with more but limited options for out of network care as compared to PPO and less expensive. Involves less paper work and provides health care in a more organized manner. Services with checks and balances for the health care services provided.
• High-deductible plans: As the name states they are a kind of arrangement for paying medical expenses. Accounts with a debit or prepaid card are HAS (health-savings account) or HRA (health-reimbursement arrangement). These are not as simple as regular salary or savings account; and have their own limitations. These two accounts are supposed to be linked to a High deductible insurance plan – which usually is the case. In turn one can withdraw money from this account to pay for the medical expenses incurred.

Assistance from health care reform - Pros and cons of health insurance for college students

Affordable care Act - Components affecting the entire insurance periphery to a large extent have been revised as per an opinion by the U.S Supreme Court and will be effective by January 1, 2014.

Enlisted are some of the components where recent changes incorporated:

• Premium Rebates
• Standard Disclosure forms
• Caps on Flexible Spending Accounts (FSAs)
• New Medicare Tax for high earners
• Exceptions to the unearned-income tax

Consumer Protection incorporated

• More young adults with insurance
• Cheaper drugs for people on Medicare
• Temporary help for people with pre-existing conditions.
• Free preventive care

Enlisted are some of the major components that will witness changes:

• Guaranteed Issue
• Health Insurance marketplace
• Individual subsidies
• Individual mandate
• Penalty
• Medical expansion

A further update from Affordable Care Act and Student Health Insurance for the benefit of students is here for ready reference.