You’ve done all you could to prepare your child for college. You’ve set rules, stated guidelines and communicated your expectations. You’ve done your best; you’ve covered all the bases. Or have you?

Identifying Misconceptions

When it comes to sending their child off to college, many parents make the all too common mistake of assuming that their child will be covered under their health policy—and that their coverages and benefits will be the same while they’re away at college.

Unfortunately, that’s not always the case. Many insurers still cover dependents until age 23, but many are terminating dependent coverage sooner—some as young as age 18. Furthermore, college students that attend school out-of-state may not receive all their benefits or may be charged additional fees for seeing physicians out of the insurer’s network.

So what’s a parent to do?

The Good News

Fortunately, if a student isn’t fully covered on a parent’s health insurance plan, there are affordable alternatives.

Generally speaking, college students and their parents tend to seek health plans from one of three places: the student’s college, a private health insurer or other student organizations.

The majority of colleges and universities now offer student health insurance for their attendants, which often consist of two or three policy options. While traditionally less expensive, the costs and coverages of university-sponsored health plans tend to be more fixed, which may not meet needs of students with pre-existing conditions.

Surprisingly, private health insurance for students is fairly inexpensive. Private health insurance is an especially attractive option for parents and students because it typically covers a wider range of benefits. Your chances of snagging discounts are also greater if you buy a student policy from a private insurer.

Other student health plans are available through student-help organizations like the American College Student Association (ACSA). Organizations like ACSA specialize in short-term health insurance and study abroad coverage, which is especially appealing to students wishing to travel.

Tips to Remember

Making sure the student in your life has adequate health insurance is important. As you ask questions and shop for health plans, consider the following tips:

Know the student’s needs. Does the student have allergies? A need for travel vaccines? Knowing what your student needs ahead of time will help narrow your policy options.

Know how long the student needs the coverage. Many insurers allow you to purchase policies that last anywhere from three months to a year—determine how long the student will need the policy to avoid paying for extra coverage.

Compare multiple policies. More health insurance options mean more options to save. Don’t forget to compare policy benefits, deductibles and limitations while searching for cheap health insurance.

Don’t skimp on major medical. Before buying a student health policy, make sure it covers major medical expenses. The cheapest policy in the world won’t save you money if it doesn’t cover major medical expenses!

Lessons Learned

Whether you’re a student yourself, or a parent seeking health insurance for a student, it’s important to understand that health insurance is an important part of staying healthy in college. Use the tips above to help you find the best—and the cheapest—student health insurance policy!

By: Megan Mahan