Many healthy, young college students consider that they can do without spending money on health insurance premiums. They are not ill, they are careful and they are still young. Why should they desire health insurance?
For enrolled students in most universities and colleges there is a growing inclination towards requiring them to have health insurance cover. Health officials generally agree the conditions in the dorms that make students want to live there are the very reasons creating an environment that allows illnesses and viruses to spread uncontrollably. Prescription costs, equipment costs doctors’ bills, or even simple flu outbreaks can go into hundreds of dollars.
Quite often some students can run medical bills running into thousands on just one incident, which they find very difficult to pay. For the majority of costs, the colleges or universities normally absorb them through their clinics.
Many parents and their child students may assume that the child is covered under their health insurance policy. Some insurance companies do cover college students on the parents’ plan if they are already in the health insurance plan. However, some only cover for local medical practitioners. Should the student go to another state, they may find that they no longer have any health insurance coverage.
The health cost for a child under a parents’ health insurance plan is quite low. For doctors’ visit the fee may be around $25 dollars and about $50 for emergencies. IF the same emergency arises without a health plan, the bill could be as high as $500 dollars, before the addition of x-rays, extra treatment and sutures. Even a simple thing like a sprain can result in a bill of many hundreds of dollars.
The answer: a student health plan or temporary plan focusing specifically of students who are away from home. Some universities and colleges can offer students their own health plan or have it arranged through a local provider. The rates a generally very reasonable as most will be group plans covering all the students at the institution of learning.
One very good option will cost about $1000 per annum. This insurance health plan will cover the full range of health cover as long as the students meets a minimum number of attendance hours.
Saving only a few dollars is an unjustifiable stance measure against the provision of a health insurance cover. Getting an affordable cover through you college can become a boon should you fall ill or be involved in a serious accident.
By: Jack Adams
Posts Tagged ‘Health Cost’
How Important is Student Health Insurance?
February 15th, 2010Group Health Insurance Quote Tips
November 22nd, 2009
Group Health Insurance is necessary to attract and keep good employees. While employers may not like the cost of group health, they should be aware of the benefits to the company and overall morale. There may be things you as an employer can do to alleviate some of this costly pain. Also, all Group Health companies and insurance agents that offer them are not created equal.
The cost of this health insurance versus the need for solid employees should be weighed. There a perception that many in this country that employees will take a cut in pay if they were to be guaranteed a group health plan. There is a simple explanation for this reasoning. People know they will have to go the doctor. Women need to have mammograms and pap smears, the children need their shots and physicals, and men need their prostrate examined, people realize these services cost money. Employees often would prefer that you take money out their check for group health then for them to write a check each month for it.
Get up to Five Free Group Health Insurance Quotes
It is the job of to keep your group health cost to a minimum. If you already have a group health plan, you can raise the deductible to discourage overuse of coverage by your employees. However a dramatic raising of group health deductible or co-payment may cause some rumbling among your employees. Yet it is t is a good idea to start with a lower deductible, so you can absorb rate increases. (Your group health rates will go up) Also know beforehand what networks are in your area, and what health networks most of your employees’ doctors belong to.
It is very important to review and understand your group health quotes that you will receive. Any insurance agent or broker that provides you with initial group health quotes over the phone, without having your employees fill out any applications, is doing you a disservice. Unless the agent is the Great Houdini, no one in our field can give you a firm, group health quote without a thorough underwriting. Group Health Insurance is too complicated to be taken this casual. Remember, look for an agent that gets to know your particular situation, understand your needs, and has the group health benefits that meet your expectations.
Is going with the biggest named group health insurance companies, the best choice? Choosing the “big name” companies over less known, group health insurance companies with reputable ratings, may not be in your employees and yours’ best interest. All group health plan are not designed the same. If XYZ, group health companies pays 80% for a mammogram and ABC, group health company pays all, could it make sense to you to check the other benefits of the health plan?
Employers realize that they must offer group health to attract and keep quality employees. There are a few hints that can keep group health costs down. It is important to realize that an initial group health quote, with no underwriting is worthless and probably should never be used. The listings of the benefits of the group health plan would be meaningful. While big companies have good “branding,” do not overlook smaller group health companies with good ratings.
Other Group Health Tips
1. Realize that you will be required as an employer to contribute as least 25% of the premiums for the group health insurance. (I never seen an group health carrier ask for less.)
2. Also realize that many group health carriers want at least 60- 70% participation of eligible employees to take the group health insurance or they will not underwrite the group.
3. Before you bind coverage with an agent or broker, find out who will process any claim paperwork and who your employees call about a claim.
4. Decide whether you will want current employees to keep their group health insurance when they retire.
5. Review and ask questions about such terms as group health deductibles, coinsurance, and maximum limits if you are not familiar with them.
By: Matt McWilliams
