Health insurance pays for your medical expenses and is especially important to have in the event of unexpected medical crises. Yet the U.S. General Accounting Office (GAO) reports that more than 1.5 million college-age Americans do not have health insurance. Many colleges and universities are requiring students to have health insurance coverage, but it may be difficult to find a policy that a young adult can afford. However, they are ways to do this.
Step 1
Ask your parents if you qualify as a dependent on their health insurance policy. Many insurance policies cover full-time college students on their parents' policies up to age 25.
Step 2
Inquire about health insurance policies offered by your college or university. According to the GAO, about 60 percent of colleges offer such policies.
Step 3
Ask your employer about health-insurance coverage. This is usually limited to full-time employees, but you should make the inquiry anyway.
Step 4
Carefully examine all policies as premiums and coverage may vary. Some college-sponsored plans only cover major medical expense while others cover the full gamut of health care. Some policies continue coverage after you graduate from the school, while others do not.
Step 5
Consider purchasing an individual health insurance policy, which will likely be more expensive than being on your parents' policy or buying your school's coverage. However, it may better meet your needs, allowing you to see the physician of your choice or covering a preexisting medical condition.
Step 6
Select the lowest-cost policy that provides the coverage you need.
Tips and Warnings
- If you have been denied health insurance because you are in poor health, you may be able to get coverage from your state's insurance risk pool. This provides coverage to those who have been deemed a poor insurance risk because of their health. However, the premiums are generally much higher than other health insurance policies. If you are getting a new policy, you will likely need to answer a medical questionnaire and undergo a routine physical.
- Some university-sponsored insurance policies require students to use the university's medical facility. They may also stop coverage if you go overseas or travel a specified distance from the school (a consideration if your family's home is a long way from school). The coverage may be available only for full-time students. If you have a preexisting medical condition, an insurance carrier may deny you coverage or significantly increase your premiums. However, never falsify your health condition in order to get a lower premium: It may be considered insurance fraud, a felony crime.
Member Comments