College is starting, whether your child is an incoming Freshman student or on their last year as a Senior, there is a lot to prepare. You are focused on purchasing all the necessities of a dorm, making sure your child has all the luxuries of home without being at home. You have to make sure they have all of their textbooks ready for the new school year and that you yourself are mentally prepared to let go of your little one to the world for a few months. But are you thinking about their health insurance plans?
About 10 percent of students get their health insurance through their school and it makes sense. But it would be a better option to keep your son/daughter under a family plan until they are 26. Lastly, the final option would be to explore a personal plan for your student through healthcare exchanges.
Sticking your child with a college health plan may be a tricky situation. You need to find out all of the factors that go into the plan (premiums, co-pays, deductibles, and total out-of-pocket costs) because on top of the tuition, could cost you thousands. The main drawback of this plan is that their coverage is only for the academic school year.
If you keep your child on your family’s health plan, there are numerous benefits. The cost would be lower than signing on for a college plan, especially if you have other children also on the plan. Keeping a student on the family health plan may also mean his spending will count toward the family deductible instead of toward an additional deductible. The con of this option would be that if your child attends college far away, they may be considered out-of-network and will be unable to see a doctor.
Getting health coverage may be easier and cheaper than you think. And as a college student, you have several other options:
Student health plans may be available if you’re in college. If you’re covered by your school’s student health plan, in most cases, you’re considered covered under the health care law and you won’t have to pay the fee that people without coverage must generally pay.
If you’re under 30, you can buy a Catastrophic health plan to protect yourself from worst-case scenarios.
You can enroll in a 2019 Health Insurance Marketplace plan starting on November 1, 2015. Most people qualify for financial help to lower premium costs. All Marketplace plans must cover essential health benefits and may even offer other benefits, like contraceptive services. They’ll also help protect you from high costs if you have an accident or get sick.
You may qualify for Medicaid, a combined state and federal program that provides coverage to people with limited income. When you apply for Marketplace coverage, you’ll find out if you qualify for coverage through Medicaid.
Whatever your decision is, Cosmo Insurance Agency will help you out. Our independent brokerage in Lakewood, NJ has a team of experts that will be able to provide you support and understanding throughout the insurance process. Be sure to contact us as soon possible so that we may get you started with the insurance coverage process as soon as possible.
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