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eLearning Series:
Your Most Popular Insurance Questions
Answers For Health and Home
Insurance
( 50 articles
in this series )
Health Insurance
In College and After Moving Out
Now you’re heading to college and you are
worried about losing your insurance that you had when you lived
with your parents. Insurance that you had at home usually doesn't
carry with you unless you are home. These are important factors
to look into before you can make any kind of decision about
insurance. Should you be worried? Will the coverage follow
you no matter where you live? All good questions that need
some good answers. Let's look and see if we can figure it out.
Now that you know college is in your future it's time to check
all your options you have for health insurance.
If
you are staying in school most companies will let you keep
your parent’s coverage as long as you’re between the ages of
19-25. Now not every policy will let you do this and there
could be some exclusions that you’re not aware of. The best
thing to do is have your agent check the policy to make sure
you’re covered in the way you want to be. It's always best
to have more than enough coverage than not enough. Another
option that you have open is COBRA. COBRA is the Consolidated
Omnibus Budget Reconciliation Act which basically means you
could be eligible for temporary insurance coverage under the
act by continuing the coverage your parents have on you. As
always check with your parent’s agent to see if you’re eligible.
Short
term insurance coverage is something that you might
consider, if you will no longer be covered on your parent’s
policy, or if you were never covered to begin with. If you’re
getting a job in a short period of time you may only need a
short term fix for your insurance needs. Try comparison shopping
for short term insurance as the prices could vary with different
carriers. Short term insurance is just what the name implies,
for a short period of time. This also means that the price
may be more costly than most can afford. College students tend
to have to pay higher prices than those not currently enrolled
in school, so if you are a student, this might not be the bet
option for you.
Individual
health insurance coverage will keep you covered
permanently, but has a lot of drawbacks as well. Individual
coverage can be quite expensive and you probably will have
to qualify medically to get coverage. This is really a last
resort as you should try the other options like getting it
through your employer or through COBRA might even be a little
cheaper. Different jobs from different companies sometimes
give you instant coverage. Other companies give you coverage
usually 30-90 days after you’re hired in. If you are seeking
a low premium, you can select a higher deductible.
College students might even have the luxury of going to their
school and see if they have insurance that is available to
students enrolled at the college. Many times schools
can get a cheaper rate for their students while their attending. This
is something you may look into before you purchase any kind
of insurance.
Parents
may also have the option of insuring you while you’re
in school on their own policy for a little more than they normally
pay. Insurance agents will be able to help you out with that
if it's available. Most agents will try and work with you as
their job is to make money and helping you out now will earn
them a customer in the future. It's just good business sense.
Make sure you check back often with your agents as today's
insurance market is ever changing.
Insurance is probably one of the most misunderstood things
for young college students. Never really dealing with it most
of their lives it's hard for students now to realize they have
to take the lead in getting insurance coverage. Words like
COBRA and deductible can sometimes overwhelm the young college
student. Proper education is the key to making sound decisions
when it comes to buying insurance. In the end you will need
to sit down with people you trust and make informed decisions
on your insurance needs. There are many variables so sitting
down with people you trust are very important before you sign
any agreement.
Click here to to view health insurance quotes, compare plans side-by-side and apply for the most affordable health insurance within your budget. I did this myself (June 17, 2011) to change my health insurance policy. Saved me $84 per month (or $1,008 per year). It's my SolveYourProblem recommendation.
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by SolveYourProblem.com : 2005
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