Poor health may be the last thing on the minds of college students, but it pays to think about a student health insurance plan before an unexpected injury or illness occurs. Health care can be expensive, not to mention stressful, if you don’t know how you are going to pay for it. Having a student health insurance plan can reduce your out-of-pocket costs to an amount that you can manage.
4 Questions to Ask About Health Insurance
When choosing a student health insurance plan, ask these four questions:
Am I covered under my parent’s insurance plan?
Did you know that you may be able to stay on your parent’s insurance plan until you are 26 years old? Once you turn 26, you will qualify for a Special Enrollment Period that allows you to enroll in a new health plan outside of the Open Enrollment Period.
What does the health insurance plan cover?
It helps to choose a student health insurance plan that covers:
- Emergency services
- Prescription drugs
- Preventive services
While this level of coverage is ideal, not all plans will cover all of these services. Speaking with a licensed insurance representative can help you decide what services are most important to you and help you choose a plan that fits your specific health care needs and budget.
How much is the monthly premium?
Your monthly premium is the amount of money you pay each month for your health insurance plan. You pay this monthly premium whether or not you go to the doctor, hospital, or have prescriptions filled.
What are the out-of-pocket expenses?
Out-of-pocket expenses refer to the amount of money that you are responsible to pay for your health care services. Also referred to as cost sharing, your out-of-pocket expenses do not include your monthly premium, but can include copays and coinsurance.
A copay is a fixed amount that you pay for different types of health care. For instance, you may have a $30 copay for a general doctor’s visit. This means that when you go to the doctor, you will only be responsible for paying $30 at the time of your visit, not the full amount of the visit.
Coinsurance is the percentage of your health care costs that you have to pay. For instance, if your coinsurance is 20% and you need a CT scan that costs $1,500, you will be responsible for $300 and your insurance company will be responsible for $1,200.
It is important to note that many health insurance plans will require you to pay the full amount for your health services and prescriptions until your deductible is met. A deductible is the total amount that you must pay within a given year before your insurance company starts paying its share of the costs.
HealthMarkets Helps You Find the Right Health Insurance
HealthMarkets Insurance Agency offers a broad portfolio of individual health plans that are great for students:
Bronze Plan. Our bronze plan has the lowest monthly premiums, with the highest out-of-pocket expenses.
Silver Plan. The silver plan has lower monthly premiums with higher out-of-pocket expenses.
Gold Plan. The gold plan has higher monthly premiums with lower out-of-pocket expenses.
Platinum Plan. Our platinum plan has the highest monthly premiums with the lowest out-of-pocket expenses.
Catastrophic Coverage. Catastrophic coverage is only available to individuals under 30 years old. This type of coverage provides an emergency safety net for those seeking minimal coverage.