If you're in college, investing in health insurance coverage might seem pointless, especially if you're in good health. But what happens in the event of a worst-case scenario, or if getting sick causes you to miss classes? Whether you're in cosmetology school or working toward your master's, here's how to get health insurance while in college.
Check coverage options under your parents' plan.
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Under most parents' employer-based health insurance plans, college students can maintain coverage until they turn 26. To obtain coverage under your parents' plan, they must list you as a beneficiary during open enrollment or a special enrollment period. To find out more about enrollment, ask your parents to contact their employers.
According to healthcare.gov, beneficiaries can maintain coverage under a parent's employer-based plan even if they have children, get married, leave school, or move out. Coverage laws are state-specific, so be sure to read the terms of your parent's plan and research state coverage laws to ensure that you can maintain coverage in college.
If your parent doesn't have coverage under an employer-based plan, they likely purchased a plan from the health insurance marketplace. When parents purchase a plan through the insurance marketplace, they can list children as beneficiaries on their application. Parents can also add children to an existing marketplace plan during open enrollment.
Buy coverage through your school.
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If coverage under a family plan isn't an option, consider purchasing a student health insurance plan. Most colleges, universities, and other institutions offer student health care plans, and students can purchase vision and dental coverage for an additional fee.
Student plans are also convenient, as most campuses have onsite medical centers. Although buying coverage through your school may seem expensive, student aid typically covers the cost.
Under the Affordable Care Act, college students benefit from consumer protections. The Department of Health considers student health a form of "individual health insurance coverage." However, it's imperative to read the fine print before buying a student health plan. Not all student health plans offer comprehensive coverage, and limited coverage can place families at risk for costly medical bills.
Buy your own coverage.
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Depending on your financial situation and health, buying a health insurance plan might be the best option. College students are often eligible for health insurance plan savings based on their income. For students claimed as tax dependents, purchasing coverage through the health insurance marketplace is an option. However, tax dependents are not eligible for income-based savings.
Many college students opt for short term medical insurance during their enrollment. Short term health insurance, also known as temporary health insurance, fills the gap between coverage under employer-based plans. So after losing coverage under a family plan, you can stay covered under short term insurance until graduation.
Short term health insurance is also an affordable option, especially if your income is too high to qualify you for Medicaid or below the threshold for an ACA subsidy. Coverage can be stopped anytime, making it ideal for college students or individuals between jobs. Many short term plans offer broad networks, meaning you won't have to find a new doctor.
When deciding if a plan is right for you, start by determining the plan's deductibles and copayments. Deductibles are the amount you must pay before the insurance company pays a claim. Meanwhile, copayments are the amount you must pay before receiving medical services. For more information on short term coverage, check out Agile Health Insurance.
All in all, maintaining health insurance coverage during your enrollment can give you peace of mind. In the event of a worst-case scenario or common cold, you'll be able to receive high-quality medical care and won't have to worry about breaking the bank.
