More and more students are going without student health insurance and taking a risk with their health. Young adults between the ages of 18 and 24 years old are less likely than any other age to have health insurance than any other age group.
With this widespread phenomena, we’ve put together some tips for students to help them in finding reasonable student health insurance that fits their budget as well as ways to save money so “starving students” will have health coverage and still put food in their stomachs.
First, check with your school to see if the offer a student health insurance plan. These student health insurance plans may vary widely and have different options from which you can choose, including simple health, prescriptions and hospital visits to vision, dental, accidental death and dismemberment, and especially for young people, maternity benefits.
If your school does not offer a student health insurance plan and you have to look for your own personal policy, shop around for special student rates. Many companies will offer discounts for students or even have a plan set up especially for students and their lifestyle. Be sure to ask about all your options and benefits when setting up your plan so you can save the most money possible so you can end up with the most dough back in your own pocket.
One way for the academically inclined to save some hard-earned cash on student health insurance costs is to go with a higher deductible, which results in a lower premium. You have to pay your whole premium each year, but you do not have to pay your whole deductible. Raise your deductible if you are generally healthy and do not think you will have too many major medical procedures.
Students usually have an aversion to paying a large chunk of money at one time, but if you can pay the premium for your student health insurance once each year, rather than in small spurts every three or six months. This will save money on service fees and you will usually get an early payment bonus. One tip: know how much your student health insurance premium costs, divide it out over 12 months and put away that amount each month in savings toward your premium so when it comes time to pay the bill, the money is ready.
Also, when setting up your student health insurance plan, avoid the desire to sign up for coverage “extras.” Most of these extras, such as cancer insurance and accidental death are covered under the plan. Go over the student health insurance plan carefully and decide what you really need and can afford.
When you have your student health insurance plan, now comes the time to save money. Unfortunately, you want to have the coverage for emergencies. Like the times when the teacher gives you a pop quiz in class. You do the reading all the time, but you don’t plan on a quiz every day. You don’t plan on using your student health insurance every single day either. You will need it several times, though, and will definitely get your money’s worth out of it. Just like you will get your time’s worth out of your reading.
Look for free clinics around your area. If you can go to the doctor for free, good for you! If not, be sure you know how much you have to pay according to your student health insurance before you go. Get recommendations from family and friends for good doctors in the area.
If you have emotional problems or depression, rather than going to a specialist, go to your family practice doctor. Your student health insurance will usually charge you less for a visit to this type of doctor than a specialist. They can prescribe mood-stabilizing drugs, or recommend you to a psychiatrist if it is necessary.
If you are planning on a family, make sure your student health insurance plan has maternity coverage. Preplanning is key to getting your whole family covered, especially for maternity and new baby coverage on student health insurance.
Finally, when you finally graduate and head out into the workforce. You will shed your student health insurance. In your job, look for a group insurance plan or sign on with personal insurance coverage, because you never want you or your family to “go bare.”
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