Top Mistakes Made
When Buying College Student Health Insurance

College Student Health Insurance: Read top mistakes made when applying for your student health insurance. Costly oversights can be avoided by following our simple rules and tips.

Below, you'll find some warnings to heed before committing to any type of policy...everything from student short term health insurance policies to graduate student health insurance plans. So whether you're a parent or a student doing the shopping, please review these items carefully. In the end, these red flags could save you a lot of time and money!

On average, I would have to say that 50%-70% of college student health insurance coverage is worthless! College costs a great deal of money and some might try one of these plans as a means to lessen costs. Don't get me wrong, there ARE great plans out there for your state, but as you'll see below, you usually get what you pay for!

Biggest Warnings

Limits

Our first warning pertains to limits. For example, my policy (I'm not a student) has a lifetime maximum payout of $1 million. Guess what several companies offer as a lifetime max for students? $25,000!! Are you kidding? If a student was on a ski trip and happened to break a leg...most of that lifetime amount would be ate up on just the first hospital trip!!

Prescriptions

First, I should point out that tons of insurance plans for students won't even offer prescription coverage. When parents and students are in the hustle of preparing for college and when signing up for a student health plan, this is often one of the biggest items overlooked.

Also, be aware that if your policy does offer a prescription plan, dig deep to find the yearly limit. I've seen policies choose to pay out a yearly maximum of only $1500 or so. With asthma medication or any ongoing need for a prescription, that amount could be dwindled to $0 in just a matter of months. What happens then? The student is left paying out-of-pocket for prescriptions until the following year. That could be devastating to their finances.

What's Covered?

Oftentimes, college student health insurance policies will cover the bare essentials. Meaning the student is fine for routine visits, etc. But that same policy will NOT cover Emergency Room visits or perhaps Maternity Coverage.

Always ask questions. Will your policy cover surgeries, ER visits, prescriptions, an ambulance ride?

PLEASE don't assume they are covered. Often they are not, and the student only finds out too late.

Did You Know?

• Full/Part Time: A student could loose some or all coverage if their status goes from full-time to part-time.
• Time Restriction: Several companies will not insure if school is starting in less than 60 days.
• Campus Policy: If a college is large enough, they may offer insurance plans. These plans will only be usable at their college facilities. In my opinion, these are often cheaper, but the restriction to their campus facility could prove to be bad way to go. What if the student is not near campus and has an emergency? The ER visit is likely to come out of his/her pocket.
• Age Limits: College student health insurance is not normally restricted to younger students. Older students are eligible as well.
• Traveling Student: International student coverage is also available. One of the biggest overlooked items you need on this plan, is the medical transportation back to the home country. You have to make sure this is covered. This transportation alone could ring up to $100,000!!