Self Medical Insurance for Students

Many college students are on a tight budget, and may have a difficult time finding money to pay for medical insurance. But most universities require proof of insurance, or will make you purchase insurance through them, in order to attend classes. Going without medical insurance is dangerous because you may be faced with a sudden serious illness or a sudden accident and be unable to afford care.

Traditional Insurance

• College students may choose to purchase a plan for themselves from someone other than the university. These plans may be less expensive, but only if the student does not have any previous medical conditions. A traditional plan will have a monthly or annual premium as well as co-payments and co-insurance costs when students receive care. Generally, the lower the cost of the premium, the more the student will pay in out-of-pocket costs. Students should look for a plan that will pay for the doctors at the student health center, since this can save them money and make it easier to receive medical care.

High-Deductible Insurance

• Another option is to choose a high-deductible medical plan from an independent health insurance provider. This type of plan has the lowest monthly premium available, but it does require the student to pay a large deductible up front before any coverage begins. However, once you meet the deductible, you will not need to pay any more for health care for the entire year. Be sure the plan you choose has this option, because some insurance companies offer plans with high deductibles and co-payments even after you reached the deductible for the year. You can sign up for a health savings account (HSA) and put money for your deductible in it tax-free.

Finding Health Insurance

• There are several companies and plans available for each individual. Be sure to consider the total out-of-pocket cost for yourself when choosing a plan. You should also check to make sure providers in your area accept the plan you choose so you do not have to pay out-of-network costs. You can search for a plan online or look for an independent health insurance agent to find the best plan for you.

Using Health Insurance

• When using your health insurance, you will need to give your insurance information to your doctor. Before you have major procedures or tests done, your insurance may require you to receive preapproval. Do not rely on the doctor to get this. Although the doctor will file for it, you should call and check before you have the procedure done to make sure it is preapproved.