INSURANCE NEEDS OFTEN OVERLOOKED BY COLLEGE STUDENTS

As students prepare for college, they have plenty to think about.

Should they live on campus or off? How many units should they carry? And can they squeeze in time for intramural sports, a job or a shift on the college radio station?

Yet with so many exciting decisions to make, many students might overlook the need for insurance.

Choosing the right kinds — both for health coverage and for their possessions — is among the most important decisions students will make.

Medical emergencies can cost hundreds, if not thousands, of dollars, and students need to avoid being saddled with medical bills they are unable to pay and that can ruin their credit ratings. And, accidents and health issues happen: One survey by the Center for Student Health and Life reported that 75 percent of college students have visited a campus health center.

According to a study by the Government Accountability Office (GAO), more than 30 percent of all schools require students to have health insurance as a condition of enrollment.

Students may opt to remain on their parents’ health insurance plan or enroll in a health-care plan offered by their college or university.

The GAO reports that 67 percent of college students (age 18-23) are covered by their parents’ plan; 7 percent are covered by other group plans (including university plans) and 6 percent have public coverage, such as Medicaid. But more than 20 percent are uninsured.

Campus plans vary and it is important to know what they will cover, and what they won’t. More than half of colleges offer health insurance plans for students. The average annual premium is $850.

“Health insurance provided on campus is generally designed to cover minor claims such as office visits, minor lab work, etc.,” said Anthony Jones, insurance agent with Healthy Body and Mind Insurance Agencies in San Diego. “To have adequate coverage for a catastrophic illness or injury, students are better served by having their own personal individual health insurance or maintaining coverage under their parents’ plan.”

But that advice, too, can vary, depending on the plans offered.

Under the Affordable Care Act, dependents are able to stay on their parents’ health insurance plan until the age of 26. If a student has a pre-existing medical condition, the best choice for them would be to stay on their parents’ health insurance plan.

Students also have the option to purchase an individual plan on their own. Options vary by state and by where you are enrolled, but some options are affordable for healthy individuals.

The key is to do your homework, shop around at local insurance companies for a health plan that is best for you.

When shopping for an individual health insurance plan, students need to ask some key questions. These include whether the policy covers them when school is not in session, whether they are required to use certain physicians, hospitals and clinics, and whether the coverage applies if they should opt to study abroad.