Student Health Insurance is necessary when a young (or older) person is attending college or trade school. It's most common when a child begins going to college and is no longer able to remain on their parents health insurance policy. There are certain things that you need to be aware of before you buy a student life insurance policy. Let's take a look at a few of these items.
The first thing you'll want to look at is your summary of coverage. This explains all of the coverage that your policy provides. Some of these benefits could be as follows:
#1. The maximum amount allowed for each particular benefit
#2. The deductible amounts that you can choose from. The higher your deductible is, the more you'll have to pay out of your own pocket each year for doctor visits. However, the lower your deductible is, the higher your monthly premiums will be. You'll have to decide which is best for you and how much you can afford to pay each month.
#3. Co-Insurance - this is the amount that your policy will cover for you after you've met your annual deductible requirements. A common co-insurance percentage is 80% or what is better known as an "80/20" co-pay. An example of this would be a doctor bill for $100.00. Let's say you've already met your annual deductible requirement. In this case your student health insurance would pay $80.00 and you would pay the other $20.00.
There are many other items that you'll need to know about and how much coverage is provided. Some of these are hospital stays, ambulatory care, prescription drugs, policy exclusions (VERY Important!), Pre-existing conditions and waiting period requirements and more.
Before you buy a student health insurance policy make sure that you get several quotes and have a list of questions ready before you spend one cent. By being aware of the coverage you're paying for you'll not only be ahead of about 80% of the rest of our country, but more importantly, you'll save yourself a lot of sleepless nights in the event that the worst happens and you have to use your health insurance for something major.
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