Health insurance is the last thing on your mind while you’re young and in school. However, as a college student, it’s critical to get coverage in case of an emergency so that you don’t end up with even more debt.
Young adults have the greatest incidence of uninsured people of any age group; in fact, around 30% of young adults do not have health insurance, putting them at risk if they have medical expenditures.
The average cost of repairing a broken limb is $7,500, while a three-day hospital stay costs a whopping $30,000. You’ll have to foot the entire amount if you don’t have health insurance.
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When you’re at college, you have several options for health insurance, including coverage via your parents’ plan or through insurance provided by your school. You can seek coverage on your own if you don’t have access to such types of plans.
This article contains a comprehensive list of the best health insurance for college students. Explore!
What Is Student Health Insurance?
You pay a corporation a monthly sum—your premium—for health insurance. In exchange, the firm promises to pay for a portion of your medical expenses, such as doctor visits, prescription drugs, and hospital stays.
A widespread misconception is that because college students are young and generally healthy, they do not require health insurance. However, one out of every six young adults has a chronic health issue, and nearly half of them have trouble paying their medical expenditures. Obtaining health insurance is an important financial safety.
Insurance Options For Students
You have the following insurance options as a college student:
- Coverage provided by the school: Many institutions provide insurance plans to new students.
You can enroll in an insurance plan through the Health Insurance Marketplace at Healthcare.gov. You may be eligible for subsidies that make coverage more cheaply based on your income, or you can purchase a low-cost catastrophic plan.
- Medicaid: Medicaid, the government insurance program for low-income people, may be available to you depending on your income and where you live. Your state’s Medicaid office can help you apply for coverage.
- Private insurance plans: You can also choose a private insurance company’s plan. These plans may or may not fulfill the ACA’s regulations, but they can protect you from serious accidents or diseases.
What Does College Student Health Insurance Cost?
The cost of health insurance as a college student is determined by your income, state, and status as a student.
For example, Medicaid-eligible low-income children may pay $0 per month for coverage, whereas school-provided insurance normally costs between $1,500 and $2,500 per year.
Your rates will be determined by your tier and deductible if you choose a plan through the Health Insurance Marketplace. If your income meets specific criteria, you may be eligible for subsidies that lower your costs.
What Is The Best Health Insurance For College Students?
Here are the best health insurance programs for college students:
1. Insurance offered by the school
Insurance plans supplied by schools often cost between $1,500 and $2,500 per year.
That’s a lot less than the average annual cost for non-school coverage for an individual. The average yearly premium for conventional employer-based coverage is $7,470.8, according to the Kaiser Family Foundation.
Premiums for school insurance plans are usually included in your tuition and fees, so you can pay for them with financial help. When you have a school-provided plan, you can utilize your coverage at on-campus student health clinics, which is useful when you’re sick.
School plans, on the other hand, can have a wide range of coverage options and networks. You might not be able to personalize your plan, and you might not be able to see your current doctors because they aren’t in-network. Here are the pros and cons of this insurance company:
Pros
- You can pay your premiums with financial aid.
- Coverage is available at on-campus health clinics.
- Plans are frequently less expensive than external policies.
Cons
- It’s possible that your coverage alternatives are limited.
- To be eligible, you may need to be a full-time student.
- It’s possible that you won’t be able to keep your present medical providers.
2. IMG
IMG is one of the best health insurance for college students studying in the United States. This insurance company has a variety of insurance policies for international students that you can personalize to match your specific needs, all of which are underwritten by the Sirius International Insurance Corporation.
IMG plans also include prescription medicine which allows you to obtain vital drugs while in the United States.
For an extra fee, IMG allows you to add other coverage choices and riders to your policy. Theft or loss of your bags, jewelry, or personal papers is covered by add-on coverage. It also protects you from personal liability. Additional coverages may be available depending on the policy type, location, and other circumstances.
Above all, IMG is an ideal coverage option for international students wishing to study in the United States due to its personalized insurance plans and high maximum limits. Here are the pros and cons of this insurance company:
Pros
- Plans with maximum limits of up to $8 million are available
- There are a variety of add-ons and riders available.
- Prescription medicine coverage is included
Cons
- There may be waiting periods for pre-existing conditions.
- J.D. Power does not rank them.
- Lower-tier choices do not meet the requirements for J1 and J2 visas.
Visit the official website to learn more about this college student health insurance company
3. Everest
For college students, short-term insurance policies might be a cost-effective alternative to standard health insurance. You can receive temporary coverage for less than the cost of a private insurance plan with a short-term policy.
Everest provides customized short-term insurance policies, making it the best alternative for short-term coverage.
On Everest, you can select a deductible between $1,000 and $10,000, as well as a copay between $40 and $50, allowing you to tailor your premium to fit your budget.
You can also choose your own maximum coverage level. You can pick a maximum of $250,000 to $1.5 million, depending on your needs. Here are the pros and cons of this insurance company:
Pros
- Low-cost copay and coinsurance options are available.
- There is a 30-day free-look period.
- Maximum coverage periods are offered in a variety of lengths.
Cons
- Prescription medicine coverage is not included.
- There are no exclusions for pre-existing conditions.
- Not all states have it.
Visit the official website to learn more about this college student health insurance company.
4. Tokio Marine HCC Medical Insurance Services
Adequate health insurance is crucial to students from other countries who are studying in the United States. Students may find it’s a requirement of their visa or the school, but even if it isn’t, it’s a wise precaution against the prohibitive bills resulting from an accident or illness.
Tokio Marine provides low-cost, high-benefit plans for visiting students across the United States, which is why they are our best option for international students.
With Tokio Marine, you can add an accidental deal and crisis response rider to your coverage, and personal liability coverage is included with certain policies. Here are the pros and cons of this insurance company:
Pros
- Policies meet the J-1 visa requirements
- Get a quote and buy online
- Emergency dental care included up to $250 per tooth and $500 maximum
- Includes prescription drug coverage
- Coverage for leisure activities and sports
- Nationwide coverage
Cons
Variable waiting period or no coverage for pre-existing conditions
5. Pivot
Students often have hectic and varied schedules. Finding time to visit the doctor isn’t a problem with Pivot, as you can use their around-the-clock telehealth service or book an appointment with any convenient doctor.
Their policies are flexible and economical, making Pivot our preferred short-term health insurance pick for students.
Deductibles start at $1,000. When you see a doctor or receive other covered health care services, there’s a coinsurance of 20% or 30%.
Pivot caps the most you’ll pay out-of-pocket with coinsurance at between $3,000 and $10,000 before the plan coverage limit is met.
Coverage maxes out at $1 million. Policy duration and renewability vary by state. Six months is a common policy term. You can customize your plan with things such as dental and vision coverage.
A significant advantage of short-term insurance policies is the short waiting time. With Pivot, coverage can begin within 5 days or 30 days for cancer coverage. There are some disadvantages though, including exclusions for pre-existing conditions, sexually transmitted infections, maternity care, and more. Here are the pros and cons of this insurance company:
Pros
- Not tied to a network of providers
- 24/7 telemedicine
- Medication and vision care discounts
Cons
- Not available in every state
- Canceling policies may be difficult
6. Blue Cross Blue Shield
More than 110 million people countrywide rely on The Blue Cross Blue Shield Association (BCBSA) for healthcare coverage.
Thanks to its student-specific plans, low-cost insurance options, range of benefits, and reward system, BCBSA was an obvious choice for our best overall pick.
The BCBSA comprises 35 independent entities, most of which have an AM Best financial strength rating of A (Excellent). You’ll be directed to your local provider when you input your ZIP code to the BCBSA website.
Depending on your location, you can choose from tiers of coverage from catastrophic through to fully comprehensive platinum. You can also customize plans with dental and vision insurance.
Catastrophic coverage has lower monthly premiums, but higher deductibles and an out-of-pocket maximum. The coverage doesn’t max out. People of any age can join the bronze through platinum plans, but you must be under 30 to enroll in a catastrophic policy.
For these Marketplace plans, you’ll need to wait for an enrollment period to join and coverage will begin on January 1st. Short-term plans are available to fill any gaps in coverage.
People cannot be excluded for health conditions, but there are exclusions including cosmetic and experimental procedures and long-term care. Here are the pros and cons of this insurance company:
Pros
- Teams with various states and schools to offer plans for students
- Expansive network providers
- Available in all 50 states and internationally
- Range of extra benefits
- Exclusive discounts
- Comprehensive coverage options
Cons
- Some plans don’t include prescription drug coverage
- Finding information on the many BCBS websites can be difficult
7. Aetna
If you’re a college student on a shoestring budget, Aetna’s catastrophic insurance can be a good fit. The federal Health Insurance Marketplace is where catastrophic coverage can be purchased. They feature lower monthly payments than typical insurance policies, which makes them attractive to low-income students.
Aetna’s catastrophic plans include some preventative services, such as immunizations and screenings, as well as three primary care physician visits each year.
Because catastrophic plans, unlike other insurance plans purchased via the Health Insurance Marketplace, are not eligible for the premium tax credit rebate, you will be responsible for paying your monthly payments in full.
Aetna’s catastrophic plans aren’t accessible in all states. You must be under 30 or meet the conditions for a hardship exemption to be eligible for a catastrophic plan.
If you’re a low-income college student who doesn’t qualify for Medicaid or premium subsidies, an Aetna catastrophic plan can provide you with critical coverage at a cheap price. Once you’ve met your deductible, Aetna will pay 100% of most procedures, protecting you in the event you require extensive medical attention. Here are the pros and cons of this insurance company:
Pros
- Premiums are rather modest.
- Some preventative services and primary care visits are covered for free.
- Financial security in the event of a medical emergency
Cons
- Monthly deductibles that are too high
- Not all states have it
8. Cigna
Cigna’s plans are organized into levels, with bronze to platinum insurance available. Bronze plans are the most economical, whereas platinum plans offer higher monthly premiums but lower deductibles.
Cigna’s plans all offer $0 preventative care, so you won’t have to pay extra for an annual exam, flu vaccine, or health screenings.
Cigna also offers low-cost virtual care, which allows you to talk to a board-certified doctor over the phone or via video chat.
Because Cigna’s comprehensive coverage provides more benefits for less money, it is our overall favorite.
Some students may be eligible for Cigna subsidies, but not all college students will. Subsidies are calculated based on your family’s income.
If your parents earn too much money and you’re a dependent, you may not be eligible for a subsidy and may have to pay the whole monthly premium. Here are the pros and cons of this insurance company:
Pros
- Options for comprehensive coverage
- Some students may be eligible for premium assistance.
- Preventative care is free, and virtual care is inexpensive.
Cons
- If you’re a dependent, subsidies may not be accessible.
- It’s possible that you’ll need to find a new healthcare practitioner.
FAQs On Student Health Insurance
- What Is Student Health Insurance?
You pay a corporation a monthly sum—your premium—for health insurance. In exchange, the firm promises to pay for a portion of your medical expenses, such as doctor visits, prescription drugs, and hospital stays.
2. Is it Possible for College Students to Use Their Parents’ Medical Insurance?
College students and young people can stay on their parent’s health insurance policies until they are 26 under the Affordable Care Act.
3. Is it Possible for College Students to Use Their Parents’ Medical Insurance?
College students and young people can stay on their parent’s health insurance policies until they are 26 under the Affordable Care Act.
Conclusion
Many colleges and universities mandate that students have insurance. Even if health insurance isn’t required for enrollment, having it will help protect your finances—or the finances of your child—from the high cost of a medical emergency.
