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Best Health Insurance For College Students

When you’re young and in school, thinking about health insurance is the last thing on your mind. To avoid accruing additional debt while in college, it’s essential to have coverage in case of an emergency.

Of all age groups, young adults have the highest rate of uninsured individuals; in fact, almost 30% of young adults lack health insurance, placing them in danger if they incur medical costs.

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Best Health Insurance For College Students

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While mending a broken limb typically costs $7,500, a three-day hospital stay can cost up to $30,000 on average. If you don’t have health insurance, you’ll be responsible for paying the entire sum.

What Is Health Insurance for Students?

Your monthly premium for health insurance is paid to a company. In return, the company agrees to cover a portion of your medical costs, including those for hospital stays, prescription medications, and doctor visits.

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The idea that college students do not need health insurance because they are young and generally healthy is a common one. However, one in six young adults suffers from a chronic illness, and almost half of them struggle to cover their medical expenses. Getting health insurance is a crucial step toward financial security.

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Insurance Options For Students

As a college student, you have the following insurance choices:

Insurance plans offered by the school: Many organizations offer new students insurance programs.
Through Healthcare.gov’s Health Insurance Marketplace, you can sign up for a health insurance plan. Depending on your income, you might be qualified for subsidies that lower the cost of coverage. Alternatively, you could get a cheap catastrophic plan.

Medicaid: Depending on your income and where you reside, you might be eligible for Medicaid, the government’s insurance program for low-income people. You can apply for coverage with the aid of your state’s Medicaid agency.
Plan options from private insurance companies are also available. These plans might or might not comply with the ACA’s requirements, but they can safeguard you against serious mishaps or illnesses.

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What Does College Student Health Insurance Cost?

Your income, state of residence, and status as a student all play a role in how much health insurance will cost you as a college student.

For instance, low-income children who qualify for Medicaid may pay nothing each month for insurance, whereas students who are covered by the school’s insurance often spend between $1,500 and $2,500 annually.

If you select a plan via the Health Insurance Marketplace, the tier and deductible that you choose will influence your prices. You can be qualified for subsidies that cut your costs if your income satisfies certain requirements.

What Is The Best Health Insurance For College Students?

  • Insurance offered by the school

Schools frequently charge between $1,500 and $2,500 per year for insurance plans.

That costs a lot less than the typical annual premium for individual non-school coverage. According to the Kaiser Family Foundation, the average yearly premium for traditional employer-based coverage is $7,470.8.

Your tuition and fees typically include premiums for school insurance plans, so you can get financial aid to cover them. When you have a plan supplied by your school, you can use your coverage at student health clinics located on campus, which is helpful if you get sick.

On the other hand, school plans may offer a variety of networks and coverage options. Because your existing physicians aren’t in-network, you might not be able to customize your plan and see them. Here are this insurance company’s benefits and drawbacks:

Pros

You can use financial aid to pay your premiums.
Health clinics on-campus provide coverage.
Plans usually cost less than outside policies.
Cons

It’s possible that you have few options for coverage.
You might need to enroll in school full-time in order to qualify.
You might not be able to continue using your current healthcare providers.

  • International Medical Group (IMG)

International Medical Group IMG is among the greatest options for college students studying in the US for health insurance. All of the international student insurance policies offered by this insurance provider are underwritten by the Sirius International Insurance Corporation and can be customized to meet your unique needs.

IMG plans also include prescription medication, enabling you to get necessary medications while you’re in the US.
You can add additional coverage options and riders to your insurance with IMG for an additional cost. Add-on insurance covers theft or loss of your baggage, jewels, or personal papers. Additionally, it shields you from legal responsibility. Depending on the policy’s kind, the area it is in, and other factors, additional coverages might be provided.

Above all, IMG’s individualized insurance plans and high maximum limits make it an excellent choice for overseas students who want to pursue a degree in the United States. Here are this insurance company’s benefits and drawbacks:

Pros

There are plans with maximum limitations of up to $8 million.
There are numerous options for riders and add-ons.
Insurance for prescription drugs is provided.
Cons

Pre-existing conditions may be subject to waiting periods.
It is not ranked by J.D. Power.
Lower-tier options don’t satisfy the criteria for J1 and J2 visas.

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