I am a 19-year-old full time student with a chronic health condition. I currently own a student health insurance that has a deductible amount of $750 excluding prescriptions, a $2,000 maximum out of pocket and a lifetime max of $1 million. Is a lifetime max of $1 million enough for me?
See to it, however, that this lifetime max amount of your student health insurance is not under a per sickness/accident limit term. If this is the case, even if you have a $1 million lifetime max, only a portion of this can be used every time an illness/accident happens. As an example, if this lifetime max has an aggregate term of $250,000 per illness/accident, then you are limited to only $250,000 amount for every claim. However, given a chronic health condition, this student health insurance may not be enough for some due to constant medication. If this is the case, you may apply for an extension of the lifetime max of your student health insurance plan. Usually these are provided with a very minimal additional premium. One option you may also try would be to buy another health insurance that would cover the extra medical expenses beyond your $1 million lifetime max. Having an HSA (Health Savings Account) is another good alternative aside from a student health insurance in securing your health needs. Aside from the money you save for medical emergency and retirement, an HSA saves you monthly premiums and tax fees. Health insurance is always the individual’s responsibility. Companies provide health insurance policies as long as you work for them. However, with an individually owned health insurance plan or a student health insurance plan, you can guarantee medical coverage as long as you pay the necessary dues. Answer by general public - June 19, 2009 @ 3:11 pm No CommentsNo comments yet. Leave a comment |
|
The sufficiency of $1 million lifetime max for a student health insurance plan depends on your current condition. This is especially true if you are in a very good health condition. Usually though, $1 million is very hard to spend on health expenses alone, unless you are in a very serious illness or accident.
