If You Are Currently Insured, Consider Keeping Your Current Health Insurance Policy
This may be more pertinent to students that are attending a university in their home state. Many U.S. citizens may elect to attend a college close to home. One advantage of this decision is the possibility of staying on your existing health insurance policy. Since U.S. health insurance is state regulated, many insurance companies may not be able to provide you with benefits if you move outside of state boundaries. The laws that govern health insurance regulations in the state where your college is located may not be the same as those in your home state. If this is the case, you may not be able to continue on your current coverage.
Another important factor to consider about your current health insurance policy is the access to physicians and hospital near the university you will be attending. If you are currently covered under an HMO plan, make sure there are primary care physicians available in that area. If there are not, you are likely to lose your eligibility of coverage under your existing heath plan. If you are insured under a PPO plan, make sure that there are participating network providers in the area. If not, many PPO plans will provide you with some level of coverage when using out-of-network providers, but the coinsurance and deductibles associated with out-of-network health care may be substantially higher.
If you are currently insured under your parent's health insurance policy, check with their insurance company to make sure that you are still eligible to remain insured under their plan. Most insurance companies will have age restrictions as to how old a dependent college student child can be and may also have restrictions on the number of units you must be taking in college to qualify as a full-time student. It is important to consider how much your parent's are paying in monthly premiums for your portion of the health insurance coverage. You will want to compare this rate against other student health insurance options that may be available to you.
Keeping your current health insurance coverage may be most important if you are currently under treatment for a medical condition. Many student health insurance plans will not provide coverage for pre-existing conditions or they may have a lengthy waiting period before you are eligible for these benefits. Other student health plans may provide you with coverage toward pre-existing conditions if you provide proof of continuous coverage from your current health insurance policy. If you are currently taking medication or receiving medical treatment for a pre-existing condition you will want to closely look at how any student health insurance plan you are considering will review your condition.
Even if your current health insurance premium is more expensive than other options available to you, it might make sense to stay on your current coverage if it is the only option you have available for covering the treatment of your current medical condition. This may be especially true if the treatment of your condition requires costly prescription medications.
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