As you get excited with the fact that you, too, now have a college student as a son or daughter, have you ensured they have adequate health insurance? This becomes more important if you’re NOT sure if your current plan gives any form of coverage for your kids in college. What plans are you to consider? Are there important details to ensure are in place while getting a new plan?
1. What provisions does the plan have in case of emergencies? Do you know what would be done if you college kid has an emergency? What if your college kid has an emergency away from home? Would there be need for a prior approval? What are the conditions for certain benefits to kick in? Will you have to be consulted for approval before action is taken? Remember, they’ll NOT have you around them (They’re now adults — Aren’t they?).
You don’t want any form of delays as far as it concerns life. Don’t buy any plan that doesn’t satisfy you in every way.
2. Would you have a choice in the facilities to be used or health care professionals? Are you comfortable with an HMO, PPO or EPO? Don’t forget to take into consideration how these will affect your child’s access to health care and the quality.
3. What happens when your kid is on vacation? Will coverage continue? What would be the extent of coverage then? And do you have alternative plans if it’s inadequate?
4. What happens if a student has classes during the breaks? Will your preferred plan still provide coverage for your kid in such a situation? Is the extent of coverage going to be adequate?
5. What does the policy have to say about a kid with a pre-existing condition? This is important if your kid has one of such conditions.
You’d definitely have to spend a lot more if yours is a child that has a serious health condition. It’s a great thing to send your kid to college. But more importantly, it’s a greater thing to have them go through it in good health.
Is there any way to save?
To save money without putting your beloved child at risk, take some time out to do extensive comparison shopping. Obtain quotes from A rated insurers, compare plans that meet your requirements and pick whichever represent the best in value and price. It will take you just about five minutes per site. However, you’ll easily save several hundred dollars if you do this right.
Important NOTE: By law, insurance companies cannot offer lower rates for a particular plan. Be that as it may, to ensure they have the correct rates for each risk profile (and by so doing remain competitive and profitable) they instead create very many assorted plans to cater for specific profiles. As we speak, there are more than 10,000 such plans for prospects to choose from. Sounds like the same thing as having different rates for, say, 10 plans if you ask me — Only more confusing ).
You’d have to obtain a good number of quotes, compare plans and thereafter buy whichever is the best for you.
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