Table of Contents
Introduction
There are a lot of students who do not know the benefit of student health insurance. It is crucial for you to buy this assurance if you are getting education in your own country or in abroad. Because of this assurance, you get help in handling your medical outlays, due to which you can focus on your studies in a great way. In this article we will know what the cost of student health insurance is and on what factors it depends.
Why Student Health Insurance is Important
Student health insurance proves beneficial for many students as it manages the expenditures of medical care services. There are various factors that are responsible for changing the cost of student health insurance, such as buying assurance from school-provided plans, private marketplaces and stay on parents’ plans. If a student does not have student health insurance, he may have to experience monetary losses as he has to spend a lot of money on his own to meet his medical expenditures. It is very difficult to fulfill these responsibilities during the educational era.
Factors Affecting the Cost of Student Health Insurance
· Plan Type
The cost of student health insurance depends on the types of plans. The package that universities sponsor, costs low and they provide protection to students according to their requirements. But such packages mostly offer some limited health care networks and facilities to them.
· Coverage Level
If a student wants to get a lot of protection to manage various medical expenses, then the premium of the package is high. If students are suffering from any specific illness for which they want to manage the expenses for its treatment or want to get specific protection, then the cost of student health insurance may be high for them.
· Location
The cost of student health insurance is peanuts in different areas, such as those children who are taking education in metropolitan areas, the cost of student health insurance will be high for them because the cost of medical services is also high in these areas.
· Further health conditions
Those students who are young and do not have much disease, so their cost of student health insurance is less than those who have any disease or are more aged.
· School Requirement
If the students have less protection, then some schools and universities demand some special health protection from the students, so that to meet the demand, the cost of the student health insurance can be higher for them.
University-Sponsored Plans vs. Private Health Insurance
There are many universities that offer specific health insurance to students, which are beneficial for them, but due to its group based nature, it is cheaper than private insurance options. But university-sponsored packages are not the best selection for all students, so to select the best student health insurance package for you, it is important to compare its cost with private health insurance.
University sponsored package means that they allow the student to get treatment from some specific health providers and the student cannot get treatment from anyone other than those health care providers. But if you take private health insurance, you get a lot of options to get treatment from any health care provider. But this difference will increase or decrease the cost of student health insurance and it is responsible to change the cost of student health insurance, so it is important for you to take your decision wisely.
Typical Cost Ranges for Student Health Insurance
Student health insurance costs vary in different areas; for example, in the United States, student health insurance pays up to $1,500 per year. But if a student needs to buy complete protection, he gets a cost of student health insurance ranging from $ 4000 to above due to various factors. It is crucial for you to know here that mostly the cost of student health insurance can extent from $ 2000 to $ 3000.
· Low-Cost Plans
If we estimate the cost of student health insurance package with simple protection, it ranges from $1500 to $2000 per year. You can get the protection as per your requirement but comprehensive protection is not available.
· Mid-Range Plans
If you buy a package that gives you medical health services as well as preventative care options, then the cost of student health insurance ranges from $2500 to $3500 per year.
· High-End Plans
If you want to get a lot of protection and can cover your wide ranging health expenses then the cost of student insurance for you is around $3000 to $4000 per year. This package provides you with the best health services and low deductible.
International Students and Health Insurance Costs
Students who go to abroad to get education may have to experience a lot of problems regarding health insurance. Such students are required to purchase a university-sponsored health insurance package to cover their medical outlays while pursuing their education in other country. Students benefit from this security but the cost of student health insurance can prove to be too high for them.
There are many students who purchase private health insurance to get complete protection for themselves in their home country, help them in managing expenses in other countries also. But it is important for students to buy a student health insurance package that meets the specific requirements of the other country. It is very useful for students to avail the details of the cost of Student Health Insurance so as to eliminate any costly expenses.
Ways to Reduce the Cost of Student Health Insurance
If you want the best protection for yourself and also want to get assurance at a low price, then some methods which can prove to be helpful for you are:
· Stay On Parents Plan
If a student is below 26 years of age, then according to the Affordable Care Act, he can remain on his parents’ health insurance package, which saves him the expense of obtaining separate high cost protection. You can get a low cost of student health insurance through this option.
· Shop Around
It is important for the student to check the various protection providers. If they compare different insurance companies, they get the best packages and they can get discounts and intensives for themselves. Because of this also your student will get the best cost of student health insurance.
· Consider Student Medicated Options
Students who have low income may qualify for Medicaid in some states, which can give them a lot of protection and get the best student health insurance for free or in extremely minimum cost. If a student is eligible for this then it is very beneficial for him as it helps in reducing the cost of student health insurance.
· Apply for Subsidies
All information is taken about the student’s income and status, due to which they can qualify for health insurance subsidies according to the Affordable Care Act, due to which they get lower student health insurance costs.
· Focus On Essential Coverage
If you don’t have any specific ailment or disease, it’s best for you to buy a basic student health insurance package that allows you to manage the routine health assessments and emergency care expenditures you’ll experience which help you in reducing the cost of student health insurance.
What Students should look for in a Health Insurance Plan?
It is important for students to keep an eye on the cost of Student Health Insurance, what protection they are getting in this package and whether it is capable of meeting their requirements or not. The things students should keep an eye on are:
· Deductibles and Premiums
As the cost of student health insurance will be lower, its deductible will be higher and the one whose cost is higher will have less deductibles. If you want to manage the cost of student health insurance, it is important for you to balance your expenses with health care needs.
· Provider Networks
It is important for the student to get the details of whether he will get the best health physicians network under insurance or not so that he can avoid spending too much money on treatment from his pocket.
· Prescription Coverage
There are many such student health insurance packages in which you are given the option to cover medicine expenses but in some it is not given, hence it is important for you to choose insurance for yourself which will cover the medicine expenses if you need medicines. But if you do not need medicines then you should avoid this additional expense.
· Mental Health Services
Due to the education burden, students have to face stress, for which many insurance companies promise to provide mental health care services due to which the students have to attend more therapy sessions.
Conclusion
It may be a little difficult for students to understand what the cost of student health insurance will be but if they know about some of the best student health insurance packages and factors, then they can understand it. Students should keep an eye on what their requirements are and what their budget is. The country you belong to and the protection you want to get all change the cost of student health insurance. It is important for the students to have complete knowledge of the cost of insurance they are purchasing for themselves.
If the budget of a student is not very high then it is best for him to apply for state assistance or stay on the parent’s plan. Apart from this, purchasing university sponsored health insurance is also good for him. If students want to reduce the cost of student health insurance, they should also keep an eye on various price reductions and subsidies.
Due to the cost of student health insurance, many people do not buy it. But it is crucial for them to know that it proves to be very helpful in maintaining their health and fitness during education.
External Resources: Health Insurance for International Students in USA
Also Read: What Home Insurance you need?
FAQs:
Q1. Why is it important to know the cost of student health insurance?
Student health insurance proves helpful for a lot of students as it controls the outlays of health check services. If a student does not have this assurance, he may have to experience fiscal issues as he has to spend his own money to fulfill his health expenditures. It is very complex to perform these duties during the educational period.
Q2. Which factors affect the cost of student health insurance?
The cost of student health insurance relies on the types of package, coverage level, location, health condition and school requirements. These factors are responsible for increasing or decreasing the cost of student health insurance.
Q3. What is private health insurance plan?
Many student health insurance packages permit the student to get cure from particular health physicians and the student cannot get cure from anybody than those health specialists. But if you buy private health insurance, you get a lot of picks to get treatment from any health care specialist of your choice.
Q4. What is the cost of student health insurance for international students?
Students who go to other countries to get education may have to experience many problems about health insurance. Such students are compulsory to buy university-sponsored insurance plans to support their medical outlays during their education in another country. Students who buy private health insurance to acquire comprehensive safety for themselves in their own country, supports them in handling expenditures in other countries also.
Q5. What are the useful methods to reduce cost of student health insurance?
If you want to get the best student health insurance for yourself and also want at a low price then you should stay on parents’ insurance and to compare the cost of student health insurance of various companies. You should focus on essential protection requirements and consider to apply for subsides and Medicaid options.