May 2, 2014
Posted in Graduate Students, Parent PLUS Loans, Saving for College, Stafford Loans, Student Loan News, The Financial Aid Process tagged choice, insurance, options, plans, policies, student at 10:00 AM by InsuranceGuru
Now that summer is coming, you might want to consider insurance options for your son or daughter who is heading off to school next fall. Your best bet to start, read this article on GradInsurance.com:
There are many factors to consider. Start with listing out your priorities, needs and special circumstances. Talk with your school officials, your insurance agent and friends. Then do your research. Most importantly, read the terms of the policy you are considering buying very carefully. Many policies will appear to cover one thing but when you read the exclusions, that one thing is excluded…
Some sites for student insurance to help in your research:
- eStudentInsurance – They offer all kinds of insurance options for students
- GradInsurance.com – Insurance for Graduate Students and Recent College Graduates
- International Student Insurance Plans – Student Insurance Section with options for international and study abroad programs.
If you choose a plan that is not one offered by your school, you ill likely be asked by the school to complete a waiver. To be eligible for waiver of the university-sponsored insurance, the student’s insurance plan must meet some or all of the following criteria. You school’s list may be different so check with them…
To be eligible for waiver:
- The plan must cover a minimum of $500,000 US in medical benefits due to illness, accident, or injury per plan year.
- The plan must have a deductible of no more than $5,000 US per covered person per plan year. (Note: Plans without a deductible meet this requirement.)
- The plan must cover prescription medications both in the hospital and out of the hospital to a minimum of $100,000 US per plan year.
- The plan must have no restrictions for coverage of any pre-existing health condition.
- The plan must cover biologically-based mental health conditions at the same level as other medical conditions.
- The plan must cover care related to pregnancy and delivery, including newborn care for the first 30 days of life.
- The plan must not exclude care for self-inflicted injury, intercollegiate athletics, and recreational activities.
- The plan must be in force for the duration of the academic year, or through the end of the month in which graduation occurs or the student’s academic program ends.
Above all do your research so you can make an educated decision.