Health Insurance for children most of the times gets on the second priority list if they’re studying in college. However, this happenstance is just one in over 5 million college students who aren’t covered by their parents’ Health Insurance.
Colleges are now offering health insurance to their students. This is a way to entice the parents to choose them over other colleges. Unfortunately, not all college health insurance are the same and therefore the parents need to read the fine print before signing anything:
- Maximum Benefits vs. Deductibles. Most college plans have a very low benefits ceiling—often $30,000 or less. This won’t cover large medical issues such as cancer or injuries suffered in a car accident.
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Interior Caps. Some college insurance plans are structured so it is nearly impossible to take advantage of all the benefits.
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Prescription Drugs. Most plans put a cap on the coverage for prescription drugs. These caps, however, can vary from $400 to $5,000-plus.
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Exclusions. At the bottom of most insurance plans is a list of exclusions—medical issues or procedures that aren’t covered.
- Loss Ratios. Colleges seldom disclose a key statistic for judging their plans, known as a “loss ratio” or “benefits ratio.”
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