Student Medical Insurance Tips By Tony Novak, MBA, MT,
OnlineAdviserTM at MedSave.com
Each year in May and June, millions of families with
graduating high school and college students find that they
must replace their student's health insurance because they
are no longer covered by their family or school-sponsored
plans. Tony Novak, MBA, MT, enrollment adviser for
MedSave.com, offers these tips to help find the best plan.
1) Rates for student medical plans usually increase on June
1 of each year, just before spring semester graduations.
"Early birds" who enroll before June 1 save money by
locking in lower rates for the year ahead. Those who
enroll before graduation may be covered for years later
under the same low cost student policy, long after they
have left school.
2) Commercial student medical insurance plans are usually
more expensive and carry a higher deductible than those
offered through a college health service facility, but
the commercial insurance plans offer coverage with any
doctor or hospital anywhere in the U.S. rather than
restrict coverage to a few participating providers in the
college town. These commercial medical insurance plans
are "indemnity" type. This means that they cover the
"ordinary and necessary expenses" (as determined by your
doctor and AMA standards) with any doctor, hospital or
provider of your choice. There is no required pre-
authorization or required network. A typical plan costs
$500 to $600 per year.
3) Student medical insurance plans are a great deal for
graduate students and older "non-traditional" students
because the premium rates are based on the very low
average medical expenses of the more typical 18-21 year
old student group.
4) Short term medical insurance is often a better choice
than student insurance if the coverage may be required
for less than six months. Short term medical insurance
is similar to student insurance, but offers slightly
better benefits.
5) Student medical plans cover pre-existing medical
conditions after the policy has been in force for 12
months. This is more liberally than most other commercial
medical insurance plans but some basic health insurance
plans at MedSave.com cover pre-existing medical
conditions after only six months.
6) Student medical plans do not cover maternity costs,
weight control treatments, mental, dental, vision, over-the-
counter drugs and pharmacy prescriptions, or injuries
sustained from participating in college sports.
7) Students can keep their private commercial student
medical insurance in force after graduation for as long
as they wish, up to age 60. The plan automatically renews
as long as you pay the premium and this is a much less
expensive option than is typically available to the
general public.
Reposted from OnlineAdviser News
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