Attending college is an exciting time in one’s life full of challenges, and one of them has often been getting a health insurance plan. Most colleges and universities require their students to have a health insurance as a prerequisite upon enrollment. However, the increasing cost of health care is making this increasingly difficult and expensive for many college students.
When it comes to health insurance for college students, the implementation of the health care reform law has had both positive and negative effects. So let us start off with the pros.
Under the health care reform law, until the age of 26 children can stay covered under their parent’s health insurance plans. This mandate was created to make sure that students and college graduates will get continuous health care benefits, and is overall, a worthy aim. While this benefited a lot of students studying within their state, how about those students who are forced to buy an individual health insurance plan because they are studying out-of-state?
In another assumed effort to aid college students, the health care reform law removed lifetime caps on health insurance plans and by 2014 annual caps as well. Although this law was created to make sure that plan holders will get health care coverage during the times they need it the most, it has had an unintended consequence. Since insurance companies can no longer limit the amount they pay for health care coverage, to cover the potential losses, they have increased their premiums. For some students this has resulted in as much as a 75 percent increase on their health insurance premiums.
Health care reform was touted as a boon to college students, but as you can see, there have been as many drawbacks as advantages, and the overall impact is truly yet to be seen. So what is a coed to do? College students, like any savvy consumer, should shop around and compare rates offered by various insurance companies. By comparison shopping, you can get the most affordable rate offered by a trusted insurance company that meets your health care needs. A side-by-side analysis is made fast by running the free HSA for America quote engine. You can also talk to one of our independent personal advisors if you need help getting health insurance.