These posts were originally written for University Parent and posted on UniversityParent.com: Insurance Coverage for Your College Freshman and Health Insurance for College Students
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As our students get ready for college, what types of insurance do they need? In addition to health insurance, which is mandatory, consider these options:
Contents (Renters)
Whether your student lives on or off campus, it’s wise to protect him against theft, and this type of insurance costs relatively little, often under $200 for a year’s coverage. If your student lives in a campus residence hall, your homeowners or renters insurance policy may extend to cover his belongings. Most policies limit a student’s coverage to 10% of the parent’s coverage. In other words, if your homeowners policy has a personal property limit of $300,000, your student’s belongings are covered up to $30,000, after the deductible. Consider talking with an insurance representative to better understand the coverage available specific to your student’s living situation.
Read more for other insurance options . . .
Most colleges require that students carry health insurance, and college students are subject to the “individual coverage mandate” of the Affordable Care Act (ACA). What are your options for making sure your student continues to be well covered for preventive care, major illnesses, and in case of emergencies?
Your current health insurance
The ACA allows your student to stay on your healthcare plan until the age of 26 even if she has a pre-existing condition. This may be the best option for your student’s health insurance needs. It can save time and money during the college years and also during those first few post-college years as she is getting situated financially.
Be aware that different states have different laws regarding coverage requirements. If your student attends school in another state, before being allowed to waive the student health insurance plan offered by the college, you may need to provide proof that your insurance will cover your out-of-area student at an acceptable level. Start this process early in the summer so that the paperwork is ready in time for fall registration.