Student Medical Insurance « Health Insurance Advisory

Student Medical Insurance

Author: Administrator | Apr 23 2011 | stu-dental-ins, Student Medical Insurance

What would you do if a sudden, unexpected illness or accident were to occur? Do you feel medical insurance is not necessary or too expensive because you are healthy? Lack of medical insurance may limit your access to healthcare services which could affect your ability to quickly and completely recover. Additionally, expensive medical bills could put you in debt and ruin your credit too.

Several options exist for affordble student medical insurance.  They are summarized below:

Student medical insurance alternatives

1. Short term medical insurance

Commonly rerfered to as “affordable temporary health insurance,” these medical insurance plans are designed to provide healthy individuals with 1 to 12 monthis of coverage.  They are great for recent graduates who need interim medical insurance.  Since short term medical insurance plans provide comprehensive coverage, it is similar to having an individual major medical insurance plan that pays for physician office visits, lab, x-ray, surgery and hospitalization.  Some many short term medical insurance plans cover prescription drugs and even preventive care services, such as mammograms and pap smears. Although you can reapply for short-term medical insurance once your policy expires, if you anticipate needing coverage for more than 12 months or have a serious or significant pre existing condition, your best alternative is an individual major medical insurance plan.  Get a quote and apply online today.  Coverage can begin as early as tomorrow.  It is fast, east and convenient!

2. Individual Major Medical Insurance

For students who do not have access to coverage under their parent’s medical insurance policy and need a permanent solution that provides comprehensive coverage, an individual major medical insurance plan is the best alternative. The new healthcare law, called the Patient Protection and Affordable Care Act,  mandates individuals less than 19 years of age cannot be declined by health insurers and pre existing conditions must be covered.  This requirement is applicable to both employer sponsored group health plans and individual major medical insurance plans.  Young adults age 19 and older, however, can be medically underwritten for an individual major medical insurance plan. This means they can be declined and coverage for a pre existing condition may not be covered until 12 months of consecutive coverage under the individual major medical insurance policy.

3. Limited Benefit or Mini Med Medical Insurance Plans

Often considered the “cheapest health insurance,” this type of medical insurance serves many purposes.   Limited benefit or mini med plans can be an alternative for individuals, such as students, who have a very limited budget.  They are also an option for individuals who have a pre existing health condition and cannot qualify for an individual major medical insurance plan.  That is why these medical insurance plans are also referred to as “health insurance for pre-existing conditions” and “guaranteed health insurance.” Since applicants are generally not required to answer health questions, most individuals will qualify for a policy.  Benefits for pre existing conditions, however, are generally not paid until the insured remains covered under the medical insurance policy for 12 consecutive months. Also, the benefit payments for covered service are fixed.  This means the policy will pay you or your healthcare provider (if you assign benefits) the stated dollar amount shown in the policy, regardless of how much the healthcare provider charges for his/her services. Since these payments are not based the healthcare provider’s actual bill, these medical insurance plans are considered supplemental.  They are not desiged to replace major medical insurance.

An advantage to limited benefit, mini med and guaranteed health insurance plans is you will have a medical I.D. which will allow you access to healthcare.  Without a medical I.D. you will likely find yourself with limited choices for healthcare providers.  Think about it.  What is the one of the first questions that a healthcare provider asks when booking an appointment, “Who is your medical insurance carrier?”  To view the rates and benefits for this type of medical insurance plan, get a quote today. You can even apply online.  It is quick and easy.

4. Dependent Coverage under Parent’s Medical Insurance Policy

Under the new healthcare law, young adults less than 26 years of age can remain covered under their parent’s medical insurance plan, regardless of their student status, employment or marital situation or place of residence.  Previously, covered dependents generally aged off their parent’s medical insurance policy when they turned 18 or 24 if a full-time student.  This new mandate is applicable for both employer sponsored group health plans and individual major medical insurance plans.  For more information, check with your parent’s health insurer.

5. State Children’s Health Insurance Plan

On February 4, 2009, President Obama signed the Children’s Health Insurance Bill. This government medical insurance plan will enable states to cover more than four million uninsured children by 2013, while continuing coverage for seven million youngsters.  There are certain eligibilty requirements that apply, including age and income.  To learn more about the State Children’s Health Insurance Plan in your state, visit the goverment medical insurance plans section of our site.

Pre Existing Condition Insurance and High Risk Pool Plans (PCIP)

6. Pre Existing Condition Insurance Plan (PCIP)

The PCIP is a new program under the new healthcare law. It is administered by either states or the Federal government. The PCIP may help if you are unable to qualify for individual major medical insurance and meet the following qualifications:

  1. Uninsured for at least six months
  2. Have a pre existing medical condition(s), and
  3. Have been denied coverage (or offered insurance without coverage of the pre existing condition) by a private health insurance company.

The PCIP covers major medical and prescription drug expenses. You are responsible for paying premium, deductible, copayments, and coinsurance amounts. The PCIP will not cost you more just because of your health condition.  Unlike Medicaid, eligibility for the PCIP is not based on income. Visit your state’s specific medical insurance page within healthinsuranceadvisory.org for more information regarding the PCIP.

Healthinsuranceadvisory.org can also help students find and secure student dental insurance. Let us help you save money today!

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