Beyond the compulsory coverage laws pushing into effect this session, there is a number of countless reasons why college students should consider health insurance seriously. In today’s era, this is the fact that young people are least vulnerable to accidents, illness as the consequences of bad decisions like the use of tobacco, alcohol, drugs, unexpected pregnancy, and many sexually transmitted diseases as adults are. And when the medical emergency comes they do not have enough expenses to spend on.
This emergency and lack of money in some cases lead to dangerous routes. Some of the adults who are not in a position to approach their parents look out for some other way to get the money. They try stealing, selling out their stuff, and in some cases can even lead them to become a kidnapper or blackmailer. Students are rarely in a condition to meet the financial expectation. Thus, a smart health insurance plan for college students will help them and parents to keep their child in a safe position.
What is the need for Insurance and how to get it?
As per the affordable care act, students can obtain complete insurance coverage through their parents, privately purchased or employer-sponsored insurance plan till the age of 26. The provision of this bill came into existence in 2013 and the rate of non-insured nonelderly adults have been dropped from 20.5 to 12.2% in 2016. Even with this achievement, young people still remains the least insured group in the world.
Consider the facts young adults are taking by uninsured:
Sadly but these are the facts.
- Accidents by Motor Vehicle:
As per the latest statistics from CDC(centers for disease control) the people of age group 15-20 account for 15% of the total cost associated with motor vehicle injury. There is a phase in every student life when he/she wants to enjoy their life to the fullest. At this phase, they think that whatever they are doing is right and no-one has the right to interrupt them. They do everything to build a classy status in society. Driving rash is one among that classy stuff.
- Mental illness:
As per the statistics from NIMH (National Institute of Mental Health), young people aged 18-25 are more prone to mental illness among every age group. Being an adult it is obvious that they get attracted to each other. Some of them, being in relationship commit huge mistakes that can prove to be hazardous to them at later stages.
- Chronic illness:
As per the latest stats from WHO, 15% of the young people aged 15-20 suffer chronic illness.
Now think, what are the consequences of these uninsured adults? Where the cost of the medical field is so high, they are always at financial risk to an unexpected medical event. This could lead a student to debt before even entering to a workforce. This debt can even affect their credit that in turn affect their capability to travel, get loans for amenities and even qualify for housing. Medical debts are the main cause of bankruptcies.
Various coverage options for college students:
With the help of the Affordable Care Act, young adults have more options to gain health insurance. Here are some of the best options that young people must weigh:
Parents health Plans:
The first benefit that is enacted under Affordable Care Act was the chance for college students to stay insured until their 26th birthday even if they are financially independent, married, living away from home, or eligible for employer-sponsor coverage.
- Parents will be responsible for all the bills
- Access to the best coverage
- Stay with familiar family doctors
School-Sponsored health plans:
Many colleges offer their health insurance plans for college students and in this case School itself pays the claims directly instead of approaching some outsider insurer.
- Every medical service is available within the campus
- Uses the financial help to pay the cost of coverage
- Offer more comprehensive coverage
It is for all those who are over-aged and are not eligible to be added to parents insurance, an individual policy on ACA might be the best answer to them.
- Coverage is independent of student status
- Choose a plan that fits best as per your budget
- Federal tax credits to cover insurance costs