Health Insurance for College Students
Saturday, June 09, 2007
Everyone knows that College is expensive. In planning to meet these expenses health insurance for College students may be low on the list, but it could be first on the list of possible financial disasters that can derail all your well thought out plans.
There are several ways that College students can meet their health insurance needs. Many family plans allow the student to remain on the family plan past the age of 18 as long as they are enrolled in a minimum number of credit hours at a College or University. Many schools also have basic health insurance programs that are offered to students. Some schools make insurance mandatory.
There are also privately offered health insurance plans just for College Students. Often, these represent the best choice. The problem with keeping the student on the same family plan that they have been on since childhood is usually the cost. Family insurance is expensive, has high deductibles and extensive exclusions. The private health plans generally have much lower premiums. This is because College students as a whole are healthy and less prone to injury and illness than smaller children.
The plans offered by the Colleges themselves are too often what are called "bare bones" policies. They do not provide the comprehensive coverage of the private College student plans. They also do not allow the freedom of choice. They will most likely require treatment be given by doctors or clinics associated with the School. The majority of private College student insurance plans will allow treatment by anyone selected by the student or their family.
Usually, the number of credit hours required to qualify for Student Insurance plans is lower than family plans. The policies allow for breaks in the educational process of short duration, and are transferable from school to school. Most plans have reasonable deductibles and are especially geared toward catastrophic situations with very high upper coverage limits.
The Student Insurance plans are subject to the same pressure from increasingly high medical costs as all other forms of health insurance. This means that they do have exclusions, and knowledge of these exclusions is necessary in comparing and evaluating policies. Most will not pay for expenses relating to pregnancy, for example, despite the very real risk of that condition in today's educational environment. Your Insurance Agent can guide you to the best Student Health plans and suggest any necessary supplemental insurance to make sure any gaps are filled.
posted by sham @ 11:54 AM, ,
What Is Level Term Life Insurance?
Thursday, May 24, 2007
Level term life insurance, the most common form of term life insurance, is a life insurance policy that gets straight to the point. It's similar to regular term life insurance in that it provides pure life insurance coverage when you need it with none of the frills of whole life insurance, such as forced savings components.
Level term life insurance has a guaranteed level premium, and you aren't required to annually renew the policy. The insurance premium stays the same for a set period of time - the length of time for which the policy is in effect (usually 10, 15, 20, or 30 years). The longer the policy is in effect, the higher the annual premium will be.
For example, if you purchase a level term life insurance policy for 10 years, you'll pay lower premiums than you'd pay if you purchase level term life insurance for 30 years. The reason for this is you'll get much older during the course of a 30-year policy than you'll get during the course of a 10-year policy, and life insurance companies view older individuals as more risky to insure. If you purchase a 10-year policy when you're 30 years old, you'll only be 40 years old when the policy expires; however, if you purchase a 30-year policy when you're 30 years old, you'll be 60 when the policy expires. It costs more to insurance a 60-year-old than it costs to insure a 40-year-old. Make sense?
Level term life insurance policies normally include renewal options. This means you can renew your policy at a maximum guaranteed rate if you choose to extend the term of insurance coverage. This option is usually only implemented if your health has greatly deteriorated during the original term of insurance coverage.
If level term life insurance sounds right for you, begin your search now and make your purchase as early as possible to ensure the lowest premiums possible.
posted by sham @ 9:05 AM, ,