Health Insurance Brokers
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Student Health Insurance
Mason Duchatschek
Students often wonder if they really need health insurance. It seems like a
reasonable question when you are young and healthy and seemingly invincible.
After all, almost everyone who knows how to access the health care system is
provided with basic health care services and acute care (like emergency care)
in the United States, regardless of whether or not they have health insurance.
Young adults tend to use health care services less often than any other group.
The odds are that a young adult will go more than 12 months without any need
for health care. Even among those who need health care, the likelihood of exceeding
$1000 annual healthcare expenses is very small. So it is reasonable to wonder
whether a young adult really needs health insurance at all.
But the situation changes when we consider the more extensive and more costly
types of health care. The ability of a patient to obtain top quality medical
care for the most serious types of health care - things like transplants, extended
hospital care, physical rehabilitation, and long term outpatient care - depend
more on whether the patient has adequate health insurance than any other factor.
A simple attack of appendicitis could easily wind up costing more than $25,000.
Even an affluent family will have difficulty arranging adequate medical care
without insurance coverage. Unfortunately, if you wait until you need this type
of care it will be difficult or impossible to buy health insurance that covers
these items.
Often the most immediate insurance concern for young people is the fact that
most colleges, trade schools, internship programs, sports teams, community-sponsored
travel opportunities and many other activities require health insurance as an
admission requirement. Without health insurance, you do not pass "go". So there
is usually no question about it - most young people with ambitions to advance
their education need to have some type of health insurance.
Coverage Options
There are many types of health insurance plans available to young adults. The
most popular plans are listed below.
Parent's Policy - Most students continue to be covered under a parent's policy.
If this option is available, it is almost always the best option. But most health
plans require that proof of full-time enrollment be provided. Be aware of the
maximum age for this benefit. In many cases this coverage will expire when the
student reaches age 23 (or at another age as stated in the insurance policy).
Employer Group Coverage - Most employers provide health insurance to their full
time employees and pay for most of the cost of this employee benefit. This is
called group health coverage. This benefit is completely under the control of
the employer. Many people do not realize that there is no requirement for an
employer to provide this benefit. Most group health plans require that new employees
wait a few months before becoming eligible for coverage.
School-Sponsored Coverage – These are usually uninsured managed care arrangements
to provide care to students in the local area of the college or university.
Student Medical Policies – These are privately insured major medical policies
designed specifically for students. These are portable and offer coverage to
the student in any location in the U.S. These plans also cover graduate students,
and are available regardless of age or health. In most parts of the U.S., students
can buy a high quality health insurance plan for less than $70 per month at
www.medsave.com.
Short Term Medical Policies - Interim or gap insurance policies are available
to cover from one to 12 months. This coverage is inexpensive and easy to obtain
online in most states. The quality of the coverage is excellent except that
it does not cover pre-existing conditions. These provide coverage in the U.S.
only.
Individual Medical Policies - Permanent policies that you buy directly from
an insurance company offer excellent coverage, strongest financial guarantees,
and the most stability. These often provide worldwide coverage. But all this
comes at a higher price and coverage is issued for a minimum of 12 months.
Travel Coverage / International Policies - Students planning overseas travel
should purchase a separate medical insurance plan for the time that they are
traveling, since most student health plans do not cover charges incurred outside
of the U.S. These policies are specifically designed to pay for medical expenses
and deal with the other international complications (language, currency and
business issues) typically incurred while obtaining medical treatment overseas.
Terms to Know
Deductible or Co-payment - this is the portion of the bill that you pay before
the insurance comes into play. These help reduce the cost of the insurance.
HMO - stands for "health maintenance organization". The HMO may pay to keep
you healthy, rather than only cover problems hen things go wrong. HMOs tend
to be popular among young healthy people, but criticized by people receiving
more serious medical care. Private physicians tend to feel that they lose control
over the quality of a pateint's care when an HMO is involved.
Indemnity plan - means that the policy reimburses you for any ordinary and necessary
medical expenses. This is the least restrictive type of coverage but also the
most expensive.
Managed Care - this means that the insurer has some authority to influence the
type of health care you are provided. This cuts healthcare costs but may also
limit your treatment.
Pre-existing condition - a medical situation that started before your insurance
policy that may not be covered by the health insurance policy.
Premium - the cost of the policy, usually ranging from $25 to over $200 monthly.
Tax-deductible - reduces your taxable income and thereby reduces your total
tax due at the end of the year. Most health insurance is not tax deductible
by individuals.
Tax-free - the benefit provided by health insurance is usually tax-free. This
means the value of the coverage received as well as any cash benefit paid as
the result of a claim.
Underwritten - this means that not everyone will be accepted because acceptance
is based on individual medical history. The insurance company reviews each application
and selects the healthiest applicants for enrollment. Premium rates are lower
for those accepted, but these plans offer no solution for people with pre-existing
health conditions.
About the Author
Tony Novak, MBA, MT is a writer and financial adviser in Narberth, PA focusing on tax and employee benefit issues. His businesses www.MedSave.com and Freedom Benefits Association provide online benefits enrollment for thousands of individuals and businesses nationwide.
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International Travel and Health Insurance
David M. Schmader
Embarking on Your Dream Vacation
Are your Plans Complete?
Your bags are packed, passport and papers in order and you couldn’t be in a
higher state of excitement preparing for travel to that wonderful, exotic location.
This is the vacation you have planned it seems forever. As you sit on the plane,
you and your partner discuss for the hundredth time the scuba diving you will
do, the awesome rock climbing and hikes into the rain forest. Everything is
perfect!
Life seldom gets better than this.
Despite all the excitement of travel, Americans do have some concerns.
According to a survey by the Chubb Group, more than 70% of Americans surveyed
said their greatest concern when traveling is suffering a medical emergency...more
than double the fear of being mugged (30.7%), three times the fear of being
injured in a terrorist attack (23.4%).
What happens if a medical emergency arises when traveling overseas?
Many people assume that while they are out of the U.S. or Canada they will be
covered by their standard medical plan. However, most traditional health insurance
plans are not designed for international travel.
According to the U.S. Department of Commerce, approximately 27 million travelers
board U.S. airlines for overseas destinations and almost 26 million foreign
travelers come to the U.S. each year. However, many are not prepared for a medical
emergency abroad.
Most traditional health insurance plans would not cover an unexpected illness
or injury during international travel. But travelers with international medical
insurance would have protection for scenarios ranging from a local ambulance
trip to an emergency evacuation for care at the nearest qualified medical facility.
Some even offer repatriation flights out of the country where the traveler is
located back to the US.
Available plans can cover individuals or groups for specific periods of time
abroad and can be in effect should they be stationed abroad for an extended
period of time. There are policies for corporations to insure their personnel,
plans to cover missionaries who are on an outreach program and for those participating
in extreme sports. International travel medical insurance should be considered
for anyone traveling or living abroad.
©David M. Schmader, Solon, Ohio January, 2005
www.brownschmader.com
About the Author
David Schmader is an independent broker agent located in the Cleveland Ohio suburb of Solon, Ohio. With over 25 years of corporate finance experience he specializes in serving the individual, professional and small business markets.
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