Healthy Living, the Financially Lit Way: Navigating Health Insurance

by Christiana Unakalamba 

Being financially lit but not health conscious is one way of losing something. Good health is a very necessary factor for academic productivity and general living conditions. Maintaining good health is enabled by good student health insurance. Student health insurance will not only help you stay healthy on campus but will help you save money. This is because not being insured predisposes a student to have to deal with more severe illnesses due to the high cost of health care. Without insurance, a student can end up paying way more than ⅓ of their medical expenses out of pocket. Ultimately, these unexpected expenses will make it difficult for the student to pay for necessities such as tuition payments, groceries, rent, and such.

Some basic health insurance plans include:

Short Term Medical Insurance:
Most times, these plans run within ninety days and does not require student status. It has inclusive option plans that cover inpatient/outpatient visits and emergency room treatment. 

Institution-Based Health Insurance:
This is usually offered by college institutions. Sometimes, this is included as part of the student tuition. Sometimes, the medical insurance plans may be funded via an insurance company or directly by the school. Also, for some schools, eligibility may be based on the number of credits the students registered. 

International Health Insurance:
This provides insurance coverage for international students if they get sick or injured in a foreign country.  Having reliable health insurance is very critical for international students since most times, they are far away from family. Some of the types of plans/options under the international health insurance run between 6 months to 1 year or more. Most times, they cover comprehensive coverage.

Enrolling with the marketplace insurance
Most times, students get better health insurance coverage with marketplace plans. It is preferable to apply during open enrollments. Open enrollment dates are usually in January and November. When signing up for marketplace plans, you may qualify for certain premium tax credits if your income level is between 100% and 400%.

Generally, figuring out insurance issues can seem complex and complicated times, especially in health insurance coverages, options, premiums, etc. However, this is a necessary part of life in the United States that is worth figuring out.