Parents - Review Your Insurance Policies Before Your Student Goes Off to School
Sending a student to college can be an emotional and trying time. Remembering to pack everything they will need while away from home is a challenge — and so is understanding your changing insurance needs. The National Association of Insurance Commissioners (NAIC) offers these tips to help you review and update your insurance policies to cover your college student.
Health Insurance
Most health insurance policies cover dependents who are full-time students until the age of 23. Generally, a student must be enrolled in at least 12 credit hours per semester (six or nine credit hours in the summer) to be considered a full-time student. Individual policies differ, so check with your health insurer or benefits administrator about how the policy defines a full-time student and the maximum age of coverage.
Know Your Policy
Before leaving home, make sure your student has a copy of the relevant insurance cards and knows about obtaining referrals and approvals (if necessary) before seeking treatment. If you are insured by a health maintenance organization (HMO), check to see if your student will be outside the HMO service area while away at school. If this occurs, the student likely will have coverage for emergency care, but might have to travel to a physician or hospital within the HMO service area for routine care. If your insurer is part of a preferred provider organization (PPO), your insurer may pay benefits at out-of-network levels if you are outside your network. Check your plan provisions or speak with your insurer to find out what level of benefits are provided by your policy.
Student Health Insurance Plans
If your student's healthcare coverage is limited by the network service area, another option is a student health insurance plan. These plans are sold by an insurer that has contracted with a college to offer coverage to its students. In general, these plans have more limited benefits and more exclusions than traditional health insurance plans. Many policies also will exclude routine examinations and injuries sustained while under the influence of alcohol or drugs.
Renter's Insurance
Many students bring thousands of dollars worth of personal items — such as electronics, a computer, textbooks, clothes, furniture or a bicycle — with them to school. So, whether your student is living on- or off-campus, it's a good idea to review your homeowners policy to see whether your student's personal items will be covered.
Does Your Student Need Renter's Insurance?
If your student is younger than 26 years old, enrolled in classes and living in on-campus housing, your homeowners policy will likely extend to the belongings they take with them. However, if your student is living off-campus, talk with your insurance agent about whether your homeowners coverage will extend to the rental property. If it does not, you might want to consider renter's insurance to protect your student's personal property in the event that it is damaged, destroyed or stolen.
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