Are you a college student and need health insurance or are looking at all of your options for coverage while in college?
If so, I put together resource links for you so that you can get the best possible coverage for the lowest possible price.
Health Insurance for College Students
Health Insurance for College Students Option 1: Dependent to 26 Coverage
What is it?
The dependent to 26 law was enacted in March of 2010 and allows all children to stay on their parents health insurance plan up until the age of 26.
How much does it cost?
If you your parents already are paying for a parent/child or family health insurance contract, there will be no change in premium for them. If they are single or two adults now and need to add you, then they will pay an increase in premium.
Benefits
It is seamless health insurance coverage for college students and many times the parents do not have to pay an increased health insurance premium.
Additional Resources
United States Department of Labor
New Jersey Department of Banking and Insurance
Health Insurance for College Students Option 2: Dependent to 31 Coverage – DU 31
What is it?
Dependent to 31 coverage permits young adults to continue being covered by health insurance up until age 31. These benefits can kick in after the adult ages out of the Dependent to 26 plan. There are some eligibility restrictions so check out the resource pages below for all of the information.
How much does it cost?
This health insurance for college students is priced at a reduced rate compared the group plan. In many cases, you will pay about 30% less that what a single employee would pay on the group. You will be billed directly to your home and while you are still technically part of your parent’s group plan, you don’t show up on their statement.
Benefits
You can stay on the plan until age 31 and get a 30% discount on the insurance.
Additional Resources
New Jersey DOBI Coverage for Young Adults up to Age 31
Health Insurance for College Students Option 3: COBRA and NJ Continuation of Health Insurance Coverage
What is it?
For college students needing health insurance coverage that have exhausted options one and two, you still have the option of continuation of coverage through state and government programs. In most cases, you can continue your health insurance plan for an additiotional 18 months and sometimes up to 36 months.
How much does it cost?
The premium will be dependent upon the single rate of whatever your previous health insurance cost before plus and additional 2%.
Benefits
You can keep your same policy for an additional period of time without making any changes.
Additional Resources
US Department of Labor – COBRA
Everything you Ever Wanted to Know about NJ Continuation Coverage
Health Insurance for College Students Option 4: Individual Health Insurance Coverage
What is it?
Individual coverage is offered through the state and there are approximately 8 plans available each from most carriers. The plans between the carriers are very similar and are offered on a guaranteed issue basis.
How much does it cost?
These are priced based on your age, sex location and can vary from las low as $200-$250 per month up to $600 per month based on the plan.
Benefits
These policies are guaranteed issue so you can purchase them regardless of your medical condition.
Additional Resources
Guide to Individual Health Insurance
New Jersey Individual Health Insurance Program Buyers Guide
Health Insurance for College Students Option 5: Insurance Through Your College
What is it?
Many colleges will have deals worked out through major insurance carriers to offer to their students. Each college will offer a different type of plan with varying benefits. Sometimes these plans are full insurance plans and other times they may offer limited benefits.
How much does it cost?
Prices will vary from plan to plan so check with your college.
Benefits
These polices are easy to obtain since they are through the school and may possibly be the least expensive premium option.
Additional Resources
Guide to Individual Health Insurance
New Jersey Individual Health Insurance Program Buyers Guide
Additional Resources
Healthcare.gov – Grads and Other Young Adults
Health Insurance Resources for Uninsured New Jersey Residents
Summary
College students have many options for getting or keeping health insurance while away at school and even when they return. Please examine each option carefully and compare the prices to the benefits being offered.