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New FAFSA Delay Presents an Opportunity
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If you’re moving a child to college this year, you’re likely starting to obsess over dorm decor and meal plans. But have you checked out insurance coverage options? If not, move insurance to the top of your to-do list.
Most colleges require full-time students to have health insurance. Many institutions automatically enroll students in a school-sponsored plan and add the premium to the tuition bill. To opt out, you must provide proof of adequate coverage and sign a waiver, usually via the student portal.
Before accepting the college's health insurance, compare your options. If you have an employer-provided family health plan, experts recommend keeping that coverage for your college student. Dependents can be covered on a family plan until age 26 under the Affordable Care Act. Talk to your current insurance carrier about how your student can access care away from home, in a college town, or abroad. Ask about in-network and out-of-network coverage and research in-network doctors near the college.
If a family plan is unavailable, compare the college plan and insurance you can purchase on the marketplace. Compare deductibles and out-of-pocket expenses. Don't simply look at the premiums, but compare all aspects of each plan.
Every college has its own policies regarding primary care services for students. Most have student health clinics on campus that provide care for a nominal charge or even free. Even though young adults tend to be healthy, new health issues can arise during college, such as the need for treatment for mental health conditions like anxiety or depression. Students are also at high risk for accidents and injuries, so health insurance should be a priority.
Even though young adults tend to be healthy, new health issues can arise during college, such as the need for birth control or treatment for mental health issues like anxiety or depression. Students are also at high risk for accidents and injuries. Health insurance should be a priority.
If your student is headed to campus without a car, don’t just take them off the policy. Most insurers offer a “student away at school” discount. Keeping them on the policy ensures they are covered when driving home for breaks and maintains their continuous insurance history, which can prevent rate spikes later.
If your student takes a car to college and remains on your auto insurance policy, you need to alert your insurance company. Depending on where they attend school, you may have to make changes to meet minimum coverage requirements for that state, which could impact your premium. The vehicle will also be rated based on its location, which could also make a difference in your premium.
Residence halls and off-campus apartments are high-traffic areas and are not secure environments. Although students must have an ID card to enter their dorm, it's easy for someone to enter with a resident, and students aren't always diligent about keeping their individual rooms locked.
Your homeowner's policy may extend to cover your student's belongings, but talk to your agent about what is covered and whether or not you need to purchase additional insurance. Most homeowner’s policies include terms, exclusions, and limitations for students living outside of the home. If your student lives off campus, renters insurance is necessary and should be a separate policy in your student's name. These policies are inexpensive and can protect your student against theft and property damage, and also provide liability coverage.
In a world of constant social sharing, college students are popular targets for identity thieves.
Identifying theft insurance can guard your student against financial loss. Your current homeowner's policy may include identity theft coverage or allow you to purchase a rider for fraud protection. When shopping for coverage, compare deductible levels and whether the policy covers costs such as court fees and lost wages.
Help your student have a secure digital life by sharing these tips >
Between high-end laptops, tablets, and smartphones, a student’s backpack often holds thousands of dollars' worth of tech. While renters' insurance can cover theft, dedicated
electronic insurance or protection plans can go the extra mile and cover accidental damage. Even though these losses can be covered on a home insurance policy, the high deductible won't justify filing a claim.
By purchasing protection plans for your student's electronics, you can insure them against theft, damage, or loss. Such plans typically have low costs with minimal deductibles and are well worth the peace of mind they provide.
With the rising cost of higher education, tuition insurance has become a standard consideration. If a student has to withdraw mid-semester due to a serious illness, injury, mental health condition, or other covered reason, tuition insurance can reimburse up to 100% of the cost of tuition, housing, and fees. Most colleges and universities do not provide full refunds beyond the first few weeks of classes, but tuition insurance can protect your investment. Before purchasing tuition insurance, review the college's refund policy to understand the timeline and circumstances for receiving a full or partial tuition refund in case of withdrawal.
Think of insurance as the invisible guardrails on the road to independence. By squaring away these details now, you’re ensuring that an unexpected curveball is just a minor speed bump rather than a total detour from the semester’s goals.
