If you, your dependent, or your spouse are going to college, having health insurance coverage is typically a requirement. While some students have access to their own coverage or coverage through a parent’s plan, there will likely also be an option to enroll in a student health insurance plan offered through the institution. It can be confusing to decide which insurance option makes the most sense.
Student health insurance is commonly offered and may be packaged into tuition costs. Institutions typically also offer separate plans for coverage. All student insurance coverage must be compliant with the Affordable Care Act (ACA). Thus, to waive coverage, the coverage under another plan instead of plans offered by the institution must also be ACA-compliant.
To determine your best option, it’s important to understand how your college’s or university’s health insurance is structured and evaluate all your options against your healthcare needs (more on this below). The first step is to compare the annual fixed costs (total monthly premiums) of your current coverage against the plan offered by the institution. Additionally, you can also evaluate options on the Marketplace.
If you decide to keep your current coverage, you are entitled to waive the student plan by submitting the required documents to the institution. Waiver deadlines are often dependent on the academic calendar but the waiver process typically occurs at the beginning of each semester or quarter. For dependents who are covered under a parent’s plan, under the ACA they are able to stay on the plan until they turn 26.
Another option is to go through the Marketplace. Sometimes, these plans may be less expensive than student insurance. Students may also get coverage through Medicaid if they qualify as low-income and meet the state’s eligibility requirements.
Below is a summarized list of the four main options available:
Enrollment Option: | Good for: |
Remain on a family group plan | Students who are under 26, attend an in-state college, and/or would like to continue accessing the same provider network. |
Enroll in student health insurance | Students who are going to an out-of-state school, are over 26 and student insurance is less costly than their current plan, and/or do not have or want to stay on family insurance. |
Enroll in an individual Marketplace plan | Students who are over 26 and qualify for premium tax credits to subsidize their Marketplace plan or students whose colleges do not offer school health insurance. |
Enroll in Medicaid | Students who are over 26 and have no income. Additionally, students who are pregnant and disabled are also eligible. |
Additionally, here are a couple of things to keep in mind that can impact how best to configure your student health insurance:
Learn More:
Student health insurance: required reading | Healthinsurance.org
Student Health Insurance Guide | Best Colleges
Last Reviewed June 17th, 2024