College Students + Short Term Medical = Smart Insurance Option
- By Deb Shields
The annual rite of packing for school is here for millions of college students. In addition to computers, calculators, notebooks and other treasures, one of the most valuable assets that a student can bring to school is health insurance coverage.
If you’re like many parents, you probably assume that you should just keep your college students covered under your health insurance plan, whether you have employer-sponsored or marketplace exchange coverage. But take a few moments to do the math, and you may just find that short term medical care provides a much more economical insurance solution for your college-bound student.
Even students who are financially independent of their parents or guardians, and think they can’t afford health insurance for themselves, would benefit from looking at the affordable, comprehensive coverage that short term health insurance offers.
Short Term Health Insurance – Ideal Coverage for the School Year
As the name states, short term medical coverage provides health insurance for a designated time frame – such as a school year. Should an unexpected illness or accident occur, short term health insurance is ideal for covering expenses related to health care provider visits, hospitalizations, emergency care, lab tests, prescription drug costs and more. Parents and students can rest assured that in the event of a significant medical emergency, Pivot Health’s short term medical plans offer up to $1,000,000 in benefits per coverage period.
The Cost Savings are Elementary
Short term health insurance is well suited for young, healthy adults without chronic medical conditions, such as most college students. Because pre-existing conditions are not typically covered by short term medical insurance, the costs for this type of plan are significantly lower than the costs for most employer-sponsored and marketplace exchange plans. Plans such as Pivot Health’s short term health insurance even offer a range of choices for deductible, out-of-pocket and copayment amounts, to best meet your needs and budget.
Let’s look at an example of the premium cost difference between traditional major medical insurance and short term medical plans:
- Smith family lives in Chicago and has a Blue Cross Blue Shield Silver family plan with a $14,300 deductible. Cost: $1,211 per month.
- By removing their college student, Tom, from the family plan, the Smith family’s monthly premium is reduced to $1,036.
- Tom or his family could then purchase a short term medical plan, with prices starting as low as $43 per month.
- Tom has coverage for the school year.
- Savings of over $100 each month on the family’s insurance premiums.
No Provider Network Restrictions
Over the past several years, it’s become common for most major medical insurance plans to use designated provider networks to help control health care costs. Visit a provider within your network for covered services, and you’ll typically receive the maximum benefits allowable under your plan. But depending on your insurance plan’s arrangement, when you seek care from providers outside your network, benefits are paid at a reduced level – and some plans make no payment at all for services from providers who are not in the network.
For students leaving their residential area to attend college, it can be difficult to find network providers near their campus, and neither parents nor students want to be responsible for a costly medical bill resulting from a visit to an out-of-network provider.
- Fortunately, many of Pivot Health’s short term health insurance have no provider network restrictions. This means college students can visit any health care provider with no concerns about networks.
Convenient Coverage Terms
It’s hard to beat the flexible coverage provisions of short term health insurance. Current federal regulations allow short term medical plans to offer up to 364-days of coverage per certificate of insurance.
Coverage start dates also are flexible. You may begin coverage any time from 24 hours up to 60 days after applying. Should you decide to cancel your coverage, you may do so at any time, with no penalty. Pivot Health also wants to ensure that you’re satisfied with your coverage. That’s why they offer a 10-day “free look” period for their short term medical plans. If you purchase a Pivot Health plan and cancel within the first 10 days, you’ll receive a full refund of your premium – as long as you haven’t filed any claims.
You’ll find it quick and easy to apply for coverage. Simply use your phone, tablet or computer to complete a brief medical history and provide other key details for your application to be processed. Should you choose to purchase back-to-back certificates with your initial application, there’s no need for you to re-qualify at any point during the term of your coverage.
Valuable Non-Insurance Benefits
Pivot Health’s short term medical plan also includes discounts for both vision care services and products and a prescription drug savings card for use at pharmacies nationwide. Finally, students may connect with a doctor, thanks to the plan’s telemedicine consultation benefit. This feature is particularly valuable as it available 24/7, which works well with a college student’s busy and sometimes unpredictable schedule.
Short Term Health Insurance – Ready to Start the School Year with You
For college students, short term medical provides an affordable, flexible and comprehensive health insurance option for the school year. It takes just a few minutes to apply for coverage – make sure not to leave for college without this valuable insurance plan.