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Know Your Insurance Needs Before You Get to Campus
HEALTH
As a student, you have a few options available to you for getting health insurance.
Through Your Parents
Chances are, you've been covered by your parents' health insurance since you were a child and, under the Affordable Care Act (ACA), you may be able to stay on their plan for a while longer. ACA states that any insurance plan that offers dependent coverage must make that available until the dependent reaches age 26. Some states may have laws that require longer extensions of dependent coverage, so check with your state insurance department to verify the age limit and any qualifications or limitations.
Through Your School
Students who do not have health insurance through a parent's policy, or who have limited coverage due to network service areas, may opt to purchase a student health insurance plan. Some schools may even require a student health plan as part of registration. Generally, student plans have more limited benefits and more exclusions than HMOs or PPOs and have limited coverage for prescriptions and preventive care.
Through the Exchange
Starting October 1, enrollment begins on the new health insurance marketplaces, or exchanges. These online portals ask consumers to enter information about themselves and select the level of coverage they desire to receive a list of plans they can purchase. For more information on health insurance marketplaces, visit healthcare.gov.
No matter what your coverage, here are some tips to keep in mind:
- Understand your policy. Sit down with your parents or provider and go through what's covered and what you may be expected to pay if you get sick or have an emergency.
- Make a list of covered doctors, hospitals and pharmacies within your network.
- Keep your insurance card with your driver's license/identification.
For more information about insuring yourself, check out this consumer alert.
HOME
Take a look around your dorm room or apartment – how much do you think it would cost to replace everything after theft or a disaster? What if one of your friends got hurt while hanging out at your place?
If you just moved into a dorm, your parents' homeowners policy will likely cover your stuff in case of a loss. Just be sure to let your parents know if you purchase a new computer or other pricey items; they'll need to check with their insurance provider to see if they have enough coverage.
Students living off campus should consider renters insurance, an inexpensive form of coverage that protects your personal property and insures you in case someone is injured while on your property. The premiums for renters insurance average between $15 and $30 per month, depending on the location and size of the rental unit and the value of your possessions. You can find more information on renters insurance here.
No matter where you live, it's a good idea to have a list of your stuff. A home inventory will help you and your parents know how much insurance you need and, if something happens, you can use it to file a claim. The NAIC has a free app for iPhoneand Android phones that makes creating a home inventory easy.
AUTO
Most states require that you carry at least a minimum amount of liability coverage, which pays damages and injuries to someone else if you are found responsible for an accident you did not intentionally cause. Some states also require you to buy personal injury protection (PIP) coverage, so check with your agent to see if you have enough coverage.
You will need to purchase your own policy if your name is on the title for the car, but you may be able to stay on your parents' policy if they own the vehicle. Let your insurance agent know where the vehicle will be stored if the address is different than what's on the policy.
If you want coverage for damages to your car, you will need comprehensive and collision coverage. Collision coverage fixes damage caused when you hit something or if somebody hits you, while comprehensive coverage is for just about everything else, like hail damage or hitting a deer.
Getting into an accident can be overwhelming, which is why the NAIC created WRECKCHECK, a free app that walks you through the process of gathering information immediately following an accident. It's also important to know what information not to share – giving details like your home address and phone number can make you more vulnerable to identity theft.WRECKCHECK is available for Android and iPhone.
For more information on auto insurance, read this consumer alert.
INSURANCE MATTERS TO YOU, TOO – REALLY
Everyone has insurance needs, even when you're young and just starting out. Your parents and others are a great source of advice, but unless they're in your same life stage, it's hard for them to understand. You can get more information about your insurance needs here.
CLOSE TO HOME
Each state has an insurance department that can answer your questions about insurance; you can find their contact information on our map. You can also follow insurance topics through the NAIC on Twitter and Facebook.
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.