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Insurance

Essential Insurance Coverage for Your College Student

Health Insurance for College Students

When it comes to health insurance for your college-bound kid, you have a few options:

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Stay on the Parents’ Plan

Most students can stay on their parent’s health insurance up until they’re 26. This is often the best and easiest option, especially if the coverage is comprehensive.

Campus Health Plans

Colleges often offer their own health plans, but these can vary a lot. They might be ideal for everyday health care needs on campus but may not cover more significant health issues.

Personal Coverage

If neither of the above works, you might look into private health insurance. This can get pricey since family income is considered for dependent students. Weigh your options and consider shopping on the Affordable Care Act exchanges for possible subsidies and plans.

Renter’s Insurance for College Students

Renter’s insurance is often overlooked, but it can be crucial:

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  • Living at Home: Students staying at home will be covered by the parent’s home insurance.
  • On-Campus: If living on-campus, check if the home insurance extends coverage to their dorm room. But there may be limits on this coverage.
  • Off-Campus: For those in off-campus housing, a separate renter’s insurance policy is usually necessary. It’s usually affordable and provides coverage specifically for your student’s belongings.

Always remember, renter’s insurance is personal, so it won’t cover any roommate’s stuff.

Car Insurance for College Students

Having a car at college is convenient, but don’t forget about insurance:

  • If your student uses a car you own, they can usually remain on your insurance policy.
  • If they own their own car, they’ll need a separate policy. It’s worth asking for student discounts.
  • If your child’s college is over 100 miles away and they don’t take a car, you might get a discount on your own car insurance.
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The Bottom Line

Choosing the right insurance for your college student is a critical step in preparing for this new life stage. Whether it’s health, renter’s, or car insurance, getting coverage is part of ensuring they are protected. It gives you peace of mind and also helps them learn valuable decision-making skills before they head out on their own.

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