Your child is headed off to college. Congrats! It took a lot of hard work to get here, but you’re not off the hook yet. Is your college student’s insurance coverage up to date?
Whether your child is attending a community college across town or moving across the country, Taggart Insurance is here to make sure three key policies are college ready.
There are a variety of health insurance options.
This is the easiest option in most cases. Individuals up to age 26 who are not eligible for other group coverage may be covered, but keep in mind that coverage may decrease for out-of-state students.
School-Sponsored Health Insurance Plans
Available for full-time students, these plans are relatively affordable and convenient as medical services are often available on campus. Off-campus services may differ. This plan will drop coverage if students graduate or drop below full-time status.
Student Health Insurance Plans
Available to full-time students ages 17-29 at a state-accredited college, this coverage travels with students to other states, but may be more expensive than individual health coverage. Medical history is a factor in acceptance and home state availability varies.
Individual Health Insurance Plan
Most states offer affordable options with a range of benefit options. The biggest advantage is that you can keep this coverage after you graduate or drop credit hours, yet coverage may vary between states and medical history is a factor in acceptance.
If your child moves more than 100 miles away from your home to attend school and doesn’t keep a vehicle there, your auto insurance premiums could decrease by as much as 30 percent.
Conversely, if your child is taking a car to school with them, extra policies may be helpful, especially if they are far from home. Make sure they have adequate insurance to go with their parking pass. That may require adding an umbrella policy to cover gaps between other coverages.
Many homeowners’ policies consider a dorm room as an extension of your home, so items your child keeps there may be covered to some extent. However, if your child has expensive electronic equipment or furniture, you may want to consider additional coverage.
If your child lives off campus, his or her possessions may not be covered by your homeowners’ policy. In that case, you may want to consider renter’s insurance. This protection will cover possessions in your child’s off-campus apartment or house as well as provide liability coverage if anyone is injured in the residence.
See Your Advisor
Much like your student’s academic advisor, Taggart Insurance agents are eager to develop a plan for success. Contact us today to discuss your family’s needs and concerns.