Orlando Harmon
Health insurance is a necessity for college students, who are at high risk of infection and injury. While some colleges require students to have comprehensive health insurance, others automatically enrol learners in a student health insurance plan (SHIP). The cost of health insurance for college students varies depending on the type of plan, age, location, and whether they receive subsidies. Students can choose from various options, including Medicaid, school-provided insurance, their parents' insurance, or individual plans. The average cost of a campus health plan is $2,000 to $4,000 per year, but prices can reach over $7,000 at elite colleges.
| Characteristics | Values |
|---|---|
| Cost of medical insurance through college | $2,000 to $4,000 per academic year; Stanford University charged $7,128 for student health insurance in 2023-24, while the annual fee at Northwestern University was $5,144, $4,636 at Brown, $4,210 at Penn, and $4,762 at Emory |
| Who is it for? | Students who are U.S. citizens or lawfully present immigrants; international students; people from underinsured families; students with chronic medical or mental health struggles |
| Alternatives | Coverage from a parent's insurance plan; buying an individual plan; through a part-time job; with government programs such as Medicaid, Medicare, Veterans Affairs, CHIP health insurance; or a spouse's health plan |
| Factors affecting the cost | Type of plan; age; location; whether you receive subsidies |
| Additional charges | Care at student health clinics |
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What You'll Learn
Cost of college health insurance
The cost of college health insurance varies depending on the college and the type of plan. Many colleges in the US require students to have health insurance, and most colleges offer health insurance to their students. This type of coverage is often called a "student health plan" or "campus health insurance". The cost of this health insurance is typically added to tuition fees, unless a student already has alternative comprehensive coverage.
According to The New York Times, campus health insurance can cost between $2,000 to $4,000 per academic year. However, some elite colleges charge much higher fees for student health insurance. For example, Stanford University charged $7,128 for student health insurance in 2023-24, while the annual fee at Northwestern University was $5,144, and $4,210 at Penn.
Students can also get coverage from a parent's insurance plan, by buying an individual plan, through a part-time job, or with government programs. Students under 26 may qualify for coverage under a parent's plan. Depending on income and circumstances, students may also be able to find health insurance through the Affordable Care Act (ACA) marketplace, Medicaid, Medicare, or a spouse's health plan. The ACA marketplace offers plans with very low premiums but high deductibles, which can be a good option for students who don't require much medical care.
In some cases, colleges will automatically enrol students in a student health insurance plan (SHIP), and learners can use financial aid to help pay for the cost. However, these plans may only cover the academic year, leaving students uninsured during the summer break.
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Cost of private insurance
The cost of private health insurance for college students in the US varies depending on several factors, including the type of plan chosen, the student's age, their location, and whether they are claimed as a dependent on their parent's taxes.
According to an industry survey of prominent schools in the 2023-24 academic year, the average cost of student health insurance was $2,924 per year at public colleges and $3,874 per year at private schools. However, these costs can vary significantly, with some elite private colleges charging much higher fees. For example, Stanford University charged $7,128 for student health insurance in 2023-24, while the annual fee at Northwestern University was $5,144, and Brown University charged $4,636.
Students can often find more affordable options by enrolling in a student health plan offered by their school, which can provide basic insurance coverage. Additionally, students who are under 26 years old may be able to stay on their parent's health insurance plan, which is typically a less expensive option than purchasing private insurance. Working students may also be able to obtain health insurance through their employer, who usually pays more than half of the premiums.
For those who need to purchase private insurance, the Affordable Care Act (ACA) marketplace offers plans with comprehensive coverage, including pre-existing conditions and essential health benefits such as emergency services, hospitalization, maternity care, and mental health services. The cost of these plans can be reduced through premium tax credits, which lower monthly insurance payments based on household income.
Short-term health insurance plans are typically less expensive than private plans but may not cover pre-existing conditions or certain services like mental health care, prescriptions, and maternity care. It is important for students to carefully review the terms of any insurance plan before purchasing to ensure that they are adequately covered for their specific needs.
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Cost of parent's insurance
The cost of health insurance for college students varies depending on several factors, including the type of plan, the student's age, their location, and whether they receive subsidies. Many colleges require students to have health insurance before starting classes, and some states make health insurance mandatory for all adults.
If your child is a college student, they can be covered under your insurance plan until the age of 26. If your child is under 21, you may need to provide information about yourself and your income when they apply for insurance. If you file taxes as a dependent, your child won't qualify for a subsidy as your income will be combined with theirs. However, you can use a premium tax credit to lower your monthly insurance payment.
If your child is over 26 or doesn't have access to your insurance plan, they can assess their likely medical needs and choose a lower premium plan. However, the total out-of-pocket costs for those with predictable medical services are often higher than a higher-premium plan. Higher-premium plans usually come with lower cost-sharing amounts due to deductibles and copayments.
Your child can also explore other options, such as enrolling in a student health plan offered by their school, which can be an affordable way to get basic insurance coverage. They can also apply for coverage through the Health Insurance Marketplace, which offers several plans for those under 30. Additionally, if your child is a low-income student, they may be eligible for Medicaid or other government programs.
Another type of insurance to consider when your child goes to college is tuition insurance. Tuition insurance can provide reimbursement for tuition, fees, room, and board if a student withdraws due to an injury or illness. When purchased through a school, tuition insurance typically costs $106 per term for $10,000 in coverage.
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Cost of Medicaid
The cost of Medicaid depends on several factors, including age, income, family size, location, and health status. Here are some key points to consider regarding the cost of Medicaid for college students:
- Income Eligibility: Medicaid is designed to provide free or low-cost health coverage to individuals with low incomes. Each state has specific income thresholds, but generally, your income can be up to 138% of the federal poverty level, which was $17,609 for an individual as of 2020. As a college student, you are likely to meet these income requirements unless you have a full-time job with a high salary.
- Family Size: The income limits for Medicaid eligibility are adjusted based on family size. For example, a family of three can have an income of up to $29,435 and still qualify for Medicaid, according to the 2020 guidelines.
- Age: If you are under 26 years old, you may be included in your parents' health insurance plan, including Medicaid, without additional costs. This is a more cost-effective option than purchasing a separate plan.
- Location: The cost and coverage levels of Medicaid can vary between different states. Certain states have expanded their Medicaid programs to cover all individuals below specific income levels, regardless of other factors. You will need to check with your specific state agency to determine your eligibility and the associated costs.
- Health Status: While Medicaid typically covers individuals with pre-existing conditions, there may be limitations on coverage for ongoing care or chronic conditions. Some costs for specific types of care might not be included in your benefits.
- Campus Health Plans: Some colleges offer their own health insurance plans, often called "campus health insurance" or "student health plans." These plans usually cost between $2,000 and $4,000 per academic year and are included in the student's tuition bill. However, they may have limited benefits with high deductibles, so it's important to review the coverage details before enrolling.
- Premium Tax Credit: If you have a low income, you may be eligible for a premium tax credit, which can lower your monthly insurance payments. This credit is based on your household income and can be applied to Marketplace insurance plans.
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Cost of Medicare
The cost of Medicare for college students in the US can vary depending on several factors, including the type of college, the student's age, income, family size, and location. Here are some key points about the cost of Medicare for college students:
Cost of Student Health Plans:
Student health plans, also known as campus health insurance, are offered by many colleges and universities. These plans typically provide basic insurance coverage at affordable prices. According to The New York Times, the cost of campus health insurance can range from $2,000 to $4,000 per academic year. This expense is usually included in a student's tuition bill. The average annual cost of a public university student health insurance plan is $2,924, while a private school health plan averaged $3,874 annually for undergraduates in the 2023-24 plan year.
Dependent Coverage:
If a student is considered a dependent, they can usually stay on their parent's health insurance plan until they turn 26. This option often provides continuous coverage without the need to switch plans. However, it's important to check the plan's rules, especially if the student is attending school in a different state or region, to ensure they have adequate coverage at their college location.
Income-Based Options:
Low-income individuals can explore options like Medicaid, which provides free or low-cost health coverage. The Children's Health Insurance Program (CHIP) is another option for those who earn too much to qualify for Medicaid but cannot afford private insurance. Additionally, premium tax credits can help lower monthly insurance payments for those with lower incomes.
Government Programs:
Government programs like Medicare, which is typically for those 65 and older or younger people with specific physical disabilities, can provide health coverage for eligible students. Other government sources include Veterans Affairs for retired military members and health sharing ministries, which are popular among young adults, especially those in the gig economy.
Affordable Care Act (ACA) Marketplace:
The ACA marketplace offers health insurance plans based on income, family size, and location. During the Open Enrollment Period (November 1 to January 15 each year), students can enrol in a plan with their parents or apply for their own coverage. Catastrophic plans under the ACA have low premiums but high deductibles, and students should carefully consider their specific needs and expenses before choosing this option.
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Frequently asked questions
The cost of medical insurance through a college varies depending on the college and the type of plan. According to The New York Times, campus health insurance can cost between $2,000 to $4,000 per academic year. However, some colleges charge significantly more, with Stanford University charging $7,128 for student health insurance in 2023-24.
When choosing a medical insurance plan through a college, it is important to consider your age, income, family size, location, and health status. Additionally, you should review the details of the plan, including deductibles, coinsurance, and copays for different services.
Yes, there are several alternatives to getting medical insurance through a college. You may be eligible for coverage under a parent's health plan until you turn 26. You can also purchase an individual plan, get coverage through a part-time job, or explore government programs such as Medicaid, Medicare, or CHIP.
To enrol in a medical insurance plan through a college, you can contact the college's student health services or administration office. They will provide you with the necessary information and guidance on how to enrol in their offered health insurance plan.
