Question about college health insurance plans.

[W_HAMILTON]

I currently have health insurance through my employer, but I am close to finishing college, and I am looking forward to going to graduate school immediately after.

I have had some issues with my job, but I remain there because it provides me health insurance. I assumed that I could leave and pay for COBRA (approximately $350 per month), which I could probably afford with my savings and student loans. But I was worried that if I did leave, I believe COBRA only lasts for 18 months, which would mean I would still be in school, without a job that provides health insurance.

So, I have looked into some of the various college health insurance plans. Is anyone familiar with them? I am mainly interested in whether or not they normally provide prescription coverage; I am on certain medications that I will most likely be taking for the forseeable future, and would not be able to pay for them without some form of health insurance.

I would appreciate any advice from people that are familiar with college health insurance programs, or from those that have used these programs in the past.

[ipfilter]

1. Something to consider with COBRA

Is the $350 premium you pay 100% of the cost of the insurance? More than likely your employer is paying part of the premium. If so, your COBRA rate is going to be roughly 105% of the actual insurance premium.

I pay about $250 per month in insurance premium. My part is only 10% of the total cost. My employer pays the remaining. If I were to use COBRA in the event of loss of employment my monthly cost would be somewhere around $2800.

[W_HAMILTON]

2. Yes, I've already considered that.

I'm relatively young, with no dependents. Every two weeks, I pay approximately $40 dollars, while my company contributes the rest. I figured it out last year, and my COBRA premium would be the ~$350 number that I quoted.

Now that I look at things, I may be better off by paying for COBRA if I quit my job before going to grad school, but when I start grad school, simply picking up their health insurance (which would be a lot less than ~$350 x 12). But again, I've not had much experience with these programs. I am even unfamiliar with some of the health insurance providers, but it seems as though even if most doctors don't take your insurance, you just file a claim and are reimbursed. It's a round-about way, but it would work while I'm in school.

The main thing I am wondering, though, is if most of the plans have prescription coverage?

[ipfilter]

3. I doubt you would get anywhere near the same level of

coverage on your own for $350 per month. My current plan has very low co-pays and no deductible. My next door neighbor is self employed. He uses the same provider, pays a large premium each month, and has a huge deductible and overall crappy coverage. Generally speaking, a group plan via an employer is going to be better than an individual plan.

If a doctor does not have an agreement with your insurance company you might get reimbursed, but it will likely be a lot smaller percentage and most insurance providers have a separate "out of network" deductible.

[W_HAMILTON]

4. Well, I figured it wouldn't be a perfect option.

But as long as it would be an option, I would be satisfied. I would hopefully not use it that long anyway; I am looking to go to a one-year grad program, which would start in August 2010 and end August 2011. I think that is approximately 22-23 months, whereas COBRA would only cover me for 18 months, at a cost of approximately $350/month. Most college plans seem to run around $100-150/month. I am mainly concerned about the approximately 6-month period where COBRA would end, but I would still be in school, so I would not have employer health insurance. That's why I was possibly looking into college-sponsored health insurance plans.

[Rabrrrrrr]

5. When I did grad school in NY, health insurance was mandatory, so the schools had it

I think I paid about $1800 a year for it, maybe not quite that much, because I didn't have insurance from a job.

Could be worth checking if the school you are going to also offers a health insurance plan. It will surely be cheaper than COBRA, plus it doesn't run out in 18 months.

[W_HAMILTON]

7. Did your plan provide prescription coverage?

That is mainly what I am concerned about. Without health insurance that provides for prescription coverage, my medicines alone would be upwards of $1000 per month. Now, due to copays and the like, they are only approximately $100 or so.

[Rabrrrrrr]

8. Yes, it did - I think we had a $10 co-pay, plus or minus a few bucks.

[W_HAMILTON]

9. Okay, thanks!

I guess I need to decide finally on which grad school I am interested in, then check the individuals plans to see what exactly they offer.

I was just interested in the experiences of others around here, though.

Isn't it nice to base life decisions around your health insurance? :sarcasm:

[Rabrrrrrr]

10. It's fucking ludicrous

In civilized countries, no one has to worry about "Gee, should I take this job that would be better, but has less health insurance?" or "Dare I start a business on my own? What if I have an accident?" or "Where can I go to school?"

It's fucking nonsense.

[triguy46]

6. They are all different based on what the school negotiates...

They tend to be comparatively inexpensive, and as such, will nearly all have certain limitations. Not all have RX. Some will have limits on RX, like $1000 per year, or lab and xray that is dollar limited. Most only pay a fixed amount per day for hospitalization. If the college has a health center, these generally have preferred payment with the student clinic. Some use the clinic as a gatekeeper.

In general most are trying to provide some coverage for smaller health needs, and with the limited premium don't do well with a $20000 surgery bill.

So here's the rub. They are cheap. They do provide some coverage. But is cheap insurance good insurance? I can't answer that for you. There could be individual private plans that might be as good as the college plan.

Lastly, read the plan document closely and more than once. Make sure you understand the exceptioms and limitations.