Is Your College Student Covered By Your Insurance

Lots of parents are curious about whether or not their precious son or daughter heading off to college is covered by their insurance, whether medical insurance or liability insurance. The answer to this might be quite surprising since the majority of health insurance policies cover your dependents up to the age of 25 (with Obamacare, that age has even increased to 26). Of course, plans vary, which means that they have their own specifics.

Further, if a parent’s son or daughter is off at college and living in a dorm, then it may be a ripe time for a conversation regarding the meaning of the phrase “full time”. Just one dropped college class could actually result in no medical insurance coverage! It would also be a good idea to check out any out-of-network costs, should your kid’s college be a significant distance away from home. If your insurance policy fails to cover your college-age child, or you are worried about the out-of-network expenses, you may be interested in buying a temporary policy for your child. Some schools do offer them, yet some people remain skeptical about purchasing these from the school itself. These have a bad reputation in that they can be tricky, which is why parents are advised to always read the fine print of any temporary policies offered by schools.

In the hopefully unlikely event of a robbery, your kids will still be covered by your insurance policy because they are your dependents. Since dependents are considered part of their parents household, children’s possessions are going to be covered under the parents homeowner’s policy, even if they are away at college and living in the dorms. Still, what parents should not overestimate is the amount of coverage that their homeowner’s policy offers their collegiate children. In some homeowner’s policies, the coverage for stolen possessions may be somewhat limited. Therefore, it is in the best interest of both parents and kids to double-check the policy and then judge whether or not renter’s insurance may not be the superior choice. If such a dilemma presents itself, why not play it safe and call up your insurance agent to see what he thinks about the choice.

All told, it is indeed wise to ensure that your life insurance coverage is sufficient if you are shouldering any fraction of financial accountability for your kids college education. This is why it is useful to consult with an insurance agent.

For more information on your insurance needs, and for the needs of your family members, contact Tom Bruenn by email, or request a quote.

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