How to Pay for Student Health Insurance

Health insurance is something that all college students need but only a few can afford. Some insurance companies realize though that college students are strapped for cash, which is why they work with colleges and universities to make health insurance available at a reduced cost. Finding the money to purchase and carry the insurance every month can be tough, but it is possible.

Instructions

1. Register for student health insurance. Becoming a student doesn't automatically mean that you have health insurance; most colleges and universities simply market student health insurance for companies. You must obtain the enrollment documents and submit them to the insurance company once they are filled out.

2. Add insurance premiums to your student bill. Some colleges and universities allow you to put your insurance coverage charges on your student bill or account. This makes it easy for you to get them covered by scholarships, financial aid or the monthly payments you make to the institution to pay for you tuition and fees. Note that only the premiums for health insurance will appear on your student account, not the charges incurred seeking medical treatment using your insurance.

3. Use refunded scholarship or financial aid money. If you qualify for a scholarship, grant or student loan, you may get some of that money back if you have more aid available than what it costs to go to school. Health insurance is considered a school expense so you can use money from Pell Grants and student loans to pay for it. However, schools generally don't release the excess scholarship or financial aid money you have until the middle of the semester, which means you may need to find additional ways to pay for the first or second month of coverage until you get your refund money.

4. Talk to your parents. They may also volunteer to put you on their health insurance plan instead since this may save money. Most insurance plans make it possible for children to remain on their parent's plan until they are 23, if they are in college full-time.

Tips & Warnings

• Age is one of the reasons why health insurance is less expensive for college students than working adults. Chances of needing medical care and treatments is relatively low since most college students are at an age when their bodies have no diseases or problems. Get a part-time job. There are a number of different part-time jobs both on-campus and off-campus which you can use to make the money you need to pay your health insurance.

• Not having health insurance can ruin you financially and even force you to declare bankruptcy.