The benefits provided through college health insurance plans vary from one institute to the other. Although the popular belief is that many wrongly assume that these services are for free.
Although consultations and checkup will not be charged in anyway, the individual has to bear expenses like lab tests or consulting a specialist.
If services are availed at the health center of the college, the insurance will usually cover the expenses and nothing is paid by the student. But, if a specialist outside the campus is consulted, the coverage goes down and a high deductible is usually necessary. If the student suffers from any preexisting problems, these are not covered if treated even at the college campus health center. Although treatment can be availed, the expenses need to be borne by the student themselves.
It also poses way for fresh trouble as any illness that arises as a complication of the preexisting illness is also not covered by the college health insurance plan. The premium towards short-term health insurance will differ from one company to the other and might be anywhere in the range of $25 to $100. This also depends on the benefits provided by the company and on the deductibles that starts off at $250 and can go up to $5,000. The payout provided by these policies are also quite modest and will be somewhere in the range of one to two million.
The coverage will be provided for particular short periods of time and may vary from a month to three months. Some policies will even provide coverage for around six months although none of these policies might be for more than a year.
Consider these tips:
- Decide on a plan. Do you want to offer your employees a fully insured plan in which you pay everything, or a minimum premium plan in which your employees pay to a certain amount and you pay the rest?
- Shop around. It’s the most often used piece of advice because it’s important. Choosing any random business health insurance provider could be as disastrous as going bungee jumping…without the bungee. Find several small business insurance providers that specialize in your kind of business, and get quotes from each of them. Before you commit, do some research. Checking out their financial solidity with an independent ratings company.
- Don’t be a stranger. Your small business health insurance agent will be able to offer you loads of useful, money-saving advice. If you take care of your employees, they’ll take care of you, and your business! Start by getting affordable health insurance for your small business.