Bukaty Blog

College students need insurance to stay protected.

Make insurance #1 on the back-to-school list

Authored by Bukaty Companies on August 22, 2019

Parents can’t always protect their children who are away at college, so insurance is an important safety net. Three affordable insurance options can provide peace of mind for worried parents and the protection college students need.

Health insurance

Other than staying on their parent's health insurance, students have several coverage options.

Tax credits
Students can apply for an individual plan in the state where they attend school, and depending upon household income, a premium tax credit could help reduce monthly premium costs. Students not claimed as dependents should always apply on their own, but if the student is under 21 and living with parents, household income for the student and parents must be reported on the application.

Catastrophic coverage
Lower-cost catastrophic coverage is also an option for adults under 30. These high-deductible plans provide financial protection against extreme medical bills in the event of serious injury or illness. The plans are considered qualifying coverage, but there are no subsidies available.

University coverage
Some universities offer student health plans that provide affordable coverage, however, plans vary, so always verify the plan benefits.

Renters insurance

Dorm and apartment living are practical housing choices for students, but theft and property damage are commonplace. Renters insurance covers personal property such as televisions and laptops, and it provides personal liability protection in the event of injury or accident.

It’s possible for parents to add renters insurance to their homeowner’s insurance policy. However, there are temporary, stand-alone renters policies designed for students in dorms or apartments. These policies will prevent parents from filing a claim on homeowners’ insurance if something were to happen to a child’s property.

Auto insurance

Some parents consider removing their child from the family auto insurance if they will not have a car at school. However, auto insurance not only protects the car, it protects the individual on the plan. The protection extends to driving someone else’s car or getting injured as a passenger. Because of the protection it offers, it is worth the extra cost for the extra piece of mind.

Additionally, students who do have auto insurance and take their vehicle to school should report their relocation to the insurance company. Reporting will help secure accurate ratings for the location, which could raise or lower the monthly cost.

If you have a student heading off to school and want to be sure they have proper coverage, call Bukaty Companies today at 913.345.0440.

Blog Category: Insurance

BUKATY PODCAST

Episode 5: The future of employee benefits

Listen to this podcast and discover how employers are utilizing online benefit management platforms to save valuable time and money. Employees love the ease and convenience an online system has over traditional paper enrollment. It’s a win-win for all!

Episode 7: Management training is more important than you realize

Don't leave your managers untrained and unprepared. This episode explores the importance of training your company leaders and how it can be detrimental to your business if you don't.

Episode 6: A benefits package for all ages

Rather than limit your company to an outdated one-size-fits-all benefit package, explore customized, generationally based benefit options for your employees. Each generation has different benefit preferences and Bukaty has the technology and benefit lineup to cater to their needs.

Episode 5: The future of employee benefits

Listen to this podcast and discover how employers are utilizing online benefit management platforms to save valuable time and money. Employees love the ease and convenience an online system has over traditional paper enrollment. It’s a win-win for all!

Episode 4: The power of data analytics

Data analytics can serve as a powerful cost-containment tool for your organization's benefit program. Done right, analytics can illuminate the origin of high health care costs and opportunities for improvement. This episode will examine what it means to analyze data and how a proper analysis can benefit your business.

Episode 3: Understanding reference-based pricing

Reference-based pricing has become a popular strategy to control employer health care costs. Listen to this episode to gain a greater understanding of how this cost-saving strategy can lower reimbursement amounts and overall health care spending.

Episode 2: Busting narrow network myths

Narrow network plans can sound restrictive, but the reality is these plans are a valuable option for many groups. They have the potential to offer up to 20% savings on employee health insurance. 

Register for the Webinar