Premiums for Student Health Insurance Plan coverage are on the rise
Students at the University of Nevada, Las Vegas, (UNLV) are facing growing health insurance premiums. Those that receive coverage through the school’s Student Health Insurance Plan, which provides policies for undergraduates, may be facing rate shock, as premiums continue to climb significantly. Growing premiums are forcing some students to seek coverage through the state’s health insurance exchange, which is designed to serve as an alternative to conventional insurance markets, allowing consumers to find affordable coverage.
Average premium for coverage reaches $1,945
Premiums for those with Student Health Insurance Plan coverage have grown from an average of $1,000 to $1,945. Premiums differ depending on students and their medical conditions. Those with chronic conditions tend to pay more for their insurance coverage. Focus of study may also affect the cost of insurance coverage, as nursing students are paying an average of $1,736 for their health insurance policies after the rate increase.
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Some students are now relying on the state’s health insurance exchange
For some, the cost of coverage through UNLV is rising so dramatically that they have to find policies through the state’s exchange, called Nevada Health Link. The insurance marketplace offers policies that are less expensive than coverage through the Student Health Insurance Plan, with some policies boasting of premiums of $700 or less. Moreover, students may have access to federal subsidies, which can further decrease the cost of health insurance policies sold through the state’s exchange.
Younger students could remain on the coverage plans of their parents
Younger students may be able to receive coverage through the policies of their parents who have employer-sponsored coverage. They will be able to stay on their parent’s insurance plan until they are 26, which means that they will not have to face the full brunt of the financial pressure associated with having their own health insurance policies. This is not an option for all students, however, and they may need to do extra work to find policies that they are able to afford while also juggling the financial aspects of attending university.