The Back-To-School Insurance Checklist Every Parent Should Have
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As your children head back to school this fall, insurance is probably the last thing on your mind. However, having proper insurance coverage for you and your children should be a key factor in your back-to-school preparedness. Whether your children are preparing for their first day of kindergarten or heading off to college, here are insurance policy reviews and updates you need to consider.
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The Back-To-School Insurance Checklist Every Parent Should Have
- 2. HEALTH INSURANCEHEALTH INSURANCEHEALTH INSURANCE By keeping an active health insurance plan, families can provide children with regular checkups and care without breaking the bank.
- 3. Does my family’s health insurance plan provide sufficient coverage? Are my college-bound children still covered under my health insurance? IS IT TIME TO REEVALUATE YOUR HEALTH INSURANCE COVERAGE? ASK YOURSELF THESE QUESTIONS: IS IT TIME TO REEVALUATE YOUR HEALTH INSURANCE COVERAGE? ASK YOURSELF THESE QUESTIONS:
- 4. Consider the Children’s Health Insurance Program (CHIP). The standards for eligibility varies across states. Find out more about your state’s requirements. An estimated 8.1 million children have been enrolled in CHIP as of 2014. WHAT IF YOU CAN'T AFFORD HEALTH INSURANCE FOR YOUR KIDS OR NEED SUPPLEMENTAL COVERAGE? WHAT IF YOU CAN'T AFFORD HEALTH INSURANCE FOR YOUR KIDS OR NEED SUPPLEMENTAL COVERAGE?
- 5. Coverageunderparents' plan. If your plan covers children, they can usually be added or kept on a parent's health insurance policy until they turn 26, even if they're married and don't live with you. HEALTH INSURANCE OPTIONS FOR COLLEGE STUDENTS UNDER AGE 26 HEALTH INSURANCE OPTIONS FOR COLLEGE STUDENTS UNDER AGE 26 Studenthealthplans. Many colleges and universities offer student health insurance plans. The premiums and plan features vary widely from school to school.
- 6. Medicaidcoverage. Medicaid is a combined state and federal program that provides coverage to people with limited incomes, disabilities, and difficult family situations. Some states are expanding the program to cover all adults below a certain income level. Find out if you or your child qualifies. HEALTH INSURANCE OPTIONS FOR COLLEGE STUDENTS UNDER AGE 26 HEALTH INSURANCE OPTIONS FOR COLLEGE STUDENTS UNDER AGE 26
- 7. DISABILITY INSURANCE Before you pass on disability insurance, consider this: more than half of working Americans couldn’t go one month without their income before financial difficulties would kick in. DISABILITY INSURANCEDISABILITY INSURANCE Ifyouhaveschool-agechildren,howwould theybeaffectedifyoucouldn'twork?
- 8. The cost of back-to-school essentials is staggering and keeps increasing, according to the 9th annual Backpack Index survey: 2015 average for elementary school student supplies: $649 2015 average for middle school student supplies: $941 2015 average for high school student supplies: $1,402
- 9. Thecostforcollegestudentmaterialsis oftenevenhigher. If you assume responsibility for your children’s school expenses and are unable to work due to a disabling illness or injury, you may face financial difficulties sooner than expected.
- 10. Disability insurance can provide peace of mind if the unthinkable happens and you are unable to work and provide financially for your family. Learnmoreabouttheessentials ofindividualdisabilityinsurance.
- 11. HOMEOWNER'S INSURANCEHOMEOWNER'S INSURANCEHOMEOWNER'S INSURANCE Are your children going off to college? If so, now is the perfect time to review your homeowner’s insurance policy.
- 12. Does your student live in a dorm, but maintain your home as their primary residence? Your homeowner's insurance policy may cover their possessions in the dorm room or their car.
- 13. Some policies limit coverage for personal possessions to 10% of total coverage for personal property. If your homeowner’s policy provides $100,000 worth of coverage for your belongings, only $10,000 would cover the belongings your child takes with them to school. THINGS TO KEEP IN MINDTHINGS TO KEEP IN MINDTHINGS TO KEEP IN MIND
- 14. The average renter owns about $20,000 worth of personal property. It’s likely your child’s possessions may exceed a value of $10,000. If so, it’s important to consider renter’s insurance. THINGS TO KEEP IN MINDTHINGS TO KEEP IN MINDTHINGS TO KEEP IN MIND
- 15. Although it’s inexpensive, many college students and their parents don’t consider renter’s insurance. Findoutmoreaboutwhatitcovers, howmuchitcostsandwhattolookfor inaterrificpolicy.