College Healthcare Considerations

College is often a person's first foray into the world of adult independence. 17-and 18-year-olds move away from their parents or caregivers and assume the responsibility of getting to class on time, eating meals, and going to sleep at a reasonable hour. In this transitional period, parents balance providing support with giving their children room to grow. Summer shopping lists may have included all of the equipment that will be needed to outfit a dormitory room -  refrigerator, computer, sheets, and towels. As your student settles into their new routine this fall, we encourage you to turn your attention to some financial planning considerations.

Emergency Medical Planning

Receiving a call about an accident involving their child is many parents' worst nightmare, especially if medical care is needed. In that situation, parents want to do everything they can for their child to serve as their advocate. However, if their child has reached the age of majority, their abilities may be limited. The age of majority in most states is 18 - coinciding when many young adults begin college.

To ensure you can serve as your child's advocate in case of an emergency, we suggest you consider creating a HIPAA authorization, medical power of attorney, durable power of attorney, any state-specific healthcare forms and Family Educational Rights and Privacy Act (FERPA) waiver / authorization. While your estate attorney can help you draft these documents, many are available online for free if you search on Google using your child’s state of residence.

Health Insurance

Obtaining health insurance as a college student can be a complex situation to navigate — and we're here to help. In the below case study, our partner Gallagher HFP discusses how they helped a client walk through the complex decision of acquiring healthcare coverage for a dependent.

As always, we encourage you to reach out if you have any questions.