Insurance in Grad School

[Kate22192]

Hey all,

I'm not sure if this is in the right area, so bear with me. I'm currently working, saving up money while applying for SLP grad school. The goal is to have 20k + in the bank by the time it would start, and using that money to pay rent for 2 years while applying for loans to cover tuition. My question is this....how do you handle health insurance in grad school? In this situation, I would have way too many assets in the bank to apply for Medicaid or any insurance through the online marketplace. Private insurance is astronomically expensive. 

How does one handle this situation? 

[kyjin]

You should be able to get health care via your university. Student health care packages aren't always the greatest insurance, but it should be enough for basic needs. (Dental and eye may be additional.)  Depending on your funding package, this may be included. (Most PhD programs with full funding will cover this.) 

[Kate22192]

I'm only applying to 4 master's level programs and it seems only one offers insurance. About $3000 per year. The others do not.

[TakeruK]

Are you on a ACA/Obamacare/Marketplace plan right now? When I signed up for one, there was no check of assets in the bank---the decision was based on annual income. Since you would be a full time Masters student, your income will probably be low enough to qualify (assuming that you aren't also working full time in a high paying job!). Costs and qualification vary from state to state---in California, a decent "Silver" marketplace plan will cost about $3000 per year (without any tax subsidies). You could pay less than $100 per month if your income is low enough though. Alternatively, you could opt for a lower level of coverage that will really only help you if you get a giant hospital bill (otherwise you will be paying almost full price for every visit or pharmacy outside of the mandated ACA coverage).

I would consider health insurance as a required expense, similar to rent. If you don't have benefits from your school or any future job, then can you take out a loan that covers this cost, or could you find a place with lower rent so that you can afford insurance?

[Kate22192]

Hi TakeruK, 

I'm currently still on my father's plan (still young enough) but won't be for too much longer. That has been my thought, that the ACA coverage doesn't take assets into account. My concern NOW is the genuine reality that our new President might start dismantling that. So I feel like I can't really bank on it anymore. I was considering swapping over NOW to my employer's insurance and hopping off of my father's, because if I leave around next August, COBRA would be an option. Found out today though that COBRA for my employer's insurance is over $600 a month and that's just not doable while living on literally no income in grad school..

[Humulus_lupulus]

I had a really weird thing happen regarding insurance. I was dropped off my assistantship after I defended, but I am still employed part-time in my lab. No assistantship means no paid-for insurance. I signed up for one credit hour as an "undergraduate or lifelong learner," and paid for health insurance under that student status. I ended up dropping the course because of financial reasons, but I am still allowed to stay on the insurance because I already bought it. So, I'm signing up for a class again next semester, so I can buy student insurance, then I will drop the class. Maybe something like this could help you?