The day the kids head off for college is full of mixed emotions.
You’re proud their moving on; you wish they wouldn’t leave – that’s the boilerplate, though loving reaction of most parents. Likewise, we suspect, many suffer the guilty pleasure of breathing easier – finally, they’re moving on and you’ve got your life back. Trust us, it’s OK to feel this way, although the kids don’t really need to hear about it.
No matter how your emotions are ping-ponging, keep in mind that there’s still serious parenting to do. They’re out of the house, but they’re still your responsibility and will be for some while. Among the ways you’ll need to keep supporting your kids – advice and hard cash will likely top the list – insurance should not be forgotten. There’s three key varieties of insurance that can protect your college-bound children, and you, from the common risks of youth.
Item number one is health insurance. We doubt you’ll need any convincing: youth may be a time of hale health, but accidents can happen – as a parent, you’ve been primed to face this danger since day one. Medical bills following a major accident or illness can be crushing; indeed, they’re the leading cause of bankruptcy in America. At the least, plan on providing your child with a catastrophic care policy.
Under the provisions of the Affordable Care Act, college students can remain on their parent’s health insurance until age 26 – that should take them well through business school or any other, less useful graduate program (we admit bias here). Additionally, universities often have their own plans for students, so you’ll have a nice range of options to consider.
A solid car insurance policy will be needed if your kids have wheels, and when they’re ready to move out of the dorm, renters insurance is a must.
For more information, please read:
Three Types Of Insurance Your College Student Must Have | Forbes