One of the many things COVID taught us is the importance of insuring tuition. And if tuition insurance isn’t purchased before the semester starts, your student may not qualify for coverage.
We are fortunate enough that the CEO of College Parents of America is also the CEO of GradGuard tuition insurance, which paid COVID and other claims. College Parents of America includes $5,000 of annual tuition refund insurance within our annual paid memberships.
If you’re thinking about buying tuition insurance, review the potential illnesses that could cause a medical withdrawal. Then, double check with the insurance provider you choose or have to verify coverage.
The list below of common causes for withdrawing from a semester is based on data from the 2020 American College Health Association annual survey of more than 15,000 students.
Psychiatric Condition
Over 20 percent of students surveyed suffered severe psychological distress. There are a range of psychiatric conditions that could lead to a medical withdrawal such as severe anxiety, depression, or bipolar disorder. As with any condition, pre-existing conditions don’t disqualify students.
Serious Accident
If an accident is serious enough to warrant a medical withdrawal, tuition insurance may cover them. About 10 percent of students surveyed experience an orthopedic injury and less than 1 percent experience a traumatic brain injury.
Chronic Medical Condition
Chronic conditions complicate the decision to attend college. Students want to live as normal a life as possible, but the possibility of losing tuition due makes it a difficult decision for family finances. Luckily, these students still qualify for insurance. If your student is one of them, they are not alone in this dilemma. One percent of students reported having cancer at some point in their lives, and 2.5 percent reported heart conditions. Over 3 percent had high blood pressure and over 2 percent have diabetes.
Drug and Alcohol Addiction
Unfortunately, drug addiction is fairly common among college students. While 1 percent report having a drug addiction, about 2 percent feel they are in recovery. Alcohol is the highest used substance. Half of students had a drink in the last two weeks. Almost 15 percent of student who had a drink in the last 30 days and are drivers, drove with alcohol in their system in the month before the survey.
Cannabis is next. A third of cannabis users who are drivers drove within 6 hours of using the substance. Other drugs used include hallucinogens, prescription stimulants, and cocaine.
Bottomline
Like health or life insurance, tuition insurance protects your finances in case of something unforeseen happen, even if it’s from a pre-existing condition. Purchase tuition insurance before the next semester begins. Don’t expect payout if your student drops out of a semester if the condition isn’t deemed serious enough by a mental health or other medical professional to warrant a medical withdrawal. When in doubt of what’s covered and how much, refer to the policy statements provided by your current or potential insurance provider.
