In many regards, the last thing students worry about is their health. Despite this, unforeseen accidents and illnesses are just as expensive for students as they are for everyone else. So, if you're a student having some sort of health insurance is a good idea--for both your health and your financial future.

Student Health Insurance Options

There are several health insurance options that students can take advantage of:

Stay on your parent's policy. Many plans allow you to continue coverage on your parents' policy. Every plan is different, so your parents will have to call to find out for sure. Some plans won't allow dependent children to remain on the policy as a full-time student, others may have age limitations. If you are going to school in an area outside of your parent's managed care network, you'll have to find an alternative solution.

Student Health Plans. Many universities and colleges have student clinics, often with notoriously poor or inadequate capabilities. If you have more serious health concerns, this probably won't suffice. Additionally, these institutions frequently offer student health policies utilizing local hospitals and practitioners. This is usually an affordable option.

Short-Term Health Insurance. These policies are a low-cost way to get catastrophic coverage. You can find plans that offer coverage from 30 days up to 1 year. If there are no claims during that period, you can sometimes extend coverage. This is a good option if you don't have much time left in school, are waiting to start a job or plan to travel abroad. If you have a standard policy or are on your parent's policy, check if it will cover you while traveling.

COBRA. If you are still in school once you reach the age of 25, or if you decide to take a year off from school after the age of 18, you will very likely be kicked-off your parents' policy. You can take advantage of COBRA legislation to continue the coverage you had under your parents for a limited period of time. However, short-term or catastrophic coverage could be more economical.

Get an Individual Policy. If all else fails, you can always get an individual policy. An HMO policy is a very affordable way to go, and some HMOs may offer student discounts. If you're not concerned about check-ups, then getting a high-deductible catastrophic plan to help in the event of a major accident or illness is another cheap option. If you decide on a high-deductible plan, then keep in mind its never to early to start saving with an HSA.