The new year is fast approaching and with it comes the necessity to make your health insurance selections for next year. What you and many others might not be aware of is the new changes in your current benefits and out of pocket expenses that these changes in the coming year will bring, depending on your medical plan selections.

Students and young adults should expect to see changes that will cover them under their parents’ health care plans. This will include those who have been previously denied coverage for pre-existing medical conditions and will help them to absorb this cost. All young adults who are currently uninsured up to age 26 will now be eligible for coverage under their parents as well and this change will help create a safety net for younger adults in upcoming years.

Flexible spending accounts will also be affected. Under the current arrangement tax free dollars can be used for just about any medical expenses however under the new plan, beginning in 2011, flexible spending accounts can no longer be used for over the counter medications unless they are prescribed by a medical doctor and by 2013 all medical savings plans will have a cap of $ 2,500.

Adults with pre-existing health conditions and previously uninsured for a 6 month period, will become eligible for health insurance through the creation of high risk pools, scheduled to start in 2011. All children, beginning in 2011, will be covered under these new laws being put into place.

The health care system as we know it will begin to see some noticeable changes over the new few years. While many of these changes are scheduled to begin in 2011, there are many others changes expected to go into effect and actual benefits to be received beginning in 2014. However, expect the rise in health care premiums to start long before the year 2014 time frame. These changes will cost everyone more, but more people will benefit by being covered by health care insurance. During times of high financial stress, these changes will not be welcomed by many, regardless of who benefits or looses by these changes.

Any health insurance is better than having none at all. Reliable health insurance for students is a big help to making it all the way to finishing.

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