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When you start college, you’re still an adolescent. This means that, while you are an adult in most legal senses, you are bound to have some blindspots. One of the most common blindspots in adolescence is called invincibility syndrome.

The basic definition of invincibility syndrome is that you have not yet accepted death as something that is relevant to you. It is difficult to plan for a future in which you may not be healthy because of this. Which is why many students do not see much need for insurance.

That’s not to say there’s no rationale behind it. You’re less likely to be diagnosed with a life-threatening illness or to suffer serious damage in an accident. As such, you may think that health insurance is an unnecessary expense. If you fall ill, you’ll simply pay for health care out of pocket.

Unfortunately, this can lead to major financial trouble. College students need insurance, as there is always risk of something going wrong.

Let’s take a look at the different kinds of insurance you may need, along with the reasons you should get health insurance.

Types of insurance for college students

If you’re a driver, you need to get insurance even if you are driving a cheap vehicle. Regardless of whether you insure your own car, you need third party insurance in case you hurt someone else.

You should also consider life insurance. This may surprise you, as you probably don’t have any dependents. However, if you have student loans, the debt will fall on your parents or closest relatives if something happens to you.

You don’t need to get expensive whole life insurance. There are other options, too. For instance, term life insurance will cover you for ten to thirty years, depending on your preference. Term life insurance only covers you for a fixed period of time, after which your policy lapses. It is generally more affordable, even for college students.

It is perhaps easier now to see why you need these kinds of insurance than health insurance at such a young age. After all, the above expenses cannot simply be covered by spare cash. They could eat up your savings (or your parents’ savings) and leave you in debt. If you get the flu or sprain an ankle, however, is it really such a big deal?

The US healthcare system

If you’ve never had to pay for your own health care before, you are going to be confronted by an unpleasant reality the first time you do. A visit to the doctor in and of itself is expensive, even if they do not prescribe treatment or medication. If you do need treatment or medication, you will end up paying far more than you could have possibly expected.

This is because of the way the US healthcare system works. Unlike in other countries, our healthcare system is almost completely subject to the free market. Healthcare providers can therefore price products and services at extremely high margins.

This works in other industries, as people unhappy with high prices will simply turn to other solutions. But when you need a specific medication or treatment, you have no choice but to pay whatever the provider charges. Because of this, the average American spends $5,000 more on health care each year than in any other developed nation.

Part of the reason this is possible is because Americans have insurance. Without insurance, you can be left in debt after treatment for a relatively minor issue.

Chronic and critical illnesses

You don’t just need health insurance because health care is expensive. If you are diagnosed with an illness that is chronic in nature, you will have to spend money monthly just to stay healthy. For example, a person diagnosed with diabetes will have to pay for insulin.

If you’re diagnosed with a critical illness like cancer, you will have huge bills on your hands. Cancer treatment is incredibly expensive everywhere in the world, and you will not be able to afford it with savings or the income you are earning from a part-time college job. You may also not be able to work due to the illness.

The unfortunate reality is that you can get a major chronic or critical illness at any age, even if it is less likely the younger you are. You need health insurance to cover the costs in a healthcare system that is already more expensive than anywhere else.