How to Student Health Insurance. Depending on your health insurance coverage, your college student may “age out” when they leave your house to attend college or grow old enough to not be covered under your family health insurance plan (sometimes at 18 or 21 years of age, both while still in college!). If this happens, your college student needs to have health insurance. Medical bills are the #1 reason for personal bankruptcy in the United States and even though your college student may think they are invincible, as their parent or guardian, you have to take a responsible stand and watch out for their future. Here are some steps to buy health insurance for your college student.