Is it okay for students to pick the cheapest insurance plan?

This is kind of a trick question. The cheapest monthly premium plan usually translates to the highest out-of-pocket costs and the skinniest list of benefits. For example, a $200 monthly premium may carry a $7,000 deductible — that is, the student pays the first $7,000 of medical care before insurance kicks in — whereas a $550 per month plan may have a $2,000 deductible. 

I think the most important thing for students is to align their plans with anticipated needs. In addition to any known needs, it’s generally a good idea to make sure students have good options to address anxiety, mental health issues, pharmaceutical needs, and emergency room visits, as these services have higher-than-average utilization for college students.