Reply to Medical power of attorney and need for auto insurance before DC begins college?

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[quote=Anonymous][quote=Anonymous]First time going through this process. Veteran parents - did you have a medial power of attorney done before you dc went to college?  Any other legal matters that should be taken care of before my dc goes to college in the fall?  Also, DC will not have a car at school-should I take DC off auto insurance during school months (need to save $ wherever we can).[/quote]

We never did anything about power of attorney before our DD went to college a few years ago. What would be the purpose of this...? Maybe if you explain your thinking on that one I will understand more, but it seems like overkill to me.

Just make sure their medical insurance is in order and your child has the card and understanding of what to do if he/she needs to use insurance. Make sure the health center at school takes your insurance or determine what the process is for this. You might be able to purchase a health plan through the school,  but it might not be necessary and may be more expensive. Just review your policy and see what is best. The other important item is your child's bank account. Determine what is the best approach for convenience and less expensive in terms of related fees. We chose to use an online banking account for our DD as it was easier and more cost efficient (no ATM fees and easy for her to transfer money, etc. It's just what worked for us - every family will decide what is best.). Obviously, with the bank account will come the discussion of the budget and expectations of handling expenses (are you giving an allowance? How much each month? What are you expecting them to pay for? Etc). Our DD has a credit card through us, but she has to pay the bill. She uses it semi-regularly, but she knows she has to pay for it out of her allowance. If she goes over then the money comes from her savings. If you haven't already been teaching your child about budgeting now is the time they need to learn...

As for the car insurance we essentially removed her from the policy when she was at school. She was on the policy, but was termed inactive (or something like that - can't remember exactly). We confirmed that she was covered when she was home for vacations, etc. (I think she was covered is she drove for less than a month). We saved $1300 by doing that! She was put back on the plan for the summer months she was home. Talk with your insurance company about the best plan of action. It's definitely worth removing them from the plan for the time they are at school and not driving. Just make sure they will be covered when they are home for holidays and weekends.[/quote]

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