Legal analysis: According to the relevant provisions of the current laws and regulations in China, the consequence of college students not paying medical insurance is that they can't reimburse hospitalization expenses when they get sick. College students pay medical insurance voluntarily, and they can choose to pay or not to pay medical insurance according to their own conditions.

Legal basis: Article 27 of People's Republic of China (PRC) Social Insurance Law. Individuals who participate in the basic medical insurance for employees will not pay the basic medical insurance premium after retirement and enjoy the basic medical insurance benefits according to the provisions of the state if they reach the statutory retirement age and the accumulated payment reaches the fixed number of years stipulated by the state. Those who have not reached the fixed number of years prescribed by the state may pay the fees to the fixed number of years prescribed by the state.