Did you know that health insurance for college students is mandated by law? While not all college students can afford healthcare, colleges still expect every student to enroll in a healthcare insurance plan or to prove that they are already covered by a private healthcare insurance plan. Many students believe that they are in good health and do not require healthcare insurance coverage.
However, being in college means that they are prone to engaging in risky behaviors and playing high-risk sports. Moreover, auto accidents and other fatal incidents are common and may lead to serious injuries that may lead to hospitalization. This is why we have compiled this guide to provide health insurance tips for college students.
Assess Eligibility for Subsidy
The Affordable Care Act has provided millions of Americans with subsidies to ensure that healthcare is affordable. It is advisable to conduct research to determine whether you are eligible for a government subsidy to help you attain affordable healthcare insurance. However, you need to ensure that you meet the qualification criteria. If you unexpectedly earn more than the threshold, you may end up paying back a portion or all of the subsidy costs. It is important to speak to a licensed agent to find out more.
Cheap Doesn’t Mean Quality Healthcare Insurance
Choosing your healthcare insurance plan based on how cheap because it could end up costing you more than you have bargained for. For instance, you may be liable for out-of-pocket costs that you may need to pay in addition to your monthly premiums should you find yourself needing hospitalization. As a result, it is important to consider buying an additional plan that can substitute your plan.
A Catastrophic Plan May Be an Option
People that are under the age of 30 have an array of medical plans that may be more affordable. Moreover, these plans can run on a month-to-month basis. While these plans can meet the requirements for healthcare coverage as per health care reform law, they do not include government subsidies to help pay for them. These types of plans are ideal if you cannot afford stronger healthcare coverage, and you need an emergency backup plan. However, you may be liable to pay deductibles in an emergency, so be sure that you will be able to afford one should you find yourself in such a situation.
Consider Parent Healthcare Insurance Plans
The Affordable Care Act gave people that are below the age of 26 years the option to stay on a parent’s healthcare insurance plan. This plan covers young people who live away from home or eligible for employer-sponsored healthcare insurance. The advantage of using this option for your healthcare needs is that your parents will be liable for the full bill, and you have access to premium coverage options. However, there are certain limitations such as losing coverage should your parents lose their jobs. Additionally, your privacy may be compromised because your parents will have access to your medical history. As a dependent, you don’t need to worry about the application process because your parents do everything on your behalf.
The Bottom Line on Healthcare Insurance
There are many reasons why college students need to take healthcare insurance seriously. For instance, emergency medical care and expenses may come up at any point in time. This can be stressful if you live in another state away from home. As a college student, it is important to ensure that you stay informed about the benefits of or changes in healthcare insurance coverage. Besides, failure to comply with the mandated healthcare insurance laws may subject you to penalties.