As a full-time student, health insurance is essential. Doing so can help you avoid unexpected medical bills and other related costs.
For students seeking affordable health insurance, there are a variety of options. These include college-sponsored plans, spouse’s or employer sponsored plans and individual ACA plans.
Student Health Plans
As college students embark on their fall semester, they face a host of challenges. They must adjust to living away from home, make new friends, and navigate campus while also focusing on their studies.
Accessing affordable health insurance can help students avoid the high costs of out-of-pocket medical expenses and give them peace of mind that they will receive quality care if they become ill. That is why many colleges require their full time students to participate in a Student Health Plan.
As a Wellesley College student, you are automatically enrolled in the Student Health Insurance Plan provided by Blue Care Network (BCN). You can access BCN providers online or in person at their office.
Spouse’s Health Plans
Spouses often obtain health insurance through their spouse’s employer, but that may not always be the best option. Many employers don’t provide plans for spouses and some charge a spousal surcharge.
Before selecting a health plan, it’s essential to comprehend the costs and weigh other benefits like deductibles and out-of-pocket limits. Additionally, review your options with your spouse in mind, ensuring both of you have access to the same doctors.
If you have an employer-based health insurance plan, combining it with your spouse’s can reduce out-of-pocket expenses. However, keep in mind that a quarter of employers charge a spousal surcharge which could negate any savings you might have experienced by switching to family health insurance.
Employing a spouse on your employer-based plan can help lower the cost of premiums and streamline paperwork each year. It may also offer added peace of mind if you’re expecting a child.
Employer-Sponsored Plans
Employer-sponsored plans are the most common way Americans obtain health insurance. Also referred to as group plans, these policies tend to be more cost-effective than individual-purchased coverage since employers pool their costs together.
Students who are working while in school may be able to find an employer-sponsored plan that meets their needs at a reasonable price. Many businesses, such as Chipotle, Costco, Lowes and REI offer their employees health coverage at subsidized rates.
Another option is to remain on your parents’ health insurance until you turn 26. However, keeping this coverage may result in higher premiums if you decide not to change.
Students who have aged out of their parents’ health insurance may want to consider a student-sponsored plan or individual ACA plan. Furthermore, those with lower income levels can qualify for government subsidies that reduce premium costs.
Individual ACA Plans
The Affordable Care Act’s requirement that individual market plans cover essential health benefits (EHB) makes it possible for most Americans to get comprehensive coverage at a relatively low cost. EHBs include ambulatory patient services, emergency care, hospitalization, maternity and newborn care, mental health/substance use disorder treatment, prescription drugs, rehabilitative and habilitative services, laboratory services and pediatric services.
The best ACA-compliant student plans offer low annual and lifetime benefit maximums, along with strict cost sharing parameters like uniform deductibles, copayments and rates of coinsurance for specific services. These features enable students to better manage their healthcare costs in the face of unexpected expenses like illness or injury.
Students who file their own tax returns can access subsidies for health insurance through the Affordable Care Act marketplaces based on their expected income. However, if your parents claim you on their return, the combined income of both of you is used to determine if you qualify for a subsidy.
1 Comment
Comments are closed.