What Are The Health Plan Options for College Students?

As you are setting up your mind and getting ready to take admission in your college do not leave or drop health insurance plans of your priority list because health is wealth and an essential aspect of human life. Availing health insurance may become simpler as well as affordable than before and may not become difficult like yesteryears before the advent of Obamacare. College students have a number of healthcare options to choose from the health insurance marketplace and exchanges. Some of the plans offered to college students and young adults are Medicaid, school health plans, catastrophic plans, and plans of their parents.

How are healthcare insurance plans based or determined?

Health insurance plans for most of the young school or college going students, as well as young adults, are based on the filing of income tax, employment as well as income tax status. Many people qualify for cost-benefit or cost assistance on the Medicaid plan or Marketplace based on how they file income tax with or without their parents. Cost assistance is provided to students based on their level of household income shown on their income tax return file. The Obamacare marketplace offers CHIP or Children’s Health Insurance Program to students who file income tax with parents and Medicaid plan to those who file income tax without their parents.

Ways for qualifying or choosing health insurance plans for college students.  

Some of the ways to qualify for health insurance plans may be discussed in-depth for better understanding.

1. i) Student healthcare plans or policies – Many institutions and colleges offer student health care insurance plans. Premium costs are teamed with other college-related expenses like tuition, so student loans can easily help pay for the insurance. A student health insurance plan is a great option for older students who are no longer eligible to remain on their parent’s plan. Moreover, healthcare plans offered by institutions may have more scope of coverage.

1. ii) Medicaid healthcare plans– Opting for Medicaid health insurance plan is a wise decision. The plan provides low cost or free medical care programs. It is a smart option for students going to schools and colleges as well as for young adults. The Medicaid health insurance plan can provide with the cheapest healthcare option.

iii) Coverage under Catastrophic health plans– Anyone or any person under 30 years of age are eligible or can purchase a catastrophic health care plan. With low rates of premiums and relatively high deductibles are quite helpful for protecting and saving the owner in worst conditions or scenarios. These plans are for people of any age or under 30 and provide special exemptions including affordability as well as hardship.

1. iv) Parent’s healthcare plan– The Affordable Care Act states that a health insurance service provider extending medical insurance coverage to children are liable to provide health insurance benefits to an adult child if he or she is not married and has not yet attained an age of 26 years.

Students, as well as young adults, can shop for or purchase health care insurance plans in the stipulated time frame Open Enrollment Period or OEP every year to carry on with the healthcare benefits.