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What’s the Minimum Coverage for a Student?
Turning 18 means taking on a lot of responsibilities for the first time, and buying your own insurance is a big part of that. The Affordable Care Act made health insurance mandatory, and if you don’t hold a basic minimum level of coverage, you could face a fine when you go to file your 2016 tax return. Luckily, we have the info you need to avoid that fine and find a health insurance plan that you can rely on, but first, let’s go over a few of the different types of health plans that meet the new requirements.
If you have one of the following, you currently meet the requirement:
- An individually purchased healthcare plan
- Insurance provided by an employer
- University insurance
- The Children’s Health Insurance Program or “CHIP”
- Medicare Part A or Part C
- Most forms of Medicaid
- Coverage under a parent’s plan
- Coverage offered by volunteer groups
- State high-risk pools
Can a Student Receive Coverage Under their Parents’ Health Plan?
You may have noticed “coverage under a parent’s plan” up there, and it wasn’t a typo. Under the Affordable Care Act, you can receive coverage under a parent’s health insurance plan until your 26th birthday. This coverage does meet the minimum coverage requirements, but it doesn’t stop you from purchasing your own insurance.
Can Students Get a Penalty for Not Having Health Insurance?
Once you turn 18, you’ll be responsible for the penalties associated with not having sufficient healthcare. In 2015, the fee constituted 2% of your income or $325 per person – whichever is higher – so be sure to take advantage of the 2016 Open Enrollment period to secure an affordable plan.
Young adults are eligible for a large number of exemptions and subsidies, so you could pay less than $100 per month for your health insurance.
How Do Students Apply for Obamacare?
Applying for Obamacare is as simple as visiting the healthcare marketplace at healthcare.gov, comparing healthcare quotes, and buying. There are a wide range of options available to accommodate any budget or lifestyle, and if you have any questions, don’t hesitate to give us a call at 877 892 6506 today.
The 2016 Open Enrollment period will begin on November 1st, 2015 and run until January 31st of 2016. If you miss this opportunity to purchase insurance through the healthcare marketplace, you may still qualify for the Special Enrollment Period if you’ve experienced a qualifying life event such as an addition to the family, marriage, or divorce.