Affordable Care Act

Dear JSU Student,

As the Affordable Care Act (ACA) rolls out across the country, students are asking what affect will this law have on me. The Affordable Care Act, commonly known as Obamacare, seeks to make insurance easier to compare and buy and by creating online marketplaces in each state. Individuals can compare plans and purchase the package that works best for them.

Below are the Health Insurance options that are available to students:

1.    Your Parents

Students can remain under their parent’s health insurance until they turn 26 (even if married).

2.    Student Health Insurance Plan

Some Colleges and University are offering a comprehensive school-sponsored plan that meets ACA requirements from outside insurance companies. Students interested in enrolling in a comprehensive plan should email the following information to deanofstudents@jsums.edu Name, J#, classification, e-mail address, and telephone number.

3.    The Exchange (Marketplace)

Also known as the marketplace, this a key feature of the ACA. Shop online to find the right health insurance plan for you. (See Open Enrollment information below)

4.    Medicaid and CHIP

If you can’t afford insurance, and your income is within the state mandated range, you may be entitled to Medicaid or the Children’s Health Insurance Plan.

5.    Other Private Insurance Plans

There are a variety of options available to students in the private market. Catastrophic coverage is a popular option for adults under 30 years of age.  The plan is less expensive and generally provides coverage for major events such as hospitalizations or surgery.

There are pros and cons to each of these options, and it’s important to carefully assess your options before you make a decision. Prices and benefits vary widely.

If you decide not to get health insurance, you or your parents may be assessed a penalty.  The Affordable Care Act mandates that most people have insurance. However, individuals who earn less than approximately $10,000 annually are exempt.  Most college student falls into this category.  However, if you are claimed as a dependent, the penalty is based on your parent’s income.

 *OPEN ENROLLMENT

The Open Enrollment period for 2015 coverage is November 15, 2014 to February 15, 2015.

If you haven’t enrolled in coverage by then, you generally can’t buy Marketplace health coverage for 2015 until the next Open Enrollment period for coverage the following year.

If you’re enrolled in a 2014 Marketplace plan, your benefit year ends December 31, 2014. To continue health coverage in 2015, you can renew your current health plan or choose a new health plan through the Marketplace during the 2015 Open Enrollment period.

If you don’t have health coverage during 2015, you may have to pay a penalty.

Learn more about the ACA at:

www.healthcare.gov

www.healthcare.gov/young-adults/college-students/