Obamacare for Part-Time Students: Understanding Your Health Insurance Options

If you’re a part-time student, you may be wondering how the Affordable Care Act (ACA) affects your health insurance options. Here’s a breakdown of what you need to know:

ACA Marketplace Plans: An Option for Part-Time Students

The ACA Marketplace is a government-run website where you can shop for health insurance plans. If you don’t have health insurance through an employer or a government program like Medicare or Medicaid, you can get coverage through the Marketplace.

What are the pros and cons of applying for an ACA Marketplace plan now?

Pros:
You may qualify for a subsidy to help pay for your premiums.
You’ll have peace of mind knowing you’re covered in case of an accident or illness.
Cons:
You may have to pay a monthly premium.
Plans may not cover all the specific services you need.

Medicaid: A Potential Option for Low-Income Students

Medicaid is a government health insurance program for low-income individuals and families. If you’re a part-time student with low income, you may qualify for Medicaid.

What are the pros and cons of applying for Medicaid?

Pros:
Medicaid is free or low-cost.
Medicaid covers a wide range of health care services.
Cons:
Medicaid can have strict eligibility requirements.
Medicaid may not be available in all states.

COBRA Coverage: Extending Your Employer’s Plan

COBRA (Consolidated Omnibus Budget Reconciliation Act) is a law that allows you to continue your employer’s health insurance plan for a limited time after you lose your job. If you’re leaving your job in 2018, you may want to consider COBRA coverage.

What are the pros and cons of COBRA coverage?

Pros:
COBRA coverage will continue your existing health insurance plan.
For 18 months, you can keep the same coverage with the same rates.
Cons:
COBRA coverage can be expensive.
You may have to pay the full cost of your premiums.

Important Dates to Keep in Mind

December 15, 2017: Deadline to apply for Marketplace coverage that starts in 2018.
January 1, 2018: Start date for new Marketplace coverage.
February 15, 2018: Deadline to file your taxes and claim the premium tax credit.

Seeking Professional Help

If you’re not sure which health insurance option is right for you, it’s a good idea to talk to a licensed health insurance agent. They can help you understand your options and choose a plan that meets your needs.