SHARINGBEYOND.COM, What You Need To Know About Health Insurance for Students – This time, we will share you about health insurance for students.
Dependent college student under 26
If you live in the same state as your parents, you can be included in your parents’ application. On the contrary, if you do not live in the same state, then you will have two options. First, you can apply for coverage but your parents will stay on their plan. If you choose this one, then you need to review the document carefully. Make sure that the plan covers can be delivered to the state where you study.
For the second choice, you can apply yourself in the state where you go to study. If you do this, then you need to be careful in enrolling the plan, which can meet all your needs in that state. There are some important things, which you need to take a note.
You will still be included in the tax household having by your parents. This condition applies even though you are applying separately. The income you have will still be counted as Marketplace savings put its base in expected income for all tax household members. It is not for the only one who needs.
There is a possibility that the cost for your plan as well as your parents’ plan might get reduced. It is by the reduction of premium tax credit and also extra savings based on overall household’s income. If you move to other place, then you might still be eligible for Special Enrollment Period. This option allows you to enroll outside the yearly Open Enrollment Period.
Dependent college student at or over 26
Basically, the option you have will be the same to the above. One change on this situation is that you need to choose separate plan. It is because you are already 26 years old. You will need to fill out the separate application with the saving based on your income, not your parents’ anymore.
For a tip, if you are asked whether you have health coverage, you can answer No even if you have one. Planning to drop it when you enroll yourself in Marketplace plan may give you more advantage. As an addition, student who does not have health insurance may have to pay certain fee. There is no special exception. Last information about health insurance for students, you need to have qualified health coverage or pay the penalty on the next federal tax return.