Obama care has given quite a few benefits to people working their way through college via the Affordable Care Act otherwise known as ACA. Insurance is an expensive option for no matter who is applying for it. According to Dr. Jim Davis, a director and Vice President for Student Services said there are 4 terms students need to be aware of:
· Premium: the upfront cost you pay to be a member of an insurance plan.
· Deductible: an upfront cost after the premium, but before the insurance kicks in. For example if an individual pays a $1000 for a premium and the same individual has a $250 deductible. This means that if this person goes out and breaks their arm, or some other infirmity, they will have to pay $250 to meet that cost before their insurance will consider a charge.
There are also high deductible health care plans, which can range from $2,500 to $10,000 deductible. This keeps you insured, but you will have to pay that deductible before the insurance will consider a charge.
· Co-pay: is having insurance and meeting the deductible. But still having to pay a co-pay with every visit to a health care center. Co-pays are used as a deterrent to basically deny health care and keep premiums low. is how you are denied health care because you have to pay equivalent to deductible
Co-insurance: say you generate a $100 charge at the Dr’s office and there is 20% co-pay, you will still have to pay $20 of that charge. It is the insurance company’s way of sharing the cost with the person being insured. These are ways to keep the premium low by making it so you don’t use your insurance.
Given the case many of us are counting down the days until we have to have insurance on the 15th, here are a few guidelines students can follow:
· If you are not 26 or married, stay on your parents insurance, it’s cheaper and will allow you to use your money for whatever other purposes needed.
· If you need insurance, you could use the student subsidized insurance, which is relatively affordable.
· If you make less than $7,500 and you need insurance you can apply for Medicaid to receive coverage that way.
The student insurance plan costs around $105, but this can vary based on income and you can apply for a subsidiary, depending on the rate of income. Another avenue, mentioned by the insurance coordinator Katelyn Richins at Utah State, was Boadbent Financial located behind Sam’s Club.
“The first rule of insurance is you can’t get something for nothing,” Davis said.
Most of our health care is provided by tax payers. ACA has changed the nature of insurance, but unfortunately none of those changes have come free.
