Managing your budget as a college student can be tricky—especially if you don’t have a steady job and are not earning regular income. Paying for health insurance probably isn’t top on your list of priorities, but you might be surprised to learn how easy it is to find coverage.
If you are no longer on your parents’ health insurance plan and don’t have to purchase through your college (some colleges require students to buy coverage through them) or you don’t qualify for Medicaid, you might be eligible for a low-cost plan through BeWell.
Here are five things you should know as you browse and compare insurance plans.
1. Most types of student financial aid don’t count as income.
The key factor here is the term earned income. When you apply for health insurance, you’ll enter the amount of money you earned from a full-time or part-time job, as shown on the W-2 you get from your employer.
Money you get in your financial aid package, such as student loans, grants, scholarships and fellowships typically do not count as earned income.
There are a few exceptions, such as earnings from a work-study position or cash stipends that represent payment for services. A BeWell Certified Assister can guide you through the steps for free to determine your income.
2. Your household size is the number of people you claim on your tax return.
It might be just you as a single individual, or it might include your spouse and children. If you live with roommates, they are not considered part of your household because you wouldn’t claim them on your tax return. This assumes your parents are no longer claiming you on their taxes.
Related reading: BeWell Plans for Individuals & Families
3. If you’re married, you and your spouse can apply for BeWell coverage separately.
There are several different health insurance options for married college students:
- You can both enroll in separate plans through BeWell
- You or your spouse can join an employer-paid insurance plan from one of your jobs if offered through that employer
- One of you can join an employer-sponsored plan while the other enrolls in a marketplace plan
Often, employee-sponsored plans are a great choice for individuals and families. A BeWell Certified Assister can help you compare your options to find the most cost-effective choices.
4. International students on an F1 visa can qualify for a plan through BeWell.
You can apply for health insurance through BeWell if you:
- Are a resident of New Mexico
- Have no access to employer-sponsored coverage, Medicaid or Medicare
- Are lawfully present, which means you have a valid Social Security number, F1 Visa or other immigration documentation
Keep in mind this status applies only to students who hold an F1 visa. It does not apply to dependent spouses and children living in the U.S. on an F2 visa.
Related reading: Can You Get Health Insurance on an F1 Visa? Answers to FAQs
5. You might qualify for a reduced-cost or no-cost health plan.
BeWell is the only place where you can qualify for financial assistance and subsidies to lower the cost of your monthly health insurance premiums. This can include tax credits and cost-sharing plans.
If your income is between 100% and 400% of the federal poverty level (FPL), you can qualify for premium tax credits. Additional financial assistance is available for Native Americans who are members of a federally recognized tribe.
Help Is Just a Click or Call Away!
BeWell Certified Assisters across the state can help connect you with affordable and reliable health insurance. Connect with us at any time:
