After reading the student health insurance article in the Nov. 14th Mirror, I realized that I should provide some clarification. The landscape of healthcare reform is changing rapidly. The list of challenges goes on and the uncertainty continues. But here is what we do know: All adult citizens – including college students – must have health insurance as of 2014, as mandated by the Affordable Care Act.
Students have the ability to obtain insurance coverage under a parent’s existing plan, or by buying coverage on their own from an insurance company or through the newly created marketplace exchanges found at www.HealthCare.gov. Lakeland, in partnership with the Wisconsin Association of Independent Colleges & Universities (WAICU), a consortium of 22 private colleges in Wisconsin, is providing an option to its students to secure this required health insurance.
In order for us to offer these insurance plans at a low rate, we are required by the insurance company to have all of our students either enroll in the plan or provide proof of other health insurance. In order for the insurance company to provide such comparatively low rates, there must be as many students as possible in the pool across the state to “spread the risk”. There are currently 2,500 students in Wisconsin who are enrolled in this plan, paying about $117 per month for good medical coverage. (Incidentally, Lakeland does not receive any of this premium; the insurance is provided by a separate company.)
Some students may want to forego insurance completely and instead pay the tax penalty of $95 for not complying with the federal law. First of all, the penalty for an individual will increase to $695 for the 2015 tax year. The penalty in 2016 will likely exceed the cost of an annual insurance premium. Secondly, going without insurance is a dangerous gamble. One visit to the emergency room, or any type of illness that requires more than cursory medical treatment, can easily cost more than an annual insurance premium.
We want students to obtain their degree, and that requires students to be healthy. This plan is designed to be affordable for college students while allowing them to seek a doctor’s help when they come down with a virus, counseling while battling depression, or to identify a potentially lifelong health concern. Without insurance, your options are to avoid medical care, seek it and find yourself saddled with thousands of dollars of debt, or pray that you never need medical care.
For more information about the plan offered by Lakeland in partnership with WAICU, the marketplace exchanges, or any other questions you may have, please contact Lisa Stephan ([email protected]).