Category: ACA

Are you required to get Obamacare?

4/3/2017

Q. What is PPACA (ACA) otherwise known as “Obamacare” ?
A. The Patient Protection and Affordable Care Act, which many people refer to as the “Obamacare” is the healthcare reform that President Obama introduced in March 2010 and implemented in 2014.

Q. Do I need to have a ACA plan as an international student?
A. This plan is not required by all. The ACA plan only applies to those who are U.S. citizens, permanent residents and resident aliens. Once you are an F, M, Q or J visa holder, you may be exempt from being treated as a resident alien.
Exempt Individual - Who is a Student
A student is any individual who is temporarily in the United States on an "F, " "J, " "M, " or "Q " visa for the primary purpose of studying at an academic institution or vocational school, and who substantially complies with the requirements of that visa.
http://www.irs.gov/Individuals/International-Taxpayers/Exempt-Individual-Who-is-a-Student

What are the statutory exemptions from the requirement to obtain minimum essential coverage?
Income below the income tax return filing requirement. Your income is below the minimum threshold for filing a tax return. The requirement to file a federal tax return depends on your filing status, age and types and amounts of income. To find out if you are required to file a federal tax return, use the IRS Interactive Tax Assistant (ITA).

http://www.irs.gov/uac/Questions-and-Answers-on-the-Individual-Shared-Responsibility-Provision (Refer to item 6.4)
You may also speak with a school advisor to find out if your school requires its international students to have an ACA plan.

Q. What if I am an international student who has been in the U.S. for more than five years?
A. If you are an international who has been in the U.S. for more than five years, you may no longer be exempt.

When a Student is Not Exempt
You will not be an exempt individual as a student if you have been exempt as a teacher, trainee, student, Exchange Visitor, or Cultural Exchange Visitor on an "F, " "J, " "M, " or "Q " visa for any part of more than 5 calendar years, unless you establish to the satisfaction of the IRS that you do not intend to reside permanently in the United States, and you have substantially complied with the requirements of your nonimmigrant status.
http://www.irs.gov/Individuals/International-Taxpayers/Exempt-Individual-Who-is-a-Student

http://www.irs.gov/uac/Questions-and-Answers-on-the-Individual-Shared-Responsibility-Provision (Refer to item 6)

Q. If I do not need to have an ACA plan, what plans should I apply for?
A. As a full time international student, you are eligible to purchase our student insurance plans, which can be found from our website, www.isoa.org.

Q. If I am on OPT, what plans am I eligible for? Are we required to have the Obamacare plan?
A. As an OPT visa holder, you are still eligible to purchase our plans such as the OPTima Basic Plan and OPTima Enhanced Plan. You may be required to purchase an ACA plan if you are in the US for more than 5 years and/or your income is above the minimum threshold for filing a tax return. For more details regarding your status, please speak with a tax consultant for refer to the link below.

https://www.healthcare.gov/exemptions/

Q. If I am not exempt but decide not to purchase an ACA plan what will happen?
A. Most likely you will have to pay a penalty. The penalty is calculated one of 2 ways- percentage based or a flat dollar amount. If you don’t have insurance that qualifies as minimum essential coverage you'll pay whichever of these amounts is higher:

For more information, please refer to the IRS website:
https://www.irs.gov/affordable-care-act/individuals-and-families/aca-individual-shared-responsibility-provision-calculating-the-payment

Q. If I want to purchase an ACA plan, where can I obtain it?
A. If none of the exemption fits your visa status, you may visit HealthCare.gov to select a plan that is most appropriate for you. Or, you may consult with a tax advisor, in order to avoid being penalized when filing for tax.

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How to select the most affordable health care plan

10/4/2013

1 Comment

By: Beatrice Liu

Health Insurance 101: if you think you are paying too much, you probably are!

If you are an international student, enrolling in a health insurance is as important as selecting the right classes for your major. Yet, with so many health insurance providers out there, it can be hard to decide on which one to choose, especially as the premium for health insurance becomes more costly.

To most first time insurance buyers, they are only interested in two things, the premium and the coverage. Many international students have very little knowledge when it comes to health insurance, and they often think the university’s plan is their only choice when it comes to selecting a plan. However, there are companies such as ISO Student Health Insurance that provides comparable plans with an affordable premium that’s only a portion of the school’s price.

Domestic Students vs. International Students

According to a recent Wall Street Journal article, “A Cure for Student Health Woes?” the average cost of student insurance plans is increasing on an annual basis. The annual cost of health insurance in public universities was $2,031 for the 2012-13 school year, a 9% increase from a year earlier. In private universities the cost of a similar insurance plan was $2,229.

Under the new Obama health care plan (ACA), American students have a more affordable alternative for their insurance. They can choose to continue being insured under their parents until age 26 or under their employee insurance if they have a job.

International students, on the other hand, may not have this choice. Some international students are automatically enrolled in the school’s plan and often do not have the option to waive out of it. Given the face that international student neither have parents who are insured in the U.S. or have a valid working status, many will be stuck with a huge insurance bill.

How to select the most affordable insurance plan?

In the U.S., in order to be considered a full time international student in school, most universities require their students to enroll in a health insurance plan. Some schools are going even mandating the purchase of the school’s own (and often more expensive) insurance plans.

As a result, ISO aims to create comparative plans that will not only meet the school’s requirements but also help international students to take a huge chunk of financial burden off of their back. For most foreign students, saving a few hundred dollars or more on their health insurance can have a huge impact on their lives and the lives of their family members abroad.

Living thousands of miles away from home can be a scary thing, especially when you don’t have a safety net to fall back on. Therefore, it is essential to choose an insurance that will both meet the requirements from your school and not put a hole in your wallet. There are many comparable plans out there and ISO Student Health Insurance is already ready to assist international students in finding the most affordable plan!

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Are you required to get Obamacare?

How to select the most affordable health care plan

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