The Affordable Care Act (ACA), also known as Obamacare, has had implications for employers and insurers across the United States. The ACA has also had a major (and for many institutions), mostly negative impact on the insurance policies for colleges and universities. As a result, many institutions have already made a move to an ACA exempt plan for their international students. Here’s why.
1. Less Headaches with an ACA Exempt Plan
Since the ACA was passed into law in 2010, the entire healthcare industry has been impacted by nearly constant uncertainty, legislative tweaks, and legal challenges. The upheaval continues in 2017 with the inauguration of our new President who has campaigned on the promise to drastically overhaul the ACA. What all of this means is that the ACA marketplace has been a challenge to navigate and will continue to be so. Instead of having to closely monitor and adapt to the ongoing changes to the ACA, schools can offer their international students an easy to navigate and appropriate plan in a model exempt from the ACA.
2. Not All Benefits Are Useful for International Students
ACA Compliant plans include many types of coverage that don’t necessarily apply to international students; for example, how many international students are going to get their prostates checked? Not only do ACA plans include many inconsequential coverages that drive up plan cost, but on the flip side, they also lack key benefits that international students need. Medical repatriation, evacuation, and 30 day extended coverage are all examples of why a custom ACA Exempt plan including these benefits will better fit the unique needs of international students.
3. An ACA Exemption Will Save Your International Students Money
Providing unnecessary benefits like the ones included in ACA plans will raise the costs of an insurance plan. Many international students come to the US on a tight budget; there is no reason to force them into an expensive coverage that doesn’t meet their needs. That’s another reason why pursuing an ACA exempt plan makes sense for many students.
4. A Private Plan May Be Less Complex
As a participant in the US health care delivery system, you know US health insurance is complicated! As providers are becoming more accustomed to the implications of the ACA, prices are rising and coverage is becoming more difficult to understand and navigate. Imagine being a foreign student using English as a second language while needing some type of medical assistance—an ACA plan is too much for them to handle. High deductibles, coinsurance amounts, out-of-pocket limits, narrow networks, and high monthly premiums… A specialized health insurer offering customized plan designs and service to international students is the only way to ensure a school’s international students are well taken care of during their stay in the US.
If you want to discuss more regarding your insurance options or to understand more about the ACA exempt options available for your international students, you can always get in touch with LewerMark by phone, email, or online live chat.