There are several types of student health insurance policies available in Arkansas. These include:
- Through your college or university: Your school may offer an affordable student plan, either its own or from an insurance company.
- Your parents’ insurance plan: By law, you can stay on their plan until you’re 26.
- Health Insurance Marketplace plans: You can buy plans that comply with the Affordable Care Act (ACA) through the federal Marketplace.
- Medicaid or the Children’s Health Insurance Program (CHIP): No- or low-cost health insurance is available through Access Arkansas based on your age and income.
- Catastrophic health plans: If you’re under 30, you can buy a lower-premium, high-deductible plan that covers serious accidents or illnesses.
- Short-term health plans: You can get short-term plans that cover up to 364 days initially and are renewable for a total of 36 months.
- Job-based health plans: If you’re working, your employer may offer medical insurance.
How Do You Get Covered Through the Affordable Care Act in Arkansas?
If you qualify, you can buy an ACA-compliant individual plan through the Arkansas state-based exchange, which uses the federal Health Insurance Marketplace for eligibility and enrollment functions. Plans are also available off-exchange from insurers, certified agents, and brokers. The Arkansas Health Insurance Marketplace (AHIM), part of the Arkansas Insurance Department, manages the health insurance exchange’s state-based side.
Your parents can add you to their plan during the annual Open Enrollment Period, from November 1 to January 15. If you miss that period, you can still be added if you qualify for a Special Enrollment Period in situations like losing other health coverage.
The Marketplace plans run month-to-month, so you can get coverage for less than a full year.
You may want to buy a policy on your own. If you’re eligible, you could lower your out-of-pocket costs with subsidies such as an advanced premium tax credit (APTC) or cost-sharing reductions (CSR) available with specific Marketplace plans. About 88% of Arkansans applying for these subsidies qualify for APTCs. If you buy ACA plans outside of the Marketplace, you lose access to subsidies.
Medicaid provides coverage to Arkansas residents with low income or disability through the Arkansas Department of Human Services’ Division of Medical Services.
In 2014, Arkansas expanded Medicaid under the ACA to cover nearly all nonelderly adults earning under 138% of the federal poverty level. The state uses the federal money it receives for Medicaid expansion to help buy private insurance for those individuals.
The expansion was initially called a “private option,” but it’s now known as ARHOME.
If you’re under 19 and you or your family earn too much for Medicaid, you may qualify for Arkansas’ Children’s Health Insurance Program (CHIP), called ARKids First. If you’re not sure whether you’re eligible, call (888) 608-1541 for help. Eaton Agency has agents available to answer questions about qualifications and enrollment into student health plans.
