Students may have more to worry about than just midterms this month.

For those students who are uninsured and between the ages of 19 and 64, March 31 becomes an important date to remember.

According to the IRS, the individually-shared responsibility provision in the Affordable Care Act states that each person is to have minimum essential health coverage for each month, qualify for an exemption or make a penalty payment when filing their federal income tax return each year. 

If students younger than the age of 26 are still bundled with their family insurance, they do not need to make a decision on health care on March 31. 

However, if students are not housed under their family’s insurance, or are older than the age of 26 and uninsured, there are other options for health insurance available to them.

Amy McCoy of the Iowa Department of Human Services, said there are certain eligibility standards in order to qualify for insurance programs.

These programs, “would apply across the board for people from 19 to 64,” she said. Those not insured under their parents might be eligible.

There are student insurance plans through the university available for students who are currently registered for one credit hour or more.

“This is a student insurance plan that is a fully insured plan through Aetna, that the university has offered for a number of years,” said Michael Otis, director of the ISU human resource services department.

If students are not covered by their parents, there is also an option to buy insurance on the exchange. Typically students would need to buy an exchange out of their home state, Otis said.

Aetna is a health insurance company that provides a wide variety of health insurance services. It currently serves about 22 million medical members, as stated on its website. 

According to the Aetna website, buying health insurance on the exchange allows health insurance marketplaces the ability to facilitate the purchase of health insurance in every state of the United States in accordance with the Affordable Care Act.

The ISU human resource services website stated that enrollment for the insurance exchanges for those eligible began on Oct. 1, 2013 and ends on March 31, 2014.

“There are different plans and periods available for people after the March 31 deadline. It all comes down to the eligibly requirements under the program,” McCoy said.

That doesn’t mean there won’t be a cost imposed by the government. For those who choose to remain uninsured, a penalty will be added when it comes time to file tax returns for the following year.

“It starts out as a $95 penalty and goes to $695 for the next year when they file taxes, for those who remain uninsured,” Otis said.

In order to avoid the penalties, being qualified as exempt or buying health insurance are the only ways to skirt around it.

Students should look at enrolling and having the coverage they need to evaluate the opportunities that exist and the options that exist for them for coverage.

When it comes to the many insurance plans students can choose, options range from plans under the Affordable Care Act, buying health insurance on the exchange, to utilizing the health insurance provided by the university, students “need to explore both alternatives,” Otis said.