Two weeks ago Congress passed, and President Barack Obama subsequently signed into law, a bill designed to overhaul the health insurance industry. Most of the coverage of this law has focused on the politics of the passing; some have dealt with real world impacts; almost none have focused on the specific impacts to college students.
Beyond politics, this law will directly impact college students.
Major changes
In 2014, insurance companies will no longer use health status to determine insurance premiums. Additionally, every citizen must have health insurance, like car insurance works now.
Many of the largest changes include:
-Insurers will no longer be able to place lifetime or annual caps on health care payouts.
-Insurers will no longer be able to drop people when they become sick because of earlier, unrelated health problems.
-The government will monitor insurance premiums and not allow insurance companies to significantly alter or increase these amounts.
-Tax subsidies will be available to help individuals and families afford insurance.
-Medicare and Medicaid will be significantly expanded.

Overall, costs to consumers for insurance will not rise. The Congressional Budget Office said by 2016, the law will result in almost no increase in premiums for people with employer-sponsored health insurance. For individuals buying from the marketplace, premiums may go up, but will qualify for federal subsidies.
Healthy college students tend to have low health care costs. Additionally, dependent, full-time college students are typically covered by their parents’ health insurance.
Students not falling under their parents’ plan typically receive low-cost health insurance through their college, according to the Chronicle of Higher Education. Students will now have access to health care through the health insurance market.
However, young Americans remain one of the largest populations of uninsured Americans. Thirty percent of young adults do not have health insurance.
As colleges will no longer spend resources on health care, some, including the American Council on Education, are hopeful that a decreased burden on state budgets to support student health insurance will free up resources for public higher education. A White House Office of Management and Budget report found that health care spending diverts significant resources away from higher education, including financial aid.
Coverage until age 26
Starting in September, young adults will be able to use their parents’ insurance until they turn 26, if their policy covers dependents. Currently, most policies either end dependent coverage at the age of 18 or extend coverage only to full-time undergraduates. Current students will no longer need to maintain full-time status to keep health insurance. Students preparing to graduate who do not yet have employment or who plan to continue their education will not need to worry about finding health insurance until they find a job with benefits.
Pre-existing conditions
Also in September, insurance companies will be prohibited from denying children coverage because of pre-existing conditions. For adults, the same protection will become active in 2014. Until then, the federal government will establish “high-risk” pools of insurance for adults with pre-existing conditions. These will be heavily subsidized and will likely cost around $6,000 annually for an individual. Students with pre-existing conditions who graduate and turn 26 before 2014, or whose parents do not have a policy that covers dependents, will need to participate in this pool until 2014.
Insured students cannot be dropped from an existing policy if they get sick. Insurance companies also cannot impose lifetime limits on coverage.
Health insurance exchange
To provide access to health insurance, beginning in 2014, each state will establish exchanges, or marketplaces, through which uninsured people can buy individual coverage. Similar to reforms in place in Massachusetts, the exchange will make it easy for individuals to compare plans. In theory, this marketplace will encourage insurers to provide the best possible rates and coverage to consumers. Tax credits will be guaranteed to consumers, allowing them to purchase health insurance.
Insurance Mandate
Also in 2014, the law will require all Americans to have health insurance through an employer, a government program such as Medicare or Medicaid, or by buying it directly through the exchange. An estimated 32 million individuals currently without coverage will obtain it through the new law. As a result, 95 percent of Americans will be covered.
Student loan reform
The new law makes the federal government the provider of all student loans, beginning July 1. Private lenders can continue offering student loans under a competitive bidding system.