HEALTH INSURANCE

Unlike many other colleges, health insurance is not mandatory for Baruch students. However, all matriculated CUNY students, who are registered for 6 credits or more, are eligible for medical/hospital coverage under Group Health Incorporated (GHI). For information on the benefits offered by the GHI/CUNY Student Health Insurance Program please refer to the website at GHI/CUNY Student Health Insurance.

Student Health Insurance 101 (Thanks Wikipedia!)

How do I choose the right Health Insurance plan?

All insurance plans are not created equally. Select a student health insurance plan that caters to your health needs, and offers the most benefits with the lowest out-of-pocket expenses. For example, an insurance plan with prescription coverage may not be of value to you and conversely, a plan without prescription coverage will be useless and a waste of your money. Look for insurance plans that offer low deductibles and a low percentage of co-insurance.

What do all of these insurance terms mean?

Our friends at Wikipedia have done a great job of outlining the key terms used in health insurance and explaining their meaning. Having knowledge of the jargon will make you better equipped to make the best decision when choosing a health insurance plan so take note!

Premium: The amount the policy-holder pays to the health plan each month to purchase health coverage.

Deductible: The amount that the policy-holder must pay out-of-pocket before the health plan pays its share. For example, a policy-holder might have to pay a $500 deductible per year, before any of their health care is covered by the health plan. It may take several doctor's visits or prescription refills before the policy-holder reaches the deductible and the health plan starts to pay for care.

Copayment: The amount that the policy-holder must pay out of pocket before the health plan pays for a particular visit or service. For example, a policy-holder might pay a $45 copayment for a doctor's visit, or to obtain a prescription. A copayment must be paid each time a particular service is obtained.

Coinsurance: Instead of paying a fixed amount up front (a copayment), the policy-holder must pay a percentage of the total cost. For example, the member might have to pay 20% of the cost of a surgery, while the health plan pays the other 80%. Because there is no upper limit on coinsurance, the policy-holder can end up owing very little, or a significant amount, depending on the actual costs of the services they obtain.

Exclusions: Not all services are covered. The policy-holder is generally expected to pay the full cost of non-covered services out of their own pocket.

Coverage limits: Some health plans only pay for health care up to a certain dollar amount. The policy-holder may be expected to pay any charges in excess of the health plan's maximum payment for a specific service. In addition, some plans have annual or lifetime coverage maximums. In these cases, the health plan will stop payment when they reach the benefit maximum and the policy-holder must pay all remaining costs.

Out-of-pocket maximums: Similar to coverage limits, except that in this case, the member's payment obligation ends when they reach the out-of-pocket maximum, and the health plan pays all further covered costs. Out-of-pocket maximums can be limited to a specific benefit category (such as prescription drugs) or can apply to all coverage provided during a specific benefit year.

Capitation: An amount paid by an insurer to a health care provider, for which the provider agrees to treat all members of the insurer.

In-Network Provider: A health care provider on a list of providers preselected by the insurer. The insurer will offer discounted coinsurance or copayments, or additional benefits, to a plan member to see an in-network provider. Generally, providers in network are providers who have a contract with the insurer to accept rates further discounted from the "usual and customary" charges the insurer pays to out-of-network providers.

What about International Students? (Advice from isoa.org)

International Students have to be especially careful about choosing the right health insurance plan. While most of the medical benefits he/she seeks will be the same as a resident student, international students should seek plans that also provide coverage for medical evacuation and repatriation. For more information on International Student insurance, please go to www.isoa.org.