By Daily Record Staff
Posted: 6:37 pm Wed, August 1, 2012
A new pilot program that will allow large universities to directly provide health coverage to their students at a lower cost was announced Wednesday by Gov. Andrew M. Cuomo.
The program is the result of legislation he signed last week. The four universities that are eligible to self-insure are the University of Rochester and Columbia, Cornell and New York universities.
?Many colleges require students to have health insurance so that they are protected in case of illness or injury,? Cuomo said. ?While many students are covered by their parents? health insurance, other students have to purchase coverage, which can be a burden for families already dealing with tuition and other costs.?
State Insurance Law does not permit a New York institution to self-fund a student health plan without a license to do business as an insurance company. As a result, an institution must purchase a policy from an insurer, or incur the costs of becoming a licensed insurance company.
A group of large universities approached the Department of Financial Services to explore how to make comprehensive insurance available to their students directly in order to make the coverage more affordable by reducing administrative and risk costs. Working together, the Department and the schools developed the bill. It permits self-funding of health plans by universities with strong endowments because they have the ability to provide financial security to such health plans.
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Source: http://nydailyrecord.com/blog/2012/08/01/cuomo-announces-college-health-insurance-pilot/
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