Governor announces the launch of new health insurance pilot program
New York Governor Andrew Cuomo has announced a new pilot program that aims to provide college students with affordable health insurance coverage. The pilot program targets major universities with large numbers of students in attendance. Currently, four universities have been identified as participating in the health insurance pilot program. These institutions are Columbia University, Cornell University, New York University, and the University of Rochester. If the pilot program is successful, it may establish the framework for a future health insurance system for students.
Program aims to provide students with affordable health insurance
The program is part of legislation that Governor Cuomo signed into law late last week. Through this legislation, the program has been enabled to provide comprehensive health insurance coverage to students through their representative universities. The policies made available to students through the program are designed to be affordable, accounting for the various financial issues that many students face. Governor Cuomo notes that the health insurance pilot program may be a welcome initiative to students who are finding it difficult to comply with a university’s requirements that its students have health insurance coverage.
State universities work with Department of Financial Services to draft bill
New York universities worked with the state’s Department of Financial Services to create the bill that would launch the health insurance pilot project. The legislation allows these universities to self-fund student health insurance plans as long as they have a license to act as an insurance company. Universities that act in such a manner are subjected to the regulations that govern the state’s health insurance industry. Only universities with the financial security to account for the risks apparent in the health insurance industry are allowed to participate in the pilot program.
Pilot program may set up a foundation for future insurance system
If the health insurance pilot program is successful, it may establish a foundation upon which to build a more expansive health insurance system for students. Such a system would aim to provide students with access to affordable health insurance coverage without adding undue financial burden to the schools that participate in such a system.
For more insurance news headlines.