Spinoff thread: Medical school health insurance

[RespectTheChemistry]

Hi -

I was reading on the med student forum about residency/fellowship insurance.

Do Residents Typically Receive Subsidized Health Insurance?

If not, what does the coverage typically look like, and how bad are the premiums as compared to Obamacare Marketplace premiums, COBRA on a parent's policy, etc.?

forums.studentdoctor.net

I have a few health problems. Nothing major, but I spend a lot of money on healthcare, mostly because I take a lot of medications.

I am over 26 so my parents' insurance isn't an option, unfortunately.

What is the health insurance quality like in med school?

Thanks!

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[LizzyM]

Some schools, like Miami, will have a ton of information available online:

Student Health Insurance | Student Health Service | University of Miami

Student Health Insurance | Student Health Service | University of Miami

studenthealth.studentaffairs.miami.edu

Others, such as Jefferson, will offer just the cost of the premium (around $5K for the year! quite a bargain) without any details regarding deductible and copay.

The cost of health insurance is built into the cost of attendance so you've got that covered. Not so sure what happens if you need to cough up $5,500 out of pocket for deductible and copays (that's a maximum).

 

[RespectTheChemistry]

Some schools, like Miami, will have a ton of information available online:

Student Health Insurance | Student Health Service | University of Miami

Student Health Insurance | Student Health Service | University of Miami

studenthealth.studentaffairs.miami.edu

Others, such as Jefferson, will offer just the cost of the premium (around $5K for the year! quite a bargain) without any details regarding deductible and copay.

The cost of health insurance is built into the cost of attendance so you've got that covered. Not so sure what happens if you need to cough up $5,500 out of pocket for deductible and copays (that's a maximum).

Thank you! 🙂

I am a nontrad and trying to maintain a nest egg for out-of-pocket healthcare costs. (Re: the bolded)

 

[FrostedMooseFan]

While I don't know what every state allows, in many states, if you are a single, unemployed >26 year old then you're entitled to Medicaid. This is kind of messed up for a number of reasons, but income from student loans is not considered income. As such, medical students are effectively earning $0 (or close to it if you work a bit on the side). So you are likely eligible for Medicaid. Even if it feels a bit strange, definitely look into this because unlike school insurance plans, Medicaid often has much better coverage. At least that was the case for me. It also is free. Something to consider.

 

[RespectTheChemistry]

While I don't know what every state allows, in many states, if you are a single, unemployed >26 year old then you're entitled to Medicaid. This is kind of messed up for a number of reasons, but income from student loans is not considered income. As such, medical students are effectively earning $0 (or close to it if you work a bit on the side). So you are likely eligible for Medicaid. Even if it feels a bit strange, definitely look into this because unlike school insurance plans, Medicaid often has much better coverage. At least that was the case for me. It also is free. Something to consider.

Thank you for letting me know!

 

[SooConfused]

Hi -

I was reading on the med student forum about residency/fellowship insurance.

Do Residents Typically Receive Subsidized Health Insurance?

If not, what does the coverage typically look like, and how bad are the premiums as compared to Obamacare Marketplace premiums, COBRA on a parent's policy, etc.?

forums.studentdoctor.net

I have a few health problems. Nothing major, but I spend a lot of money on healthcare, mostly because I take a lot of medications.

I am over 26 so my parents' insurance isn't an option, unfortunately.

What is the health insurance quality like in med school?

Thanks!

What kind of coverage do you have now? If you have medical issues, the student health plans might not work for you, because they are geared to relatively healthy young people. The coverage is kind of bare bones, and the premiums are high for what they offer.

Contrary to what @LizzyM is saying, I don't think $5K/yr with a $6K/yr. out of pocket maximum is such a great deal for young person for a plan that has lots of exclusions, since you are always responsible for uncovered expenses if you go out of network for treatment.

As @FrostedMooseFan suggests, Medicaid might be an option, depending on the state. I'm not sure all states will make that available when there is a student plan available that you can borrow to pay for as part of your COA, and it also might limit the types of treatment you are eligible to receive, and where, since everyone doesn't accept it. But it will certainly be very cost effective if you are eligible.

 

[RespectTheChemistry]

What kind of coverage do you have now? If you have medical issues, the student health plans might not work for you, because they are geared to relatively healthy young people. The coverage is kind of bare bones, and the premiums are high for what they offer.

Contrary to what @LizzyM is saying, I don't think $5K/yr with a $6K/yr. out of pocket maximum is such a great deal for young person for a plan that has lots of exclusions, since you are always responsible for uncovered expenses if you go out of network for treatment.

As @FrostedMooseFan suggests, Medicaid might be an option, depending on the state. I'm not sure all states will make that available when there is a student plan available that you can borrow to pay for as part of your COA, and it also might limit the types of treatment you are eligible to receive, and where, since everyone doesn't accept it. But it will certainly be very cost effective if you are eligible.

I have very good coverage. $1,000/mo premium for 80% coverage before $750 deductible.

I tried to get Medicaid in Illinois when I was 21 and the state first expanded Medicaid and was denied. I don't know if it was because I was under 26 or because I had a student plan available to me. This was several years ago now.

I am less concerned about people accepting it because I end up getting care at tertiary care centers anyway.

 

[SooConfused]

I have very good coverage. $1,000/mo premium for 80% coverage before $750 deductible.

I tried to get Medicaid in Illinois when I was 21 and the state first expanded Medicaid and was denied. I don't know if it was because I was under 26 or because I had a student plan available to me. This was several years ago now.

I am less concerned about people accepting it because I end up getting care at tertiary care centers anyway.

Is this employer-based coverage? If so, how much will COBRA cost? If you don't have a family, $1K/mo. sounds like you are not receiving a subsidy, and you will be able to keep it for 18 months after you leave your employer.

After that, you won't have a choice. You'll either be eligible for Medicaid, which will work for you, or you'll have to pick up the student plan, no matter how crappy it is. It won't be as good as what you have now, but your out of pocket might not be that different. You'll likely have lower premiums and greater co-pays and/or deductibles until you hit the out of pocket maximum.

The big gotcha will be that you will be limited to their PPO network, which might be very narrow (at my UG, it was literally just student health and the associated hospital), with substantially less coverage out of network, and any expenses not covered out of network will be in addition to any deductibles, co-pays and out of pocket maximums.

 

[RespectTheChemistry]

Yes, this is employer-based coverage. Thank you for all of the information, @SooConfused. It was very helpful and I really appreciate it.