Tips for understanding health insurance basics

Tips for understanding health insurance basics

A student standing at the Apothecary Pharmacy checkout counter with a prescription medication and his insurance card.

Health insurance is probably one of those things you wish you would’ve learned about in high school or as part of your undergraduate degree. While insurance plans can be complex, understanding your policy is an important part of managing your health (and wallet).

If you feel overwhelmed navigating healthcare or insurance systems, you’re not alone. That’s why we’re here to help. Here are a few tips and tricks to help you understand the basics and make the most of your health insurance plan.

Did you know?

All CU Boulder students can access care through Medical Services, regardless of what kind of insurance plan they have. This includes students with the Anthem Gold Student Health Insurance Plan (SHIP) as well as private insurance plans.

Why is health insurance important?

Health insurance helps cover the cost of medical treatments, appointments, mental health visits, prescription medications and other health-related expenses. Like car insurance, health insurance can provide us with a sense of security in case accidents or unexpected illnesses or injuries happen.

While you may have your own private health insurance plan, many students choose to enroll in the Anthem Gold Student Health Insurance Plan (SHIP) designed specifically for CU Boulder students.

Important insurance terms to know

It’s important to know that every health insurance plan is unique. The “rules” for your insurance plan may be different from that of your friends. Here are a few important terms to know and look out for to help you understand and use your health insurance:

How to read your insurance card

Insurance cards are unique for each insurance company and plan. However, many of them provide similar information, regardless of what kind of insurance you have. Here is an example of what an Anthem Gold SHIP card looks like.

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