or acquired while the student athlete was participating in an intercollegiate athletic event or a varsity intercollegiate athletic competition. (iii) Institutions reporting $50,000,000 or more An institution of higher education that reports not less than $50,000,000 in total annual athletics revenue to the Department of Education during an academic year shall be, during the enrollment of a student athlete at the institution of higher education and the 4-year period beginning on the day after the last varsity intercollegiate sports competition of the student athlete, financially responsible for all out-of-pocket medical expenses of the student athlete's health care coverage for any injury or communicable disease incurred or acquired while the student athlete was participating in an intercollegiate athletic event or varsity intercollegiate sports competition. (C) Second opinions (i) Student athletes During the enrollment of a student athlete at an institution of higher education, an institution of higher education shall be financially responsible for the expense of obtaining for the student athlete medical second opinions independent from the institution of higher education. (ii) Former student athletes (I) In general In the case of an institution of higher education described in clause (ii) or (iii) of subparagraph (B), continuing through the 2-year period described in clause (ii) or the 4-year period described in clause (iii), respectively, the institution of higher education shall be financially responsible for the expense of obtaining, for former student athletes, medical second opinions independent from the institution of higher education. (II) Institutions reporting less than $20,000,000 In the case of an institution of higher education described in clause (i), during any period not exceeding 4 years beginning on the day after the last varsity intercollegiate sports competition of a student athlete that is not covered under subclause (I), the Fund shall be financially responsible for the expense of