Social Identity Theory posits that social identities (cultural identities in particular) are critical to individual’s self-concepts, often predicting relative costs and benefits in terms of social and health outcomes. In accordance with this theoretical framework, we aimed to explore psychosocial outcomes for monocultural and bicultural individuals. We conducted an online survey at Stony Brook University, collecting data from 339 undergraduates about their cultural identification, social behaviors, and mental and physical health outcomes. The results of our exploratory study, analyzed via hierarchal regression, indicated that there were no significant differences between monoculturals and biculturals in terms of mental and physical health. However, there were significant differences between these groups in regards to desired intergroup contact, indicating that biculturals and individuals with high identity mismatch exhibited a higher propensity for intergroup contact than monoculturals and those with low identity mismatch, respectively. Accordingly, beyond the impact of maintaining multiple cultural identities and strength of identity, identity mismatch plays a significant role in psychosocial outcomes.