What You Need To Know Before Deciding On An International Student Health Insurance plan
The Best Part of Your Life
The world is your oyster when you are young. The possibilities available to you are endless. And, if you plan to study abroad, then be prepared for some amazing experiences coming your way.
Perhaps, the only dark cloud in your sky is the unforeseeable risk. Well, that’s why you need to have health insurance.
Why do you need health insurance?
Well, life is full of uncertainties too. And, the only way to secure yourself from some major financial crunches that entail an accident or illness is to get health insurance.
Students are covered by their parent’s insurance plans until the age of 26. After that, you need to get insured for yourself.
Also, most universities ask for these. The reason for this inquiry is simple. They want to make sure of student retention and success. More importantly, they want to make sure they are following the law. In most countries, students must have some kind of guarantee for their well-being.
What about International Health Insurance?
Well, as exciting as it is to be going to a university, the thrill is doubled when going to study abroad. And, the level of risk is also multiplied.
No government-sponsored healthcare
Healthcare is very expensive. And, unless you have a ton of cash readily available, consider yourself in a fix if you don’t have any insurance at all. Now, imagine this very scenario in an unknown country.
Government-sponsored healthcare is not given to international students, so don’t rely on that to help you out in your emergency.
So, this insurance is a must unless you want to pay huge hospital bills out of your pocket for a very long time.
Low Insurance Premium
Since students fall into the young and healthy category, the premiums are often very low making your insurance a lot more affordable.
Also, students are given the option of breaking down the premium payments and paying them over the entire duration of their stay while studying.
Dedicated Benefits
The best part about international health insurance is that it even covers pre-existing injuries. Then you also get cover for mental issues, sports-related injuries, general injuries, hospitalization, maternity leaves, and prescriptions.
Absence of Family Coverage
Since international health insurance is for students, it has no room available for family coverage. It is, therefore, no surprise that this is flexible and affordable.
Network Discount Advantage
Most reputable insurance companies that offer international coverages have an extensive network. Hence, everything from the doctor’s consultation fees to the price of an MRI varies according to the size of the network the insurer has.
The fact is irrefutable that emergencies can happen anywhere, and that the price for healthcare is going up every day. So, the only sensible thing to do is to leverage your risk.
If you go into any hospital across the globe without being insured, you will end up paying monumental bills. So, why not be smart about it?
All you really need to do before you decide on buying into a plan is to do some research on the net. Try https://www.now-health.com/en/international-student-health-insurance/, to point you in the right direction.
Seeing as how doing the necessary research may take up more of your precious time, we’ve gone ahead to help you out further.
Getting Acquainted with Medical Insurance Jargon
It may seem like a waste of good money to you as you are now young and healthy. But, anyone can fall ill at any given time.
And, being sick in a foreign country with no benefit or guarantee is not a situation you would find thrilling at all.
So, before you do go buy yourself an international health plan, we can help you further along.
There are a few must-know terms you ought to familiarize yourself with, so you don’t feel like a complete novice.
Must-Know Terms
There is a basic terminology that is used by most insurers. And, it helps to understand the options available to you so you can make informed decisions.
However, it is simply not possible to achieve that without first getting accustomed to the commonplace catchphrases used by insurance companies.
Premium: This is what you pay monthly for your plan. It is not related to other out-the-pocket expenses that one end up paying in emergencies.
Deductible: This is a fixed amount of money that you are required to pay at the very beginning of your policy year. This amount must be paid before the plan starts to pay. After you have paid the deductibles, your plan covers all or part of your insurance until the year’s end.
Coinsurance: The percentage of costs that you are required to pay after you’ve met the deductibles. The percentage split is usually 80/20, where you pay 20% of the costs.
Co-pay: This is a fixed amount that you agree to pay for certain specified expenses. It is a set rate you pay for prescriptions, doctor’s visits, and other types of care.
Network: A group of healthcare facilities, in league with the company. Your holder negotiates a discount with this network of providers, who then charge you less for the services they provide.
Preventive Care: It is referred to all medical care given to prevent illness. For example, vaccinations, flu shots, and even annual medical check-ups are part of preventive care.
Group Plan: All policyholders form groups within any plans. This is usually a mixed group with healthy individuals who require little healthcare and a bunch of people who need more healthcare. This is done by insurance companies to mitigate the overall costs.
Now, at the very least you know what these companies are talking about. The idea is not only to provide you with a better understanding of the various options available to you. It is meant to facilitate decision-making.
And, it is our sincere hope that getting familiarized with the lingo will help you make the best choice for your benefits and needs.
