9 things you need to know about international student insurance
Last Updated on September 13, 2021 by iSchoolConnect
An international student insurance is a must if you plan on studying abroad. It makes sure that you are prepared for all that comes your way in a foreign country. Keep reading to know how to get an insurance, best plans, offers and more!
It’s very exciting to think about moving to a foreign country. You dream about the opportunities that will be presented to you, the places you will explore, and the people you will meet. But it is important to also consider everything that could go wrong and be prepared for it. The best way to do that is to have some kind of insurance. Typical international student insurances include both travel and health insurance. However, the ideal insurance plan for you depends on your financial situation, destination country, and university of study. Read on to learn about these factors in detail.
#1 What is an international student insurance?
International student insurance policies are specifically designed for students studying abroad. The travel insurance provides coverage against baggage-related risks, medical expenses, stay disruption, and other travel-related issues that you may face during your trips. In some universities, getting student travel insurance may not be mandatory, but it is advisable to have it as a precautionary measure.
Student health insurance policies are comprehensive and affordable. They are designed to meet your visa requirements and offer you coverage that your university requires such as coverage for mental health, maternity, and sports. There are many different plans and levels of insurance offered by insurance companies. And you need to buy the one that fits your budget and needs.
#2 Why do you need international student insurance?
International student insurance protects you against numerous financial risks that you may face because of untoward incidents while studying abroad. Healthcare costs are not the same worldwide and are infamously expensive in countries like the USA and Europe.
In the US, a health insurance plan for an international student can range anywhere from $500 to over $1,000 a year. However, with international student insurance, you can get the best medical treatment without worrying about the high medical expenses.
The insurance policy also offers coverage for accidental injuries, medical treatments, and non-medical expenses like passport and baggage loss, theft, legal prosecution, delay in take-off, cancellation of flight, etc.
#3 Is it necessary to have international student insurance?
Most colleges and universities in countries like Australia, Canada, UAE, Malaysia, Germany, UK, Singapore, New Zealand, Japan, Schengen States, Spain, USA, Sweden, Dubai, etc. have student health insurance as a mandatory requirement. You have the choice to either purchase international student insurance in your own country or opt for the student insurance offered by your university.
However, be sure to compare the rates of the plans in your home country and your destination country. It is likely that insurance plans in your home country are cheaper and also recognized by your university.
#4 What does an international student insurance policy cover?
International student health insurance provides you with much-needed coverage to help neutralize any travel-related and medical risks during your stay abroad. The exact coverage varies from insurer to insurer but some of the basic elements of insurance coverage offered by most student insurance plans are as follows-
- Reimbursement of emergency medical charges.
- Reimbursement of dental treatment expenses.
- Medical evacuation expenses.
- Loss of checked-in luggage (reimbursement for the replacement of the lost or damaged articles).
- Missed connection or missed departure.
- Loss of passport (the policy reimburses the actual expenses incurred in issuing a fresh or duplicate passport).
Apart from these, student travel insurance pays towards damages you are legally bound to pay for such as in a lawsuit for property damages, losses because of study interruption, daily cash allowance, bail bond, compassionate visit, emergency accommodation benefit, etc.
#5 What all does a student insurance policy not cover?
Certain situations are out-of-scope of student insurance. Below is a list of things that international student insurances do not cover-
- Traveling without a physician’s consent.
- Theft or loss of passport due to negligence, or not reporting it to the local police authorities on time.
- Expenses due to a pre-existing medical disease (unless your policy covers them).
- Injuries or illnesses due to self-infliction.
- Alcohol or drug abuse.
- Claims arising out of non-disclosed pre-existing medical conditions.
- Treatment received by traveling abroad.
- Venereal diseases.
#6 How to determine the cost of your insurance
The factors that will affect the costing of your student insurance include-
- A student’s age is a major factor that determines the cost of the student insurance plan. Insurers charge different amounts to students of different age groups, with increased prices for older age groups.
- The policy coverage for students ranges from preliminary, budget-friendly to complete with enhanced coverage for pre-existing conditions and maternity. You can also choose the desired level of policy coverage.
- Another factor that affects the cost of your insurance is the length of your policy coverage. An international student health insurance is based on monthly coverage. So, the cost of the plan increases with the increase in the number of months of coverage.
#7 How to save on student insurance premiums?
Given below are four things you can do to lower your student insurance premium-
Analyze the risks involved
You must assess the health and safety risks associated with your destination country. If the destination of your travel is less risky, you do need to buy a higher health cover. Even a basic cover based on the period of your trip will do.
Consider buying student insurance online
Buying student health insurance online is easier and more convenient than offline buying. You can even save money by getting amazing discounts and offers!
Select the right deductible
The deductible is an amount you have to pay at the time of claim while the remaining amount is covered by your insurer. The deductible is a factor that affects your insurance premium. So, make sure that you choose the right deductible amount that fulfills your student insurance expectations.
Buy a student insurance plan right after booking your trip
The nearer your trip, the higher will be your insurance premium. So if you have already have secured your admission to a college, you must purchase travel insurance right away. In this way, you can get the maximum insurance coverage at the lowest premium.
#8 What is the claim process of a student insurance?
This is what you need to do-
- Get in touch with your insurer and inform them about the arising of a claim or the loss. You can register by calling on your insurer’s helpline number and providing them with the claim details. If you require any assistance, you can raise your doubts with them.
- In case of sudden sickness or an abrupt mishap, where you can’t notify your insurer in advance before seeking medical intervention, try to get in touch with your insurer as soon as possible.
- If your insurance provider necessitates, you may need to go through a medical examination, the costs of which will be borne by your insurer.
#9 Important facts to keep in mind
Before buying student health insurance, it is crucial to know about the matters and facts related to it, so you can get adequate coverage when you need it.
- Eligibility. You can enter a student travel insurance policy at the age of 16. However, if you are over 35 years old, you cannot buy such a policy. Also, note that getting an education must be the main purpose of your trip.
- Premium waiver from university. If you already have a student health plan from your local insurer, you can claim a refund from your foreign university if the premium is included in your fees.
- Compulsory risk covers. Because of the urban lifestyle in western countries, many universities have mandated insurance coverage against risks such as cancer screening, drug dependency, alcoholism, expenses related to sports injuries, etc.
- Study interruption coverage. You can choose to have a study interruption cover in your student plan. For instance, if you get hospitalized for more than a month due to injury, illness, or medical repatriation, you are eligible to get a reimbursement of the tuition fee for that period. The same also implies if your immediate family member or sponsor expires leading to study discontinuation.
- Refund of premium on early return. Some insurers offer a premium refund in case you arrive early. If you end your study trip before your plan’s expiry and you haven’t made any claims, you can contact your insurer and get a premium refund. If you get a refund, it will come after a few deductions.
Getting an international student health insurance is mostly mandatory to pursue education abroad. This article has everything you will need to choose the best international student insurance plan for yourself. Feel free to come back to us for more tips on studying abroad.
All the best!