Should your child opt for Health Insurance while studying abroad? Health insurance is a mandatory requirement for many colleges abroad.
Every student planning to study in Australia requires a health plan to get the student visa approval.
But what is health insurance? Health insurance pays for doctors and additional medical expenses if you fall sick or injured. It can provide you with a financial backup in case of medical emergencies.
Why student health insurance is essential for your child studying abroad
1. Pays for medical emergencies
Medical treatments in foreign nations can be expensive. Apart from the cost of education, you have to bear the burden of paying for your child’s medical expenses.
With a health insurance plan in place, there is no need to worry about expensive medical treatments. Even something as minor as a chipped tooth can add hundreds of dollars to the bill in countries like the USA or Canada.
Thus, having proper health insurance will help your child tackle medical emergencies effectively without hurting your pockets.
2. Get financial protection from unexpected situations
Parents typically think that the premium of the health insurance is an additional expense when their child studies abroad. However, in exchange for the premium, the insurance company pays for all the medical expenses.
In simple words, your child is better protected from unnecessary costs with health insurance. Moreover, with health insurance, your child will get timely access to quality healthcare. There is no need to defer treatment when your child has a proper health insurance plan.
3. Get access to additional coverages
Most health insurance plans for students studying abroad offer additional coverages. Hence, your child insured by a health insurance plan will get extra coverage. For instance, they will get coverage for lost luggage, political evacuation, personal liability, etc.
In most cases, your child will get financial assistance for lost passports. You should always ensure that your child is insured by a proper health plan to guard against unforeseen situations in the foreign land.
Additional read: Tax benefits of child education fees
How to choose the best health insurance plan?
Before selecting a particular policy, you should consider the scope of coverage offered by the insurance provider. This should include a waiver of tuition fees in case of long-term absence emanating from medical conditions and expenses due to unforeseen situations.
With a proper health insurance plan for your child, you’ll be able to retain your saving-corpus during any emergency. Here are some ways in which you can select the best health insurance for your child studying abroad:
1. Network Hospital
Insurance agencies offer cashless hospitalization in case your child gets admitted to any of the listed network hospitals. Hence, before applying for the health insurance plan, thoroughly check with the insurance company.
Check whether they provide cashless hospitalization in the country where your child will study. In most cases, it is always advisable to opt for a health insurance policy where the insurance company has a vast chain of networked hospitals in many foreign countries.
During any type of medical emergency, it will be easier for your child to get the right treatment.
2. Waiting periods
No doubt, waiting for something is stressful. And when the context is about waiting for the benefits of a student health insurance plan, it can be annoying for your child. Note that all student health insurance policies have a specific waiting period.
The waiting period is the prohibited time when your child cannot claim any benefits. In this period, the insurer won’t settle the claim filed by your child. For instance, the initial waiting period gets activated after thirty or sixty days once you buy the insurance plan.
In this time period, your child cannot file claims, except for accidents. Hence, while choosing an insurance coverage plan for your child studying abroad, always consider the waiting period.
3. Know the sub-limits of the health insurance plan
While opting for a health insurance plan for your child studying abroad, always be aware of the sub-limits. Sub-limits are conditions where the insurer won’t offer complete coverage.
It implies that the insurer will cover expenses only up to a specific limit and the amount above this limit shall be paid by you or your child. If you don’t want your child to have unpleasant surprises while studying in a foreign land, always opt for health insurance that doesn’t contain sub-limits.
With the right health insurance plan, your child won’t have to suffer from medical emergencies while studying abroad. The right health insurance plan can secure your savings and take away the stress of paying for your child’s health expenses.
Always choose the best insurance company while ensuring your child for health coverage.