Why student health insurance is important while traveling abroad?
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 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.
- What is Student Health Insurance?
- What are the benefits of Student Health Insurance?
- Features of Student Health Insurance Plan
- How to apply for Student Health Insurance?
- How to claim Student Health Insurance?
- Why student health insurance is essential for your child studying abroad?
- How to choose the best health insurance plan?
What is Student Health Insurance?
Student Health Insurance is similar to a medical insurance plan that we create for medical emergencies. It is specifically designed for students pursuing their international education and offers financial security to students in case of any medical emergency.
Contrary to the belief that student health insurance is expensive, it is quite affordable and can be customized to your budget and needs. It offers a variety of benefits and covers various pre and post-hospitalization costs.
What are the benefits of Student Health Insurance?
- Option to customize your plan according to your needs and college requirements.
- Access to top medical facilities
- Access to an extensive range of hospitals and instant cashless claim settlements.
- Option to select an extended 2-year health insurance covering the entire period of studies.
- Easy online renewals for up to 3 months without waiting for policy expiration.
- No health check-up is required to apply.
Features of Student Health Insurance Plan
Let’s look at the features of the Student Health Insurance Plan.
- Hospitalization Coverage: Some hospitals offer pre and post-hospitalization costs of up to INR 50,000 in case of any untoward accident.
- Comprehensive package: You get a high coverage limit of up to INR 1,00,000 at a nominal price when you buy insurance.
- Education Coverage: In the event that the parent who was funding the child’s education passes away in an accident, the policy will cover the expenses of the education. This feature is of utmost importance considering the unpredictable situations in life, especially after COVID-19.
- Multiple Payment Options: You get multiple options to pay for your child’s health insurance. For example online account transfer, UPI, mobile wallets, debit card, credit card, etc.
Let’s take a look at what is included and excluded in a Student Health Insurance Plan.
- Pre and Post hospitalization expenses in case a student meets with an accident.
- Covers Out Patient Department (OPD) expenses which are restricted to fractures, dislocation of bones, and contused lacerated wounds.
- In the event of the accidental death of the earning parent, the policy pays a substantial amount to the college/ institution ensuring continuity of the child’s education.
- The policy does not cover the treatment of sexually transmitted diseases such as HIV, or AIDS.
- Pre and Postnatal care and sports injuries are not covered in the policy.
- Some plans do not cover dental and vision treatments.
- Treatment of pre-existing illnesses and self-inflicting injuries are not covered in the policy.
How to apply for Student Health Insurance?
- For students studying in Canada, they can either take private insurance or their school/ institution provides insurance to cover their study period.
- The Australian government has designed Overseas Student Health Cover (OSHC) for international students to cover their medical and hospital care while studying in Australia. These are provided to students who don’t have access to Australian Public Health Care – Medicare.
- There are 4 easy steps to get an insurance plan.
- Fill out the application form on the insurer’s website.
- Upload the required documents.
- Pay the premium amount online.
- Download the insurance policy instantly.
How to claim Student Health Insurance?
Claiming a Student Health Insurance is hassle-free as well.
- Register your claim with your insurer
- Upload the supporting documents or medical bills.
- The insurer will assess your claim.
- It usually takes some time to decide on your application and you can either check it online or contact your insurer for an update.
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 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 coverage. 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 a foreign land.
How Single Parents Can Plan Finances?
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.
How to get Health Insurance from abroad for my child’s international education?
Insurance policies cost 5 to 6 times more if purchased from abroad. They cost much cheaper in India.
What is the minimum age requirement for Student Health Insurance in India?
The age is generally around 18 years, however, it will depend on the insurance service provider.
Can students claim Tax benefits for Student Health Insurance premiums?
Yes, students can claim tax benefits under Section 80D of the Income Tax Act.
Is Student Health Insurance mandatory?
Yes, since it is a prerequisite in many universities.
How much does a Student Health Insurance Policy cost?
A Student Health Insurance in India for INR 5,00,000 coverage will cost you approximately Rs. 447 per month. The amount varies with different insurance service providers.