Everything to Know About Student Health Insurance while Studying Abroad

Preparing for your journey abroad comes with various visa requirements; one crucial aspect often arises is student health insurance. As a student, you may find yourself simply checking off items on your list, searching for the most affordable health insurance option to save some money. Being young is a time of carefree enthusiasm, chasing dreams with passion. Health insurance? It’s often an afterthought- a concern for a distant future when we’re older and more prone to health issues. In India, we often rely on our family’s insurance coverage, rarely considering it. After all, who needs a doctor for a common cold or stomach ache? Just ask someone older what medication to take, or just visit the neighbourhood medical store and ask the pharmacist.

But here’s the thing, we live in a cosy bubble surrounded by loved ones, shielded from the harsh realities of life. We’re not ones to admit, but life is unpredictable, full of beautiful and challenging surprises. When you are about to start your study abroad journey, you are stepping out of this bubble, and unforeseen circumstances can arise even when we least expect them. Having health insurance will act as your safety net.

Health care overseas is different and more expensive than in India. Just a visit to a doctor can cost $100 minimum. It is not possible to consult a doctor back home and buy medication yourself because you can’t get medication without a prescription from a doctor in your host country. Let us give you some insight into why health insurance matters, what it covers, how to get it, key terminologies and what factors to consider before getting your health insurance abroad. By the time you finish reading this blog, you will have all the necessary information to comprehend the significance of obtaining health insurance during your study abroad journey.

Why International Student Insurance Matter:

1. Healthcare coverage
As an international student studying abroad, you will encounter a different healthcare system and possibly higher medical expenses. Student health insurance gives you access to healthcare services, including visits to a doctor, hospitalisation, emergency care, prescription medications and specialist consultations.

2. Financial protection
Medical treatments can be expensive, and unexpected health issues can disrupt your studies and financially strain you. Health insurance helps in protecting you from high medical bills and covering expenses like doctor visits, prescriptions and hospitalisation.

3. Compliance with visa requirement
Many popular study-abroad countries, like the US, Canada, Australia and the UK, require international students to have health insurance as a condition of their student visa. By obtaining the necessary coverage, you ensure compliance with visa regulations.

4. Peace of mind
Studying abroad is an exciting but challenging experience. Having student insurance gives you an assurance that your health needs are covered. This allows you to focus more on your studies, immerse yourself in new experiences, and make the most of your study abroad journey.

What Does Student Health Insurance Cover?

The coverage given by the student health insurance can vary depending on the insurance plan and your host country. However, most student health insurance plans offer coverage for the following:

1. Inpatient and outpatient care
This includes hospitalisation, consultations with doctors, specialists and outpatient treatments.

2. Prescription medications
Coverage for prescribed medications needed for your treatment or to manage chronic conditions.

3. Emergency medical services
Coverage of emergency medical situations, including ambulance services, emergency visits and urgent care.

4. Laboratory Tests and Diagnostics Procedures
Coverage for necessary tests and procedures to diagnose and monitor health conditions.

5. Mental health services
Some student health insurance plans also cover mental health services, including counselling and therapy sessions.

Obtaining Overseas Student Health Cover

Students usually have two options to get health coverage: purchasing insurance through their university or selecting an external insurance provider. Many universities do have their own health insurance plans that are made specifically for international students. These plans are often made to the specific requirements of international students and provide comprehensive coverage.

The other option is to explore external insurance providers that deal in international student health insurance. Researching and comparing different plans is essential to find the one that suits you best. Also, consider factors such as coverage cost, network of healthcare providers and any additional benefits or services offered.

Key Terminologies

Before we dive into factors you need to consider when getting health insurance. You must understand the key terminologies associated with student health insurance while studying abroad. Here are the essential terms:

1. Annual/per event maximum: Refers to the maximum amount insurance will pay towards your medical bills that are eligible for coverage. Once this limit is reached, you will be responsible for paying the remaining balance.

2. Deductible: Deductibles are the out-of-pocket expenses paid before insurance coverage begins.

3. Coinsurance: The percentage of your bill that insurance will cover after you pay the deductible.

4. Co-pay: A fixed amount that the insured must pay for certain covered medical services, often due at the time of the service.

5. Policy Limit: The maximum amount the insurance provider will pay to cover medical expenses during the coverage period.

6. Benefit Cover: Specific medical services and expenses that are covered by the insurance policy, such as doctor’s visits, hospitalisation, prescription and emergency care.

7. In-network provider: A healthcare provider or facility that has an agreement with the insurance company to provide services at a reduced cost to insured individuals.

8. Medical Evacuation: The provision for transportation to the nearest appropriate medical facility or back to the student’s home country in case of a serious medical emergency.

9. Out-of-network provider: A healthcare provider or facility that does not have a contract with the insurance company may result in higher out-of-pocket expenses for the insured.

10. Out-of-pocket maximum: The maximum you will be required to pay during a policy period for covered treatments.

11. Pre-existing condition: A medical condition that existed before the start of the insurance.

12. Repatriation of remains: The process of returning the insured student’s remains to their home country in case of death while abroad.

13. Exclusion: Specific conditions, treatments or services that are not covered by the insurance policy.

14. Premium: The amount of money paid by the insured to the insurance provider at regular intervals (usually monthly or annually) to maintain coverage.

Factors to Consider Before Selecting an Overseas Student Health Insurance Plan

1. Coverage limits
Consider the maximum coverage limits provided by the insurance plan. Ensure they align with your host country’s healthcare costs to avoid any extra expenses.

2. Cost
Consider the cost of the insurance plan, including premiums, deductibles and copayments. Remember your budget and select a plan that provides good value for money. Usually, the annual health insurance in the US costs between 500-1000 USD.

3. Deductibles and copays
Review the deductibles and copays by balancing these costs with the overall premium to find the right balance for your budget.

4. Network providers
Check if the insurance plan has a network of preferred healthcare providers or if it allows you to choose any medical professional. Having access to a network can often streamline the billing process and reduce paperwork.

5. Additional benefits
See if the insurance providers also cover mental health services, dental care, eye care and preventive healthcare.

6. Duration of the coverage
Make sure the student insurance plan provides coverage for the entire duration of your study and any additional grace period after completion.

Now it should be more evident that student insurance is more than a requirement. It is your safety net through your study abroad journey, offering the protection and support you need in a new environment. So, before you get started on this exciting journey of your life, take some time to research and choose a comprehensive student insurance that suits your budget and most of your needs. Studying abroad is an incredible opportunity for personal and academic growth. With health insurance by your side, you can confidently embrace this experience, knowing that you are prepared for whatever adventures await you.

At Collegepond, we understand how overwhelming the process of going abroad can be. Our expert counsellors are here to assist you throughout the entire journey and help you make informed decisions.