Study care insurance is definitely not among the common types of insurance you have known about. You might have never known that academic endeavors also have insurances which can be attached to them. But then there is what we call study care insurance, which is basically for students who are enrolled in schools . To what extent can study care insurance cover a local or international student?
Oh well, this article bears the answers to your probing questions, as in this article we will be unveiling what study care insurance is. What does the study care insurance entail, who is it open to and what does the study care insurance cover?
What Is Study Care Insurance?
Study care insurance is a special type of insurance policy designed for students, typically those pursuing higher education. It is that type of insurance that protects one’s academic journey, especially from those things or factors that are likely to thwart the cycle of one’s academic endeavors.
Now what this insurance does is that it provides financial protection against unforeseen events that might impact their studies along the line. Some of these events can include:
- Medical emergencies
- Accidents
- Hospitalization
- Death or disability of a family member (leading to financial hardship)
- Course interruption or termination due to unforeseen circumstances
The study care insurance usually covers expenses like:
- Medical bills
- Tuition fees
- Living expenses
- Travel costs (in case of emergency)
The aim of Study Care Insurance is to help students focus on their studies without worrying about financial burdens which may have come up due to unexpected events.
Why Is Study Care Insurance Important?
Beyond avoiding financial hardships when unexpected negative situations occur, there are other benefits of study care insurance. Let’s look at them below, What more can study insurance do for you aside relieving you of some hardship?
1. Healthcare coverage
When a student travels abroad as an international student to continue his or her studies, he or she completely encounters a different healthcare system, and normally, the medical expenses of this new healthcare system are more costly. What this study shows is that care insurance gives international students access to healthcare services, which include visits to a doctor, hospitalization, emergency care, prescription medications, and specialist consultations.
2. Financial protection
Having study care insurance would help you take care of your expensive medical treatments and unexpected health issues, which can disrupt your studies and financially strain you. Health insurance helps protect you from high medical bills and covering expenses like doctor visits, prescriptions and hospitalization.
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 normally everyone’s dream but at the same time, it has its own challenges which it tends to pose from time to time. Having student insurance gives you an assurance that your health needs are covered atleast. 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 Study Care Insurance Cover?
The coverage given by the study care insurance can vary depending on the insurance plan made by the student and your host country. However, most study care insurance plans offer coverage for the following:
1. Inpatient and outpatient care
This includes, consultations with doctors and consultants, hospitalization, specialists and outpatient treatments.
2. Prescription medications
In the study care insurance, there is a coverage for prescribed medications needed for your treatment or to manage chronic conditions. The study care insurance doesn’t just stop at medical appointments and meetings with consultants but then the drugs which are prescribed are paid for by the insurance.
3. Emergency medical services
When unexpected events occur, like accidents, the study care insurance covers this kind of emergency medical situations. These emergency medical services can include hiring ambulance services, emergency visits and urgent care.
4. Laboratory Tests and Diagnostics Procedures
Many times when we have scheduled medical appointments, we are sometimes required to run one or two tests to accurately determine the causes of our illness.
The study care insurance doesn’t stop at just covering the cost of drugs that has been prescribed but also covers the cost for necessary tests and procedures to diagnose and monitor health conditions.
5. Mental health services
It would definitely surprise you to know that there are some study care insurance plans that also cover mental health services for the students. These mental health services can include counselling and therapy sessions.
Obtaining Overseas Study Care Insurance
In obtaining a study care insurance, students usually have two options to get study care insurance.
One of these entails 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. It is important that one does an in-depth and comprehensive research about the different study care insurance plans as well as compares the different plans in other 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 Associated With Study Care Insurance
It’s important that we get familiar with some of the terms associated with study care insurance. Understanding these terminologies would make you relate easily to the demands of the study care insurance. Here are the essential terms:
- Annual/per event maximum: the annual/per event maximum refers to the maximum amount the insurance company will pay towards your medical bills that are eligible for coverage. We must understand that once this limit is reached, you will be responsible for paying the remaining balance that comes up.
- Deductible: Deductibles are the out-of-pocket expenses paid before insurance coverage begins. In other words, it is the money you pay from your own pocket whilst the insurance company has not started covering your expenses.
- Coinsurance: The coinsurance now, is the percentage of your bill that the insurance company will cover after you pay the deductible.
- Policy Limit: The policy limit now, is the maximum amount the insurance provider will pay to cover medical expenses during the coverage period.
- Benefit Cover: Probably the aspect you would love the most. The benefit cover is for specific medical services and expenses that are covered by the insurance policy, such as doctor’s visits, hospitalisation, prescription and emergency care.
- Co-pay: The co-pay, is a fixed amount that the insured must pay for certain covered medical services, often due at the time of the service.
- In-network provider: insurance companies usually have some healthcare providers or facilities that has an agreement or a contract with the insurance company to provide services at a reduced cost to insured individuals.
- Medical Evacuation: Medical evacuation has to do with the provision for transportation to the nearest medical facility or back to the student’s home country in case of when a serious medical emergency arises.
- Out-of-network provider: The out-of-network healthcare provider or facility now, is that healthcare or facility, which does not have a contract with the insurance company. In this case , it may result in higher out-of-pocket expenses for the insured(student).
- Out-of-pocket maximum: The out-of-pocket maximum here, is the money you will be required to pay during a policy period for covered treatments.
- Pre-existing condition: Some students already had some peculiar illness or health abnormality which had started before he or she had started his insurance plans. This medical condition that existed before the start of the insurance is called the pre-existing condition.
- Repatriation of remains: If anything like death should happen to an insured student, the repatriation of remains is the process of returning the insured student’s remains to their home country in case of death while abroad.
- Exclusion: Exclusions are specific conditions, treatments or services that are not covered by the insurance policy. In this case, the student has to spend out of his or her pocket to settle such things.
- Premium: The premium, is 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 A Study Care Insurance Plan
1. Coverage limits
As a rule of thumb, never go into any study care insurance plan without considering 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. Having your budget in mind, select a plan that provides good value for money. Usually, the annual health insurance in the US costs between 500-1000 USD.
3. Network providers
It would be more beneficial to you if the insurance company you would want to get into business with has some healthcare providers which are in agreement with them already or if they can allow you choose a medical professional. Having access to a network can often streamline the money you would have to spend from your pocket.
4. Additional benefits
We always like a combo of good things yeah? Do an in-depth research on the insurance company and find out if there are other nice packages they cover like like mental health services, dental care, eye care and preventive healthcare.
5. Deductibles and copays
One you mustn’t skip, you should try and review the deductibles and copays. This is done by balancing these costs with the overall premium to find the right balance for your budget.
6. Duration of the coverage
I’m sure you would definitely want an insurance plan which has d longer coverage. Ensure the study care insurance plan provides coverage for the entire duration of your study and any additional grace period after completion.
Conclusion
Now, we have finally come to understand clearly the answer to the question, what is study care insurance? We have seen that it is one’s safety bet which covers for all negative and unexpected circumstances which an international student might encounter while studying. It is your safety net through your study abroad journey, offering the protection and support you need in a new environment. We also saw the various factors necessary in considering a suitable study care insurance plan opportunity for personal and academic growth.
We didn’t forget to look at the importance of obtaining a study care insurance plan as it summarily was what would make one’s study journey abroad comfortable and peaceful.
