Student Study Insurance was specifically created to cover medical and travel-related expenses associated with studying abroad. Some countries and educational institutions require students take out this coverage as a condition for receiving visas.
Plans offered through universities or colleges typically range in terms of cost and benefits.
Health Insurance
Healthcare costs in the U.S. can be high, making health insurance coverage an essential necessity to avoid incurring significant debt in case of emergencies or illnesses. Most colleges and universities mandate health coverage as part of a student’s enrollment to protect them against financial strain in case an illness strikes unexpectedly.
Colleges will often provide student plans with differing coverage and costs across schools. Students may opt to waive this plan if another health insurance option exists instead, including basic accident and sickness benefits such as ambulance services, GP visits/consultations costs or treating new illnesses.
Consider marketplace plans, which offer comprehensive health coverage that’s often more cost-effective than student insurance policies. Marketed to students specifically and designed with their needs in mind such as virtual or app-based mental health services.
Students can purchase health plans either independently or with help from their parents, depending on the circumstance. Furthermore, those living in states that offer expanded Medicaid may enroll and receive financial aid to help cover the costs. Students also have the option of remaining on their parent’s health plan until age 26, an increasingly popular decision.
Personal Accident Insurance
Wellbeing of students is of utmost importance for parents and schools. Unfortunately, accidents do happen and medical bills can quickly add up; having student accident insurance provides parents and students with financial relief by covering co-pays and deductibles while giving peace of mind that any medical bills covered by an insurer. In addition, schools benefit by not having awkward conversations about parental insurance status of a student while decreasing claims reports which ultimately leads to reduced premiums.
School administration typically purchases this coverage as either a primary, limited primary, or excess policy. These policies include coverage for accident medical care, accidental death and dismemberment benefits and dental coverage – with some plans even providing extra coverage for specific events or activities such as student field trips, internships, practicums, clinicals or student teaching experiences.
Your client may find the student accident policy is an invaluable public relations asset as they can settle injury claims without damaging their school’s reputation or jeopardizing relations with students and parents. Furthermore, these plans offer coverage at very affordable rates (starting as low as quarter a week), making them accessible and optional to their students and parents – this allows parents to simply inform medical providers they have secondary insurance through school so they bill directly against it!
Travel Insurance
Student travel insurance plans often go beyond what’s required of many study abroad programs and offer additional perks, including coverage for personal liability for damage you cause to others or their property (up to an agreed-upon amount), trip interruption and baggage loss coverage, as well as possible re-booking fees or costs in case an illness or weather event forces changes to your travel plans.
Medevac coverage can be essential when traveling abroad for students as medical facilities in other countries may not always have the equipment necessary to treat serious illness or injuries effectively. Medevac services range from family member escorting as non-medical escort back home, nurse escorting on commercial flights with oxygen and lay-flat seats, air ambulance transport or being flown directly back home – these costs could even reach six figures according to Adamski.
USI Affinity and Allianz offer student travel insurance policies with different coverage limits to suit any student traveller’s needs. Plans range from policies with higher excess amounts that require you to pay the initial expenses before reimbursement from their insurer, to policies with lower excesses that allow direct pay of bills (known as “direct pay”). Furthermore, length of coverage periods – anywhere between two weeks to a year – affect how much a policy costs.
Property Insurance
Exploring higher education abroad offers students an incredible opportunity to expand both personally and professionally. But being an international student means living away from home, which poses risks to their health, safety and well-being that they must consider carefully before leaving their country of origin. Therefore, it is vital that international students spend sufficient time investigating all insurance policies available to them prior to leaving home.
International student insurance policies are usually provided by private insurers in the insurance industry and sold via banks, travel agencies and retail outlets. Designed specifically to offer students medical and financial protection during their study periods abroad, these policies typically feature emergency evacuation/repatriation coverage; hospitalization protection; liability coverage as well as preexisting condition coverage – features designed specifically to safeguard students while studying overseas.
Students residing off-campus may benefit from purchasing renters’ insurance that covers costs if their apartment becomes inhabitable due to perils like fire. Car insurance coverage is another popular personal form of personal insurance among college students; with some plans offering usage-based programs which determine premiums based on how often or safely the student drives.