Your dream of studying abroad at your favorite university will open doors to lakhs of possibilities! It will not only brighten up your future but the whole experience will brighten up your field of study. Studying abroad can seem like a fun and life-changing decision but unbeknownst to many students there are some risks in this as well. Unexpected things like another COVID-19 type situation or non-accident-related illnesses might plague your budget. Thus we can say that if a student is planning to study away from their home country and stay in a foreign country for a long period of time, then they should buy health insurance for studying abroad to protect themselves from any kind of financial risks. 

Health Insurance For Studying Abroad: Dos and Don’ts, Conditions, Policy Details, and More! 

Studying Abroad and The Importance of Health Insurance: 

Study abroad with peace of mind:

Going abroad is now the dream of many. You can improve yourself and become even more successful thanks to studying abroad. You will improve yourself with the program education and foreign language education you will receive at a different university and you will have the opportunity to get to know a different culture better. In this way, your outlook on life will change and you will be more productive against problems. Thanks to the education you will receive abroad, it will be easier for you to get a job and you will be preferred by many companies.

There are many services offered to you so that you can study abroad more comfortably. One of these services is education abroad health insurance. 

What is health insurance for students going overseas?

Health Insurance For Studying Abroad is the general name of the insurance that covers the health insurance, personal accident insurance, and theft insurance of students who go to study abroad. 

There are some things you should pay attention to when you are going to get overseas education health insurance. First of all, you should choose reliable companies. Afterwards, you should choose companies that will be with you in any situation and support you. Insurance companies that will provide you with the best service in an emergency and will reach you as soon as possible will also be a good choice in this regard. 

What does health insurance cover? (in brief) 

Health Insurance For Studying Abroad in general cover the following:

• Doctor services, 
• hospital services, 
• medical expenses, 
• medication costs, 
• psychiatric examinations, 
• physiotherapy costs, 
• medical equipment, 
• X-ray costs, 
• ultrasound costs, 
• death guarantee, 
• medical transfer expenses, 
• funeral transportation costs, 
• transportation costs of the accompanying person, 
• theft of personal belongings, damages incurred as a result of the damage to the family, 
• the damages of valuable goods, and if you are staying with a guest family, the harmful belongings of that family.

Advantages of health insurance for students: 

In today’s time, from a very tender age, a student’s life is full of aspirations and these aspirations often lead to pressure and tension. With this increasing pressure to excel in competition-filled fields, students often end up deteriorating their health which in turn causes many health issues. With all the academic struggles, the thought of having health insurance may never cross a student’s mind. But being a parent, securing your child’s health is your foremost duty. 

Thanks to this insurance, you will be able to secure your education and travel abroad. There are many factors that make foreign education insurance advantageous. As you know, anything can happen to a person. Since no person is perfect, some precautions have to be taken. You can take this precaution with health insurance for studying abroad. 

• When you have an accident, your belongings are stolen, or you have health problems then you can get through these situations without any problems thanks to your insurance.

• In addition to what the insurance coverage offers (see above in brief) according to the insurance package you will receive, you will also be able to receive services such as paying your bail money as debt in criminal cases, cash advance service when you are stuck with cash abroad, finding lost luggage service, and emergency message forwarding service. Apart from these services, there are also OTHER services which differ according to various insurance companies.
• Buying health insurance is suitable for sickly students who need financial attention when it comes to protecting one’s already tight budget. 
• A student may be affected by common infections and diseases, chronic physical and mental illnesses, harmful effects of drug and alcohol abuse, and sexually transmitted diseases. Moreover, with all the fun and adventurous attitude of today’s youth, there can be possibilities of physical injuries and unforeseen accidents. Having health insurance cannot prevent all such cases, but can at least reduce the financial burden of treatment, and can prove to be very helpful. 

Why do students need health insurance when they are young? 

It is undoubtedly true that everyone needs an individual health insurance policy that can cover hospitalization expenses when a medical emergency knocks at the door. However, people often have the misconception that youth do not need health insurance. 

Let us understand the importance of having student health insurance with the story of Mr. Shekhar. 

• Mr. Shekhar’s family was very disappointed after receiving a phone call from the United States. His son Rishi, who had moved to the USA to pursue Masters in History, met with an accident. 
• After waiting the whole night, he got a call at 6 am, when his son told him about the expenses he needed to pay before he could be discharged. 
• Since Rishi did not have a health insurance policy, all these expenses had to be paid by the family or by the poor boy himself. This situation could have been avoided if Mr. Shekhar or his family had been more careful about purchasing a health insurance policy before traveling to the United States. 

Additional Info On Health Insurance 

Cashless Hospitalization 

In an unfortunate event where a student needs to be hospitalized due to illness or injury, he/she can avail cashless hospitalization. Under cashless hospitalization, the bills will be directly settled. Insurers and policyholders can take care of other important aspects and not worry about financial expenses. 

Protects you from personal liabilities 

With medical insurance for students, personal liabilities such as accidental lawsuits or damage to third party property are covered by the insurer. 

Compensation for Study Interruption 

Being hospitalized for an extended period can disrupt your studies and ruin your career opportunities. With health insurance for students, one can avail monetary benefits to overcome such hurdles. 

Covers International Medical Costs 

A lack of awareness about the need for medical insurance plans for students makes many students buy policies on campus and pay heavy premiums for them. Having health coverage before going abroad can save a student from paying unnecessarily high premiums, and at the same time protect them from any medical emergencies.  

Sponsorship Protection 

If the sponsor succumbs to death, unfortunately, the insurance plan will compensate the student for outstanding tuition fees and also protect the sponsorship interest. 

Miscellaneous Expenses 

Expenses incurred on your medical aids or diagnostic tests like X-ray, ultrasound, etc, or travel expenses like ambulance charges are covered under Students Health Insurance. 

Other FAQS about Health Insurance For Studying Abroad: 

Where can I buy student health insurance? 

It is best to buy it from any health insurance company. Also, now you can get more information from banks as most of the insurance companies are selling such policies through banks. 

Can I buy a health insurance policy after going abroad?

Yes, you can. Most universities allow students to either buy a medical policy in their home country before traveling abroad or they can opt for student medical insurance offered by their chosen universities. However, buying a policy from your university may be costlier as compared to buying one from your local country. 

Is it really beneficial for my child to have health insurance for students before going to the USA for higher studies? 

The United States is known for its expensive health care costs. Not having health insurance in such an expensive country can burn a hole in your pocket if your child gets sick there.

Is student health insurance absolutely necessary?

Yes, health insurance is mandatory when you are going to other countries for studies. Unfortunately, many students are unaware of this fact and realize it once they are there. 

That being said, universities allow students to opt for student medical insurance offered by their chosen universities. Generally, the policies they buy from the university are much costlier than the policies available in their home country.

Thus to spread more awareness, most of the insurance companies in the home country are selling such policies through banks so that when a student applies for an education loan, he/she can be made aware of these policies. 

The cost of health insurance is continuously increasing in developing countries as well as the developed. 

What’s the difference between student health insurance and student travel insurance? 

Although both are designed to meet the needs of a student studying abroad, Student Travel Insurance is a unique combination of Health Insurance and International Travel Insurance. STI is specially designed for students studying abroad. Apart from non-medical, this insurance also covers medical emergencies. It also includes facilities like auto-renewal and policy extension. However, it remains active as long as the student lives abroad. It covers any emergency hospitalization expenses, medical bills, loss of baggage during the journey, damage due to any interruption in studies, and also covers loss of passport. Yes, in case a student’s passport is lost, travel insurance will provide a temporary passport to avoid mishaps and take care of emergencies.

What would be the travel insurance cost for a student? 

Student Travel Insurance is a unique combination of Health Insurance and International Travel Insurance which can range between a minimum cover of Rs 1, 50, 00,000 for the US and Canada and Rs 37,00,000 to Rs 1,50,00,000 for the UK and other countries. Of course, these prices also vary from country to country. Student travel insurance differs according to the accessibility and availability of services. For example, medical expenses are far more in the US as compared to various countries around the world and hence the coverage and premium for a travel insurance policy will be higher as compared to other countries.

Final Verdict:

Before you head out to study overseas, make sure you have student health insurance because it will cover students from unforeseen medical expenses and saves their family from receiving an additional burden. With an effective student health insurance for studying abroad one can be sure of getting a hassle-free route to fulfill their dreams.