As a student, getting health insurance may not seem as important, but it is one of the most essential assets anyone can invest in. Accidents, trauma, illnesses, or anything unfortunate can happen at any given moment. Due to this, investing in good quality health insurance plans is a necessity, even as a student.
If you’ve been looking to invest in health insurance, it can be overwhelming to make the right choice. Whether you’re studying abroad or staying local, having the right insurance coverage is essential for your peace of mind. In this comprehensive guide, we’ll walk you through the process of selecting the best insurance plans for students so that the decision-making process becomes a little easier.
Factors to Consider When Selecting the Best Health Insurance Plans for Students
Factors that should always be considered when choosing the ideal health insurance plans are listed below:
1. Premium
College students should examine the premium amount. Student health insurance policies are intended to be low, however premiums might vary from plan to plan. College students should select a plan that offers full protection at a reasonable price. You can use free premium calculators to better understand your needs to help you choose the best health insurance plans.
2. Reputation of the company
It is essential to research the insurance company beforehand. It can be crucial for a student to opt for well-reputed insurance companies that are known to provide high-quality services and coverage.
3. Exclusions and inclusions (coverage)
You need to be aware of all the things that are covered under the insurance policy. You can check specifically for medical expenses that you are most likely to face. It can range anywhere from regular visits to the doctor, hospitalisation costs, prescription medicines, and any medical tests.
4. Cancellation and refund policies
Different insurance companies provide different cancellation and refund policies for their customers. You must be well aware of such policies in your health insurance plansto ensure that you choose the best option that aligns with your needs and requirements.
5. Costing
It is important to compare the overall costs of all the different policies that you may be considering investing in.
6. Network hospitals
You should be well aware of the network of hospitals that are covered under the insurance plan. This would help you get the desired/required treatment at no cost.
7. Waiting periods
College students should examine the time frame for waiting for pre-existing conditions. Most health insurance policies include a 2-4-year waiting period for people who have pre-existing diseases. Students with pre-existing conditions should select health insurance plans with a shorter wait period.
Types of Health Insurance Plans Students Can Opts For
There are different types of health insurance plans that students can opt for, some of which as listed below:
1. Parent’s health insurance plan
This is one of the most affordable options for students on this list. Depending on the plan itself, often students can be beneficiaries of their parent’s health insurance plan, up until a certain age.
2. Health insurance plans sponsored by schools
Various universities and colleges provide sponsored health insurance plans, which can be a beneficial option for most students. It is always important to check with your educational institution to ensure that you’re not missing out on the benefits of such plans. The price for such sponsored health insurance is included in the overall tuition cost. This ensures you do not have to worry about any extra costs and/or monthly payments.
3. Health insurance through an employer
Often, students start working jobs along with their studies. You can avail of employer-sponsored health insurance plansas well, which can be a feasible option as a student. Employers often pay over 50% of insurance premiums, resulting in a less expensive choice than purchasing health insurance via a private insurer.
Conclusion
Health insurance plans are extremely beneficial for all, especially for students. Medical emergencies can occur anywhere, anytime, and such plans provide coverage during these times of need. They ensure that you do not have to worry about hospital bills and fee coverage as most insurance companies directly connect with the hospital to reduce the hassle for the policyholder. There are several things you should keep in mind when choosing the best health insurance plans for students, including checking the premiums, comparing the costs, and checking the inclusions and exclusions.