For all the students who have plans to travel abroad for their studies, they must know how to buy the right health insurance plan for themselves. There are so many options for health insurance that it often creates confusion.
People, who don’t have enough knowledge about health insurance plans, end up choosing the wrong product, and then repent later on, when they need it the most. Here are 5 useful tips that will help you take the right decision for selecting the most appropriate health insurance plan for yourself, and ensuring complete peace of mind in future –
1. Explore and Be Informed:
Get to know whether it is mandatory to buy the health insurance provided by the university. If not, then just drop the plan. When you already have a cover as a dependent then it is not necessary to opt for a private insurance.
Go with a local insurance provider of the country where you are travelling to or do it in your home country before leaving. Most students club their tuition fee and premium together, but you might not get the best deal from the university. It is advisable to first compare. Even though there are options to buy online insurance, still the process of buying from a foreign insurer is quite a hassle.
2. Cost Comparison:
Mostly, the health cover provided by universities are bit overpriced, especially in western countries. You will always find domestic insurance to be cheaper than the options abroad. But, making comparisons solely on the basis of cost is not the right way to evaluate insurance products. There has to be cost-benefit analysis. See what benefits you will get for that cost. Added benefits with premium cost make sense. So, compare on the same grounds.
Because you are travelling to a foreign country, you must know the past record of the insurance company, claim settlement process, network hospitals in campus proximity, and about cashless facility. There is no doubt that domestic plan would cost you less, but your university is likely to have an upper hand on the aforementioned factors. On the other hand, university provides only health cover, whereas a domestic insurer will offer you travel insurance as well, including cover for loss of baggage, valuables, and passport.
4. Stick to Your Existing Health Plan:
If you already have a health plan in your name or you are covered under a family insurance plan, continue with the same. Don’t foreclose the plan in between. A student plan from university will be valid only till the time you study there. However, your existing plan will give you lifelong benefits. So, until you have plans to permanently settle abroad, don’t think of foreclosing the existing cover. By discontinuing the existing plan, all the accrued benefits will be lost.
In some countries like US and Canada, it is compulsory to have a health cover, while in some countries like Australia, UK, and China, it is optional. But, regardless of this fact, you must buy a health cover for yourself.
These tips will definitely help you take the right decision on your health cover plan when you travel abroad for higher studies. So, don’t commit the mistake of skipping the student insurance plan when you travel abroad for studies, or even otherwise for any other reason!