How beneficial is a Short Term Insurance for Students going Abroad?
Availing of a suitable healthcare facility in an expensive country is almost like asking to buy diamonds urgently with lesser means. An already hefty amount of education loan pulls back the financial situation of an Indian household, making the guardians overly stressed about their daily budget. But the thing is, falling sick or meeting with an unforeseen event that causes physical injury doesn’t need an invitation. Hence, short-term insurance turns out to be the best companion for a student studying abroad.
Short-term health insurance works best for the students who do not have the necessity or enough means to purchase comprehensive insurance for a longer duration. Students and their guardians find the short-term insurance more beneficial, enabling them to obtain services and coverage options for a short period, i.e., for up to a year.
Since short-term insurance is more accessible and susceptible for many studies abroad aspirants, they preferably look for insurance that involves less requirement for fulfilling criteria. In this blog, Secure Cover’s expert insurance team would explain, How beneficial is a Short Term Insurance for students going abroad? We will also elaborate on the factors that make short-term insurance the best kind of health policy for people unwilling to opt for a long-term comprehensive health plan.
The Benefits of Short-Term Insurance
Health Insurance plan always assist in lessening the financial burden, especially in a country as expensive as the U.S. Universities mainly prefer enquiring with their students about any potential opted health plan. The students can then choose to go forward with a university-sponsored plan or purchase an external plan.
Here is the thing, university-sponsored health plans offer premium rates so high, giving you a brand new reason to worry. What best could be done is choosing a plan covering a shorter duration and only the required benefits. Hence, enabling a student to avail healthcare facility with minimum premium cost to pay per annum. Short-term insurance is what you need if not willing to spend a fortune for merely buying health insurance.
Here are some of the benefits of Short-Term Insurance
Exempting the Extra Cost
In short-term insurance, there are plans designed only to help a student during their stay in the U.S. They need not take a long-term health policy of 3 or 5 years. Hence, a potential saving of all the additional costs required during a long-term health plan purchase.
How easy would it become if one gets the chance to customize their plans based on one’s requirement and choosing lesser duration? Short Term Insurance provides the ease to select the quarterly method of paying the premium instead of compensating it upfront for a year.
Short Term Insurance has an allocated refund provision in the policy. If the universities abroad do not accept the chosen Insurance plan and insist the student buy their own sponsored insurance plan. Then, the student would be handed over all their paid amount.
A Process with Lesser Conflicts
An insurance process that puts less strain on you has the least complicated method. Mainly, all short-term health insurance policies offer cashless service in case of hospitalization during a medical emergency. Some plans also provide cards with insurance numbers and details of the policyholder.
The policyholder is just required to show the card at the hospital. They could also choose the option to call the insurer to inform them about their hospitalization. After that, the company agents take over to manage all other formalities & processes.
Medical Check-Up not Needed
Generally, health insurance companies prefer the customer’s to get their medical screening done before purchasing the insurance plan. It is a prerequisite to confirm whether a person has any pre-existing disease and for which they are buying a policy at the very end moment.
The misinterpretation about not having to pay a single penny in case of pre-existing disease practically misuses the insurer. Short-term health insurance is not made to provide coverage for a health condition that develops over a long time.
Short Term Insurance mainly focuses on covering for treatment in case of injury or accident; they do not require the client to undergo a medical check-up before buying the policy.
How do you find the Short-Term right Insurance?
Buy short term insurance based on your Requirement
Go for buying a short-term health plan based only on your requirements. Remember to go through all the terms and conditions that involve types of illnesses covered, availability of cashless facility or not, all representations and provisions for co-insurance, deductibles, all the in-network hospitals, and the plan duration.
Choose only your Preferred Insurance Provider
Based on the experience of the services received from the insurer company, you need to choose the one that gave the preferred service. When it comes to purchasing health insurance, don’t go on exploring the market. Buy from the most trusted ones in the country, who are appropriately verified too (In India’s case, IRDA-approved ones).
Always look for the Insurance Company’s performance record.
Based on their performance, insurance companies are ranked or rated by organizations like the IRDA, CRISIL, and ICRA. These rankings are based on factors like the genuine they seem, Claim Settlement percentage, and how swiftly the claim was settled. It is suggested that you look for insurance companies in the top IRDA rankings or those with a rating of not less than ‘B’ by CRISIL.
These are some of the most beneficial tips one can look up to while looking forward to buying short-term insurance. However, this insurance is the best fit for students who do not want to spend a fortune buying comprehensive long-term insurance to survive a few years of education and live in an abroad country.
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