Introduction
Let’s just say that the millennials are much more “woke” in terms of personal finances and financial security boundaries these days, as compared to what the scenario was a decade ago.
While we can certainly hold the recent pandemic responsible for this increased concern by creating health scares, other factors have contributed significantly. In an attempt to boost their business and increase insurance penetration across the nation, health insurance providers have started holding online and offline seminars and webinars to spread awareness regarding the significance of health insurance plans for students.
And their requests and reach-outs haven’t fallen on deaf ears as more and more college authorities have started reaching out to health insurance providers requesting their awareness interventions and best-possible, affordable health insurance plans that would safeguard the financial safety of their students during times of medical distress.
Subsequently, students have been taking a keen interest in availing of policies from the best health insurance providers nationwide. However, why are we specifically discussing the student section of society in terms of health insurance? Why do they specifically require these policies? What kind of policies would suffice their medical purpose sans straining their pocket money? Are shared health insurance plans enough for them or do they require individual policies?
Students’ health insurance policy will help them take care of medical bills regardless of their financial situation. This is the reason why many insurance policies cover students till their education. Each policy covers a specific age limit.
This age limit is the basis on which the employee health policy can be distinguished from the student health policy. After graduation, most students gain employment, so employers take care of their health insurance. So, if you are worried about visiting a doctor and its expenses, don’t hesitate to do so as health insurance will cover the cost.
As a student living in a foreign country, there may be situations when things may go wrong. The cost of overcoming such problems may be very high, and purchasing the best health care insurance for college students will be very beneficial.
Some of the health insurance policies also cover non-medical emergencies such as loss of passport, delay or loss of baggage, and study interruption.
If you study abroad, then most international universities require students to be covered under an overseas travel insurance plan. Buying student health insurance in India is significantly cheaper than buying it in foreign countries. It is therefore recommended you purchase the insurance before leaving the home country. Most of the insurance companies offer foreign travel insurance for students. Here we will discuss some eligibility criteria you must meet to avail of such coverage.
Your age must be between 16 years to 35 years of age.
You must be travelling overseas to pursue higher education.
You may be already eligible if you are a student living in an international institution.
Plan Benefits
Here will discuss some benefits of buying a student health insurance plan.
Emergency medical expenses
Health insurance for students policies cover expenses caused due to an unexpected sickness or an accident. In case you need to return home to get treatment, the plan will reimburse the payments as per the terms and conditions.
Moreover, if you die, the insurer will pay the cost of repatriating your corpse home. Also, if you get permanently disabled, you will receive compensation as per the policy terms.
Personal liability
If you are legally bound to pay damages resulting from a lawsuit for property damage, the insurer will cover the same. The policy for college students also covers bodily injury to another person in case of an accidental lawsuit against you.
Other benefits
The insurance company reimburses expenses if your sponsor passes away, your studies get interrupted due to some reasons, a family member needs to make a compassionate visit, in case you require a pregnancy treatment or childcare benefits.
It is always recommended you read the policy document thoroughly to understand the inclusions and exclusions before making your choice.
Why should students avail of health insurance policies?
The pandemic was a wake-up call, reminding us how ailments do not discriminate based on the age of an individual. Across the years of lockdown, we witnessed the pandemic affecting people in the age bracket of 15 to 100. The fatal turn of events led to people of all ages losing their lives or becoming susceptible to major weaknesses that led to substantial health complications in the future.
On the other hand, apart from the pandemic, young adults, in their student life are also vulnerable to a multitude of critical illnesses following their lifestyle choices, career expectations, and peer/societal pressure. Such illnesses might include physical and mental ailments.
Considering the chances and possibilities of critical ailments and/or medical emergencies that the students are vulnerable to, they must find out a way to deal with it while safeguarding and protecting their parents’ financial stock.
Now, education demands a substantial chunk of the finances from their parents’ savings, and considering the significance that education holds over the future and career of the student, its quality should never be compromised. On the other hand, healthcare is equally crucial. However, for healthcare, the expenses made towards it can actually be taken care of sans putting any pressure on the savings made to date by the parents.