Everything you need to know about Student Health Insurance

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Health Insurance Terminologies:

Sum Insured

Sum Insured indicates the maximum coverage under Insurance contract in terms of financial amount which Insurance company is liable to pay in case of an equivalent loss to or expenses incurred by the insured.

Premium

It is the amount paid by the insured in return for the coverage provided under the Insurance contract.

It is the amount paid by the insured in return for the coverage provided under the Insurance contract.

The maximum amount of money that an insurance company will pay for covered medical expenses related to a specific illness or injury. This limit is usually set by the insurance company and is based on the type of health insurance policy and the level of coverage that you choose.

Maximum Benefit Payable per covered Illness

Lifetime maximum

A lifetime maximum in health insurance is the maximum amount of money that an insurance company will pay for covered medical expenses during the lifetime of the policyholder.

A lifetime maximum in health insurance is the maximum amount of money that an insurance company will pay for covered medical expenses during the lifetime of the policyholder.

Deductible

A deductible in health insurance is the amount of money that you have to pay out of pocket before your insurance company starts to pay for covered medical expenses. The deductible is usually set for each year of coverage.

Out-of-Pocket Maximum

Maximum amount that you have to pay for covered medical expenses in a year. It includes deductible, co-pays, and coinsurance

Maximum amount that you have to pay for covered medical expenses in a year. It includes deductible, co-pays, and coinsurance

These are referred to providers such as physicians, hospitals and other health care providers who have contracted to provide specific medical care at negotiated prices. Preferred Providers in the local school area are: UnitedHealthcare Options PPO(Preferred Provider Operators).

Preferred or In-network provider

Co-Pay

It is one of the cost-sharing elements under the Insurance contract. This is the amount paid by the insured as part of the covered medical expenses incurred.

Indian Insurance plans: No Co-pay element is present under any of the Indian Insurance plans.

International Insurance plans: In all the plans Co-pay is paid as part of the medical bill generated on each treatment/injury mostly for Emergency room, outpatient treatment and prescription drugs. It can range from $10-$150 depending upon the Insurance plan, type of provider and. treatment.

It is one of the cost-sharing elements under the Insurance contract. This is the amount paid by the insured as part of the covered medical expenses incurred.

  • Indian Insurance plans: No Co-pay element is present under any of the Indian Insurance plans.
  • International Insurance plans: In all the plans Co-pay is paid as part of the medical bill generated on each treatment/injury mostly for Emergency room, outpatient treatment and prescription drugs. It can range from $10-$150 depending upon the Insurance plan, type of provider and. treatment.

Health Insurance 101

What is a Student Health Insurance Plan?

Healthcare in the United States is very expensive, and even minor medical problems can result in large bills. Health insurance can help protect you from these high costs. They are designed to meet the specific needs of students and are often more affordable.

What to look for when buying insurance?

Students going to U.S. on F-1/J-1 visa:

You can buy any Health Insurance Plan which covers the minimum Health Insurance requirements asked by your university. It can be purchased directly via your university or can be availed from an aggregator at a lower cost which gives you an option to customize your plan too.

Where can I buy a Health Insurance Plan accepted by my university?

What is a waiver?

In the context of health insurance, a waiver allows a student to waive the requirement to purchase health insurance from the university. For example, If your university is giving you a Health Instance at $2000, and an aggregator gives it to you at $1000, then you can take the aggregator's plan and waive your College Health Insurance Plan with the new one and get back 1000$ as savings. Our advisors will guide you and help you  apply for the same.

How to identify the plans which fulfill the waiver requirements of a university?

Almost every University in the U.S. has some criteria to waive out their own Health Insurance plan.
Students going to a University should choose those external Health Insurance plans which fulfill the requirements or criteria of the University Insurance waiver.

These criteria can generally be presented in the brochure of the external Health Insurance plans which can be further compared with that laid down by the University. Following are some of the examples:

  1. External Health Insurance plan should have no limit on the maximum coverage

  2. Plan should be ACA compliant

  3. Plan should not have an Out-of-pocket limit of higher than $6,350.

  4. Plan should cover for both In-patient and out-patient in a particular state or city.

  5. Plan should have cover for Medical Evacuation and Repatriation.

  • University Insurance waiver criteria

  • Premium

  • Maximum coverage amount

  • Out-of-pocket limit

  • Preferred provider network

When is the best time to buy a Student Health Insurance Plan?

Students going to the U.S. on F-1 visa should carefully plan as to when to buy the Insurance plan. Students who are planning to opt for an external Health Insurance plan so as to waive the University Insurance, they can buy the insurance plan as when the University Insurance waiver system get activated which is almost 1 month before the college starts.

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