How Dual Insurance provides extra cover & saves money of students in US?

Indian students going to the U.S. for higher education are mandatorily required to purchase health insurance for them to be allowed to continue taking classes. While most universities and colleges in the U.S. have student specific health plans in association with a local health insurance provider, others may ask the student to purchase health insurance from health insurance marketplace.

However, health insurance, like healthcare, is very costly in the U.S. Even if a student is able to purchase a student health plan that costs less in terms of premium, he or she may have to either forego several coverage benefits or may be required to bear higher costs out of their own pocket.

In this blog, Student Cover explains why having two insurance plans i.e. dual insurance, helps student get extra coverage as well as save money. Student Cover provides overseas health plans to Indian students going abroad for higher education. Students can reap the benefits of dual insurance and save money. To know more, email us at info@studentcover.in

1. COST OF INSURANCE – On an average, an ACA (Affordable Care Act) compliant student health insurance plan costs around $2,000 per year. In comparison, the students’ overseas health insurance plans offered by Student Cover costs less than $1,000. Therefore, those students who are mandatorily required to purchase ACA compliant plans offered by the university do not have to pay a lot to purchase Student Cover’s Plan.

2. COVERAGE BENEFITS – While ACA compliant plans provide comprehensive cover for treatment due to sickness and injury, including sickness cause due to pre-existing disease, they do not provide benefits such as:

• Sponsor Protection Benefit – If the student studying in the US is sponsored by a relative, either in the US or in home country, then the insurance provides compensation to the student to pay pending tuition fees. This ensures that the student’s education is not affected due to lack of funds.

• Travel Insurance Benefit – If a student happens to lose his or her passport or luggage while traveling, the insurance provides financial assistance for the lost luggage or passport.

• 2-way Compassionate Visit – If a student falls ill and is admitted to the hospital, the insurance company would pay for the visit of one of the family members to the U.S. This is equally applicable in case one of the parents of the student falls ill and the student is required to visit his or her home country to see the ailing parent.

• Covers Medical Evacuation and Repatriation of Remains – In case the student is sick and is required to be evacuated for treatment, the insurance company bears the cost of such evacuation. Additionally, if the student, due to any unforeseen circumstance, dies, then the insurance company also pays for repatriation of mortal remains of that student back to his or her home country or for the student’s burial/cremation in the US.

3. NO COST SHARING – Unlike American insurance plans, the overseas plan provided by Student Cover does not require the student to bear the cost of medical expenditure as Co-Pay or Co-Insurance or deductible. Students who purchase the overseas health plan can avail 100% benefit on cost of treatment by paying only $100 deductible per claim.

4. NO NEED TO SEARCH FOR IN-NETWORK HOSPITALS – Health insurance providers in the US have hospitals and medical institutions that either fall in-network or out-of-network. If insured patients undergo treatment in a hospital which is in-network, their co-pays and deductibles cost less and they get higher co-insurance benefits. However, insured patients undergo treatment in a medical institution that is out-of-network, they will have to pay more in terms of deductibles and co-pays and their co-insurance will also be lower. This significantly increases their out-of-pocket costs even though it has a limit.

On the other hand, the overseas insurance provided by Student Cover do not have any such condition as no co-pay or co-insurance is involved. A patient has to only pay a deductible of $ 100.

5. USEFUL IN UNIVERSITIES THAT DON’T OFFER STUDENT INSURANCE – Students can save a lot of money by purchasing student overseas health insurance in those universities that do not require a student to mandatorily purchase their student health plans.

Let’s Wrap Up!

Due to very high cost of treatment as well as insurance cover, students going to the US for higher studies are advised to purchase overseas insurance, so as to get additional cover and save cost. The students’ overseas health plans are cheaper and provide cover such as sponsor protection, travel insurance benefits and 2-way compassionate visit among others. They also do not require a student to share cost for medical treatment through co-pay and co-insurance. They get 100% coverage by paying a deductible of only $100.

Disclaimer: The content of this blog is based on personal research of the writer. Readers’ discretion is advised. Neither Student Cover nor the writer will be held responsible for any wrongful interpretation of the content of this blog.