SHORT TERM INSURANCE: THE BEST INSURANCE FOR STUDENTS
Advancements in the field of medical sciences have led to a simultaneous increase in the cost of treatment especially in countries like the US. Such high costs of treatment cause additional burden to the parents of those students who go to these countries for higher studies. Medical bill for even a simple surgery performed on an Indian student in the US could force their parents back home to take additional loan. In such situations, short term insurance could provide relief to such parents.
Short term health insurance plans are designed for people who neither have the necessity nor the capacity to buy expensive medical insurance plans. It is meant for those looking for short term coverage options, i.e. for up to a year. They are easy to buy and do not require the buyers to fulfill any specific criteria.
In this blog, we will outline the benefits of short term insurance and the factors that one should keep in mind while buying it.
WHAT ARE THE BENEFITS OF SHORT-TERM INSURANCE PLANS?
Students can buy plans that provide cover only during their stay in the US. They need not take long-term plans of of 3 or 5 years. This will save them a lot of money.
Unlike long term plans, short term insurance plans offer flexibility of choosing from a wide range of plans according to one’s requirements. They also provide an extra ease of quarterly payment of premium instead of paying the full year premium upfront.
Provision for Refund
There is a provision of refund in the short term insurance plans in case Universities do not accept the chosen Insurance plans and insist that the students buy their own sponsored insurance plan. Students get full waiver in such cases.
Hassle Free Processing
Short term insurance is marked by hassle free processing of insurance claim. Most of the short term health insurance policies offer cashless service in case of hospitalization due to medical emergency. Many of them also offer cards with insurance number and details of the policy holder. All one has to do is to show the card at the hospital or call the insurance service provider to inform it about his or her hospitalization. The rest of the formalities including payment to the hospital and paper work is taken care of by the agents of the company.
No Need for Medical Check-Up
Certain long term health insurance plans which cover serious illnesses require the client to undergo medical check-up to ascertain whether he or she is suffering from any disease before buying the policy. This is to ensure that the patient is not already suffering from the disease and that he is not buying the policy at the last moment just to avoid paying for treatment. Short-term health insurance do not provide cover for medical conditions that develop over a long period of time and are mostly focused on treatment in case of injury or accident, they do not require the client to undergo medical check-up before buying the policy.
THREE TIPS FOR GETTING THE RIGHT SHORT-TERM INSURANCE
Look for Customized Short-Term Coverage
Ensure that you take a short-term coverage plan that is customized as per your individual needs. It is also advised that you read the all the terms and conditions including the types of illnesses covered, cashless facility available, provision for co-insurance, deductibles, the number of hospitals covered under the plan and duration of the plan. Only after you are fully satisfied should you sign one the dotted line and make payment. It is recommended to buy a plan that is both cost-effective and flexible.
Buy a Policy from your Preferred Insurance Provider
If you already know of an insurance provider with whom you have had a good experience in the past, it is better to buy insurance from it. When it comes to insurance, one should not be adventurous. If you do not know of any such insurance provider, it is better to go for those insurance providers which are among the top five insurance companies in the country.
Pick a Policy from a Verified Insurance Company, Agency or Agent
Many a times people get duped either unscrupulous companies or agencies or agents who promise to provide insurance coverage at low premiums. In India, insurance companies are regulated by Insurance Regulator and Development Authority (IRDA). Any company that wishes to enter insurance business has to get permission from IRDA. In case of doubt, one can visit the IRDA website and check whether the company or agency is genuine or not.
Check the Performance Record of the Insurance Company
Based on their performance, insurance companies are ranked or rated by organizations like the IRDA, CRISIL and ICRA. These rankings are based on the several factors such as the soundness of the company, the percentage of claims settled and the promptness with which to claims were settled. It is suggested that you look for an insurance companies which are among the top 10 in IRDA rankings or with have a rating of not less than ‘B’ in by CRISIL.
Make sure that you follow all the above useful tips to buy the right short-term insurance plan. It is very crucial to buy insurance as living without insurance coverage is a risk and an unexpected accident or illness could lead to expensive medical bills. If you are short on money or you don’t want to spend much on insurance, then short-term medical insurance might be the perfect fit for international students.