If you are a student going abroad for pursuing higher studies then take a moment to ponder on the need of international student medical insurance. It is common for students to meet with medical emergencies. However if you are an insured international student then most of your medical expenses would be borne by international student insurance.
However, the international student medical insurance will not start paying your bills right away. At the very outset you will have to pay a certain amount of money from your own pocket towards your expenses. Only after that will you be able to claim a percentage of the remaining amount of the bill from the insurance for international student company. This amount payable by you is known as deductible.
Once the deductible is met, the insurance company pays a percentage of the expenses, this is called Coinsurance. Typically comprehensive international student medical insurance plans cover 80% of the first $5000 of the expenses, and 100% thereafter.
Deductible ranges from $0 to $2,500. Usually, the higher the deductible the lesser is the amount of premium. The opposite is also true. Deductibles are included in international student medical insurance so that the insurance company does not have to process claims for relatively minor issues. It also encourages the insured to seek medical treatment only when essential and not in trivial situations.
For example if you have chosen an insurance for international student plan with a deductible of $150 then you will have to pay $150 in case of a medical emergency towards your medical bill. Only after you make this payment will you be eligible to claim the rest of the amount from the international student medical insurance.
Plans that offer international student insurance usually waive the deductible if initial treatment is sought at the Student Health Center of the university that student is enrolled at. Some plans do not waive the deductible, but lower the deductible by 50% if the student seeks treatment at the University’s Student Medical Center first.
Deductibles are of two kinds- one that is applied per injury or per sickness, and the other, which is applied per 12 months basis. In case of the first kind, the insurance holder has to pay the deductible amount every time he/she meets with a different illness or injury. Whereas in the second case, the medical bills would have to be paid by the insurance holder for as long as he/she doesn’t pay the entire deductible amount.
Very low or even zero deductibles is also offered by some international student medical insurance, but at higher costs. Read all the policy details carefully before deciding the international student medical insurance deductible.