Students Health Insurance
In today's time, from a very tender age, a student's life is filled with aspirations and these aspirations often lead to pressure and stress. With this increasing pressure of excelling in a career, students often deteriorate their health
which in turn causes many health issues.
With all the academic struggle, the thought of having Health Insurance may never cross a student's mind. But being a parent, it is your foremost duty to secure your child's health. Continue reading this article to find out more.
Why Do Students Need Health Insurance?
It is undoubtedly true that everybody needs a Individual Health Insurance Policy that could cover the hospitalization expenses when a medical emergency knocks at the door. However, people often have this misconception that young people don't require Health Insurance.
Purchasing appropriate Health Insurance for everyone is the need of the hour, and when it comes to protecting one's health, the young and old need equal attention.
Moreover, a student may get affected by common infections and diseases, chronic physical and mental illnesses, harmful effects of drug and alcohol abuse, and sexually transmitted diseases. Further to this, with all the fun and adventurous
approach of today's youth, there might be possibilities of bodily injuries and unforeseen accidents.
Having Health Insurance cannot prevent all such cases, but will at least lessen the financial burden of the treatment, and can prove to be of great help.
Let us understand the importance of having a Student's Health Insurance with an example.
The family of Mr Sharma was in great dismay after a phone call that they got from the USA. Their son, Rohit who moved to the USA to pursue Masters in Accounting, had met with an accident.
After waiting the entire night, they received a call at 6 A.M., when their son told him about the expenses that he needed to pay before getting discharged.
Since Rohit did not have a Health Insurance Policy, all these expenses needed to be paid by the family or Rohit himself. This situation could have been avoided if Rohit was more careful about buying a Health Insurance Policy before
travelling to the USA.
Health Insurance Companies
Benefits of Health Insurance for Students
Health insurance for students is a necessity, especially now that we know that medical emergencies can strike at any time. Student health insurance plans are less expensive in India and more comprehensive than those
available in other countries. So, we have mentioned-below some of the benefits of student health insurance plans:
- Cashless Hospitalization
- Covers International Medical Cost
- Safeguards You from Personal Liabilities
- Compensation for Study Interruption
- Sponsor Protection
- Miscellaneous Expenses
Cashless Hospitalization
In an unfortunate event where a student needs to get hospitalized due to any illness or injury, he/she can avail the benefit of Cashless Hospitalization. Under Cashless Hospitalization, the bills will be directly settled
by the Insurer & the policyholder can take care of other important aspects & not worry about the financial expenses.
Covers International Medical Costs
The lack of awareness of the need for Medical Insurance plans for students makes many students buy policies on- campus & pay heavy premiums for them. Having a Health cover prior to shifting abroad may protect a student
from paying unnecessary higher premiums, and at the same time will protect them from any medical emergencies.
Safeguards You from Personal Liabilities
With Medical Insurance for students, personal liabilities such as accidental lawsuits or damage to third-party property are covered by the Insurer.
Compensation for Study Interruption
Getting hospitalized for an extended period may interrupt your studies and can ruin your career opportunities. With Health Insurance for students, one can avail monetary benefits to overcome such interruption.
Sponsor Protection
If the sponsor succumbs to death, unfortunately, the Insurance Plan will compensate the student for outstanding tuition fees and will also safeguard the sponsorship interest.
Miscellaneous Expenses
Expenses incurred on your Medical Aids or diagnostic tests like X-ray, Ultrasound, etc or the travelling expenses such as Ambulance Charges are covered under the Student's Health Insurance.
Is Student Health Insurance Necessary?
Yes, Health insurance is mandatory when you are emigrating to other countries for studies. Unfortunately, a number of students are unaware of this fact and realise it once they reach there. However, the universities allow the students
to opt for Student Medical Insurance offered by their chosen universities. Usually, the policies they buy from the university are quite expensive than the policies available in India.
To spread more awareness, most of the Insurance Companies in India are selling such policies via banks, so that when a student applies for an education loan, he/she
can be made aware of these policies.
Wrap it up
Health Insurance costs are continuously rising in India as well as abroad. Before going out for overseas studies, ensure that you have a Student's Health Cover. It covers you from unannounced medical expenses and saves your family
from getting an additional burden. With an effective Student's Health Insurance policy, one can ensure to get a hurdle-free path to achieve their dreams.*
*Source- The Economic Times
