With hearts filled with hope, ambition coursing through the veins and eyes firmly set on the future, a student steps out with many dreams and aspirations, especially when its to a new country. All the Google research falls short of what practical experience awaits.
Suddenly, a wealth of opportunities open up. Quite often, in the hustle and bustle of preparation, from getting all the necessary documentation, visa, associated paperwork, character certificates, invitation letters to choosing the right clothes, depending on the prevailing weather conditions, students forget to or leave travel insurance for the last minute. This of course has its pitfalls, including but not limited to. • Being blindsided by expensive medical care that can leave the student and parents with a large hole in their pocket • Loss of study time • Unnecessary stress and worry about the safety of a loved one • Being burdened by an additional heavy loan that can leave the student and his or her parents with a lifelong burden to repay Let us take a step back here to understand what is travel insurance for students? Simply put, travel insurance for students, as the name suggests means that this is a plan that is specifically designed keeping the travel insurance needs of students in mind. This statement begs the question – what are the specific insurance needs of a student when traveling abroad? Some Suggestions to Select A Good Travel Insurance for Students It should cater to or address some or all of these needs: Hospitalization Costs A good travel insurance for students should ideally cover expenses if a student falls sick. It should reimburse hospitalization charges, both as outpatient or inpatient for the suggested treatment or aid. It should also cover simple and complex diagnostic tests. Dental care is extremely expensive in the West; hence the travel insurance should cover dental treatment as well. Medical Transport Costs One must keep in mind that in most developed nations, an ambulance is used transport all types of patients, whether the situation is life threatening or not. Hence the cost of transportation to a medical facility or to a physician, including the treatment provided during transit should also be covered in travel insurance for students. And if the situation demands it, the expense incurred in returning to the student’s home country should be included in the ambit or reimbursement as well. Don’t Ignore Any Pre-Existing Medical Condition Students are advised to select plans that provide cover or hospitalization compensation for any pre-existing diseases. This is extremely important and very often and easily forgotten. Personal Accident Cover A student should look for plans that provide compensation in specific events, such as personal accidents that could lead to the loss of key motor skills, temporary or permanent disability specific to a limb or organ. Short or Long-Term Study Interruption A student could incur significant financial loss in case hospitalization leads to a significant break in studies due to hospitalization last anywhere from a couple of weeks to at times even a month or more. In case of such an event that leads to a significant break in the studies, the remainder of the tuition fees should ideally be claimable by the student. Supportive Care Visit A good travel insurance for students should also reimburse the cost of tickets and accommodation in case a relative would like to visit to provide supportive care to the student in case of hospitalization or in case the student wishes to visit ailing parents or siblings. Repatriation of Mortal Remains In Case Of Death The travel insurance provider should also provide coverage to repatriate mortal remain in case the student policyholder dies in case of an unfortunate circumstance. Should the next of kin desire that the student be cremated to buried in the visited country, the insurance policy should ideally provide coverage. General wisdom indicates that a good travel insurance for students should provide the following essentials: • At least Rupees 50 lacs covering costs associated with illnesses and sudden injuries • Reimbursement for damaged, lost, or stolen personal possessions • Should be immediately effective • The insurance provider should have a wide network of partner hospitals and doctors in the area where the student is residing • Account for round-the-clock emergency care and help A higher cover limit sets the mind at rest. The saying “better to be safe than sorry” fits ideally in this case. In trying to save money, it is prudent to keep in mind that while some plans might be inexpensive to pay every month, they might also offer lower cover limits. As an example, if the student suffers a key medical complication that costs Rupees 50 lacs in expenses but the maximum cover limit is Rupees 20 lacs, the parents and the student will need to finance the extra Rupees 30 lacs. One can never be too careful. All the best. For more updates and News follow Policybazaar Youtube
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AuthorInsurance and financial manager. Archives
May 2018
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