As a college student, you’re probably thinking “What do I have to do with insurance?” Maybe you’ve never even thought about it, juggling classes, assignments, and social life. Or, maybe you assume that this is the responsibility of your guardian only.
Adding insurance to the mix is no doubt guaranteed to feel like a labyrinth. But that’s why we are here. This 5-minute guide is designed to give you the scoop on student insurance for local US students and foreign students who have landed an F1 visa.
Let’s begin with a brief intro to what insurance entails and why you need it.
Why You Need Insurance
Insurance is quite similar to professional writing websites like Royal Writer – you never know you need them until an emergency strikes. In principle, insurance covers any loss encountered on your part as a student and restores you to a previous position. In other words, the insurance provider indemnifies you as the policyholder from any losses provided the sum insured is up-to-date.
So why do you need insurance as a student, and especially as one who is traveling? Well, with a crystal ball, you would be okay and could prepare for emergencies and disaster. Without an eye into the future, you can only prepare and make projections. As a student, your laptop might be stolen, or you may even fall ill on campus. For those traveling, there is even more risk of lost property or hefty out-of-pocket medical payments.
Insurance covers you from such unforeseen events and ensures that you don’t suffer grievous loss. That lost or stolen laptop can quickly be replaced. Your parents or guardians can breathe easy back at home knowing your hospital bills were covered. You can travel with peace of mind knowing that your backside is covered.
Types of Student Insurance
There are different types of insurance tailored for students at various levels. For this discussion, we’ll focus on students at the college level and higher.
Health Insurance
The most important type of insurance that any student within or traveling to the US should get is health insurance. Whilst local students are often under their parents’ insurance plans, foreign students often have to seek out third-party health insurance. Health insurance is not a primary requirement for F1 visa applications. However, schools often require students to take out school insurance before admission.
University-Sponsored Plans
University-sponsored plans offer some of the most affordable and convenient options for both local and international students. They are preferred because they integrate seamlessly with campus health services. This may not apply to all universities. However, most institutions generally require foreign students to have some sort of insurance.
University-sponsored insurance may generally cover illness, accidents, and wellness including physical and immunizations. They may also cover pre-existing conditions with no waiting period or limits. Generally, if you intend on seeking care outside of the university health center, it is better to work with providers that are linked to the university’s provider.
Parents Plan
Generally, recent high school and college graduates can stay on their parents’ Medicaid plans until they are 26. This can be cost-effective in the short term but may be limited in terms of state or employer restrictions and network coverage.
If students were enrolled before graduation, they can continue with the same package or even qualify for a special enrollment period.
Insurance Marketplaces
Students can also purchase insurance through subsidized options through the ACA marketplace. The eligibility depends on income and state regulations.
International Students
International students have it a bit harder than locals when it comes to finding the right insurance. Besides school-subsidized insurance, foreign students can choose a comprehensive third-party insurance provider. An example of this is the ISO International Student Insurance and StudentSecure, which provide comprehensive health coverage to students across the world.
Local providers may prove unreliable for students matriculating in a foreign country such as the US. The premiums in such a case may or may not be too expensive. However, the process of filing claims may take too long and prove ineffective for emergencies.
Protecting Your Assets as a Student
Insurance doesn’t end at healthcare if you are a student. You also need to protect your assets such as laptops, phones, and other gear against theft or loss.
Renter’s Insurance
If you are a local student living on-campus, you may be protected by your parent’s homeowners insurance. If you live off campus where you might be exposed to theft, fire, and other unforeseen events, renters insurance may work for you.
Auto Insurance
For students who own a car, auto insurance is mandatory and you may need to check with your school about any other insurance requirements. However, bringing a vehicle to school should be one of the last options that you explore.
Personal Property Insurance
In case you want coverage for items not covered by any other type of insurance such as renter’s, then personal insurance should be your go-to option. This may include items such as laptops, phones, books, clothing, and musical instruments. Damages can be a result of theft, water damage, accidents, or even weather events such as flooding.
Travel Insurance
The actual period when you board a plane to when you reach your destination is often fraught with angst due to not knowing what might happen. You might damage or lose something valuable like a laptop, or even get delayed through no fault of your own. You might also incur unforeseen costs like unplanned accommodation expenses due to a delay.
In this case, comprehensive travel insurance will work wonders for you. It should be noted here that the medical aid covered by travel insurance isn’t the same as international student health insurance. Travel insurance only covers medical emergencies and repatriation costs, and is usually short-term.
Bonus Tips & Conclusion
Always read the fine print carefully before settling for any provider, especially in the insurance business. Consult your school immediately if you have any doubts about your insurance requirements. That is crucial for international students coming to the US or going to other countries. Seek help from agents or talk to different brokers and explain your requirements to them. Read reviews on insurance companies like you’d read this RoyalWriter review.
Remember, while insurance seems trivial, especially for students, it is of the utmost importance for your peace of mind. If you are an international student traveling, insurance makes even more sense due to the unpredictability of the journey. Discuss with your guardian about any pertinent needs or concerns that you have and see if they can help out. Or, get a side gig and pay for your insurance. Ciao!