• 18
  Aug
  2009

• Opting for Optional Practical Training? Get your OPT Insurance

  
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Students who are on an F1 Student Visa in USA can apply for OPT. This is an optional work experience for students to augment their classroom learning.  The status of a student opting for OPT is somewhere in between that of an actual student of a University and an employee of a company.

The University may not consider him/her a full-time student any more. And, he/she may not be considered an employee in a company in the complete sense of the word. It is possible that the University might discontinue providing health insurance benefits for this category. Also, it takes time for the employer to start coverage, and in the mean time one might not have any coverage. It is also possible that health coverage might not be a part of the employer’s offer at all.

One has to make sure that health coverage is available during such a period as well. With classroom learning coming to an end, and with a prospect of a job in hand, it is even more important to stay covered, and be prepared for a medical emergency. This brings to fore the need to have a health insurance plan suitable for that phase of life.

When you opt for OPT, don’t forget OPT Insurance...

• 17
  Aug
  2009

• International Student Insurance - Check?

  
  Filed Under: Health Insurance
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Passport – check. Visa – check. All necessary documents – check. So, all set to become an international student? Think again.

Q: What is the most vital thing most students keep postponing before they start their education abroad?
A: International Student Health Insurance.

Now, why does it happen? Mostly due to inaccurate information regarding a few simple questions. Read on for a simple Q and A on the basics of Insurance coverage for International Students

Q: What exactly is it?
A: It is an insurance policy to cover (read, pay for) your medical expenditure should you need medical attention during your stay outside your own home country.

Q: Why do I need it?
A: Your domestic health insurance is usually inadequate to cover illnesses abroad. That is why you need an international health insurance coverage.

Q: How much will it cost?
A: Depends. But, it isn’t much. And, it might cost you a lot less to be insured than being uninsured.

Q: What options can I choose from?
A: There are many providers, and many types of policies. Here’s a list.

Q: Which is the best plan?
A: That is a highly subjective question. The answer to “Which is the best?” largely depends on what you want. Compare the features and benefits of multiple insurance plans before making a decision.

Q: When should I buy it?
A: Sooner the better. Preferably before you start your education. Sometimes, it is mandatory to have coverage before you can start classes.

• 14
  Aug
  2009

• Health care exclusions you need to know

  
  Filed Under: Health Insurance
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Many students who enroll in health care plans have some misconceptions. One of them is that a health care plan will take care of any and every eventuality that might need to be addressed during the coverage period. Though it is true to a certain extent, it is imperative to the know the most important exceptions to this.

Your typical health insurance will, most probably, have certain exclusions that you need to know about.

1. Pre-existing conditions, e.g. a diabetic patient may not be covered for diabetes care
2. Congenital defects, except for a new-born insured child
3. Issues arising out of substance abuse
4. AIDS and venereal diseases, unless with a specific plan meant for that purpose
5. Plastic surgery, dental treatment, and other treatments that are not considered essential for health
6. Injuries sustained when participating in sports activities (normal or extreme), unless covered by a sports rider
7. Participation in investigative, experimental or research-based treatments

There might be some more exclusions besides the ones listed above. Also, it might be possible that some of these listed here might not be excluded in your plan. Remember that you will have to spend a little time reading the documents before making a decision.

• 13
  Aug
  2009

• How much Health Insurance do I need?

  
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If you have thought of this, seems that you have made up your mind on the issue of whether or not you need Health Insurance in the first place. Now, we need to see how to understand the various trade-offs and arrive at the best possible dollar amount.

Finally it will boil down to, “how much can you afford?”, but there are just a few considerations that might help you in answering that question. Let us look at two plans

1. Zero-deductible, $10 co-pay plan
2. $250-deductible, $10 co-pay plan

The former will have a very high premium, the latter considerably less, varying inversely with the deductible amount. What all these numbers mean is simple - If you are willing to pay $X from your pocket as deductible first, you will pay less premium. If you want the insurance company to pay everything (i.e. Zero-deductible), you will pay more premium.

Make an educated guess on how often you might use the benefits (read, fall ill or visit the doctor or emergency rooms). If you have a feeling you might not need to use the benefits for smaller things like a visit to the doctor, prescription drugs, etc. on a regular basis, you might increase the $X amount. That way you will pay far less in premiums. On the other hand, if you foresee regular medical attention, pay a higher premium and use the benefits more often for free with $X=0.

Besides the deductible, a co-pay clausealso influences the premium.

Do the math. Understand the benefits illustrated above for the two scenarios,  check your finances and go for a goodhealth insurance plan.