International Student Insurance: 5 Layman’s Terms To Help You Secure The Right Policy
September 17, 2022
According to a report from Statistics Canada, around 11% of the Canadian student population is made up of international students. The influx of many foreign students choosing to study in the country is due to Canada’s welcoming and tolerant culture, including a reputation for being one of the safest countries for studying abroad. Regardless of which country you’re from, or what kind of educational course you wish to pursue, it is vital that you know all about the country’s health insurance plans that ensure your medical needs are well looked after in the event of a medical emergency.
InsLyf offers foreign students various international student insurance plans to meet their specific needs when staying outside of their home country. With years of experience in the insurance industry, our team serves to provide international student insurance plans that cover several benefits such as mental health, including emergency medical evacuation. The options we provide to them offer coverage for the entirety of their study, giving them the freedom to keep one plan throughout their education. Below mentioned are certain terms to secure the right international student insurance policy:
1. Understand why international student insurance is important for you
Irrespective of your age, or your medical history, an international student needs to be aware of the real risks when planning to study in Canada. As a foreign national not having health insurance can be a financial strain, as healthcare is only free for permanent residents and Canadian citizens.
2. Offers certain special benefits
In addition to international student insurance offering medical benefits such as hospitalization and prescription drugs, it also covers expenses like mental health expenses, maternity expenses, and even pre-existing medical conditions. The above-mentioned benefits are often offered by educational institutions. You must also bear in mind that schools and universities have their insurance requests, so before you purchase a policy, ensure you take a look at the school’s insurance requirements.
3. Coverage for family members and dependents
Because these insurance plans are of a specialized nature, most of the options are limited concerning coverage for family members and dependents. The plans with several options are at a much higher rate. If students are travelling with family members need to pay a much higher coverage, or will have to look for other alternatives.
4. Renewal options for the entire study period
Few international student insurance plans provide a monthly payment option and usually, the coverage can be renewed for up to four years, giving foreign students the freedom to purchase one plan for their entire study period. Other options include incidental home country coverage, where the student is provided with coverage for three months and can visit their home country for up to 15 days to receive medical care.
5. Age-based policy pricing
Since students that pursue education in Canada are young and healthy, the plans tend to be more competitively priced. Policy premiums are set based on the policyholder’s age and are usually broken into various levels of coverage, giving students the financial freedom to stay within budget and be in control of their coverage.
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