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Choose the plan that meets your needs and spend more time enjoying your international experience not worrying about your insurance coverage.
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Travel Medical
Insurance
Temporary coverage for accidents, sicknesses, & emergency evacuations when visiting or traveling outside of your home country.
International Health Insurance
Annually renewable international private medical insurance coverage for expats and global citizens living or working internationally.
Travel
Insurance
Coverage designed to protect you from financial losses should your trip be delayed, interrupted, or cancelled.
International Student Insurance Explained
Aug 1, 2019, 11:55 AM
We get it—health insurance can be confusing and overwhelming.
As a student, you’re probably aware of your university’s health insurance requirements, which are in place to make sure you are covered in the event of an unexpected illness or injury. However, you may have questions like, "How do I know what my plan covers?" or "How much will I pay out of pocket if I need to use my insurance?"
In your health insurance documents, there will be a table that outlines the different benefits covered, as well as how much money the insurance company may pay toward that benefit. Here is an example of the schedule of benefits for Student Journey Medical Insurance, one of our most popular international student insurance plans. This can help you understand the deductible, coinsurance, or copay that you could expect to pay if you are sick or injured, on top of the initial or monthly premium.
What is Insurance Premium?
Insurance premium is the amount of money you pay to have insurance, or access to care and assistance with covered medical costs. If the school in which you’re enrolling has a sponsored health insurance program, the cost to opt-in would be the premium. Among other potential benefits, lower premiums may be available to you if you choose to waive the school-sponsored plan and purchase your own international student insurance plan.
What is an Insurance Deductible?
The deductible is the amount of money you must pay before the insurance company begins to share responsibility for your healthcare costs. For example, if your deductible is $500, then you are responsible for the first $500 of all covered medical expenses. Higher deductibles usually mean lower premiums. Once your deductible is met, coinsurance kicks in.
What is Coinsurance?
Coinsurance is the percentage of costs that you share with your health insurance company after you have met your deductible. For example, if you have an 80/20 plan, then, after meeting your deductible, your health insurance provider pays 80% of the cost, and you pay the remaining 20% up to your maximum limit.
What is a Copay?
Separate from your deductible and any coinsurance, your copay is the set price that you pay when you visit the doctor or need a medication (a small portion of the bill). It’s the same fixed amount no matter how often you use the plan. This varies by policy and can change if you seek treatment out of your provider network. Prescriptions can also have copays.
This can seem like a lot of additional costs, on top of your premium, which is why you should compare plans carefully.
You may be tempted to choose the lowest initial premium, but choosing a plan with a high deductible, coinsurance percentage, or copay could be a costly decision in the long-run.
Hopefully, you now have a better understanding of the basics of your health care plan. If you’re not sure which insurance plan is right for your study abroad experience, read more about choosing the best international student insurance plan for you.
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