Study Abroad Insurance: cost, benefits and how to choose the right plan

Study Abroad Insurance (or International Student Health Insurance) is an insurance package designed specifically for international students while studying abroad. When you enroll, you will receive financial assistance in health- and risk-related situations, such as:

• Medical examination, treatment, and emergency treatment when sick or have an accident.

• The cost of medication and medical treatment during the study period.

• Some packages also include accident insurance, luggage and flight insurance..

Currently, most countries with a large number of international students such as Australia, the United States, Canada or the United Kingdom require international students to have health insurance for the duration of their studies. This is not only a mandatory condition for visa or admission, but also a "safe fulcrum" that protects you from financial risks when medical expenses abroad are often quite expensive.

• Financial protection:

  Developed countries such as Australia, the US, the UK, and Canada have modern health systems but are extremely expensive. Even a simple medical examination or treatment can cost several hundred to thousands of dollars. Study abroad insurance will help you cover most or all of these costs.

• Requirements for visa or admission:

  Most universities, colleges, and even educational institutions in these countries require international students to have health insurance as a condition of completing the admission process.

• Comprehensive support for physical and mental health:

  Study abroad insurance not only provides support in emergency situations, but also includes routine health check-ups, specialist visits, and even mental health counseling. This is especially important when you are facing academic pressure and homesickness.

• Accident assistance:

  Some premium insurance plans also include additional benefits, helping you deal with unforeseen risks such as paying for accidents or lost luggage.

When learning about study abroad insurance, you will come across many different types of insurance. Depending on the requirements of the school, the country, and the needs of each individual, international students are usually interested in the following:

3.1. Student Health Insurance

It is a common and almost mandatory type of insurance in most countries, covering health-related expenses such as medical examinations, treatments, hospitalizations, prescription medications, and emergency medical services. This type of insurance usually does not cover services such as dental, eye exams, or pre-existing conditions. Premiums are usually age-dependent and vary widely between providers.

• Health insurance while studying in the U.S is mandatory for international students. Many schools will offer their own insurance plans for students; However, the cost will be quite high or the coverage will be limited. You can then choose to purchase private insurance plans that suit your needs and budget.

• In Australia, international students must apply for Overseas Student Health Cover (OSHC)

  for the duration of their stay. OSHC usually covers the cost of doctor's visits, hospital treatment, ambulances and certain medications depending on the case.

• In the UK, international students must pay the Immigration Health Surcharge (IHS) when applying for a student visa. This fee allows you to use England's National Health Service (NHS), which provides free healthcare like a native.

• In Canada, some provinces have public health insurance programs for international students, but most still require private insurance. Some schools offer mandatory insurance, while some others allow students to make their own choices.

IDP provides advice and assistance in choosing the right health insurance plan for international students in Australia and the US. You can contact IDP directly for a completely free consultation.

3.2. Travel insurance for parents and students

For parents with children studying abroad or students who want to learn about the environment before making a decision to study abroad, it is essential to prepare a travel insurance package. This is short-term insurance, designed to protect you during your trip, and is different from the mandatory health insurance available to international students.

This type of insurance typically includes:

• Emergency medical expenses during a short stay abroad.

• Baggage and flight insurance, assistance in case of loss, misplaced baggage, flight cancellation or delay.

• Assistance in the event of an unexpected incident such as an accident, natural disaster, or emergency situation that requires assistance with repatriation.

3.3. Contents insurance

In addition to health insurance, many international students also choose property insurance to protect their valuables during their study abroad period. This type of insurance helps you minimize financial risks when your belongings are stolen, damaged, or unexpectedly malfunctioned.

Assets that are commonly insured include:

• Laptops, phones, tablets – devices that are associated with learning and daily life.

• Bicycles or small personal vehicles – especially popular in cities with many students commuting by bike.

• Valuable school supplies and personal items such as cameras, musical instruments, or expensive specialized books.

The cost of study abroad insurance depends on the country you are studying in, the type of insurance, and the benefits that come with it. Typically, the fee ranges from a few hundred to several thousand dollars per year. Factors that affect the cost of studying abroad include:

• Type of coverage and benefits:

  Comprehensive insurance plans typically have higher fees but offer more benefits than basic health insurance plans.

• Age of international students:

  Some insurance providers charge higher fees for students who are older or have underlying medical conditions, because of the higher medical risks.

• Insurance provider:

  The insurance offered by the school usually has a higher fee but ensures that all of the school's requirements are met. Private insurers may have more competitive rates.

To ensure benefits and avoid unnecessary troubles, international students need to note some important points when buying health insurance:

5.1. Read and understand the insurance contract

One of the most important steps when buying study abroad insurance is to read carefully and understand the terms of the contract. This helps you avoid misunderstandings, and at the same time ensures your rights when you need to use the service. When looking at contracts, you should pay attention to specialized terms such as:

• Premium: The amount you pay periodically to maintain your coverage.

• Deductible: The amount you have to pay out of pocket for medical expenses before insurance starts paying. The higher the deductible, the lower the premium, and vice versa.

• Claim: After the examination, you can submit a claim for partial or full reimbursement of the cost of the treatment. Generally, the insurance will pay the remaining cost after deducting the deductible and coinsurance.

• Coinsurance: After you've paid your deductible, coinsurance is the percentage of medical expenses that you have to pay out of pocket, with the rest covered by insurance.

• Copay: A copay is a fixed amount of money you pay every time you use a medical service or buy a drug, regardless of the actual total cost.

• Expenses: The total amount you pay when using medical services, this cost is not covered by insurance.

5.2. Comparison between insurance providers

If your school allows you to purchase insurance from outside, compare different providers to choose a balance between cost and benefits. When comparing, you should pay attention to:

• Hospital network and support services:

  Choose a plan with an extensive, convenient network of hospitals and clinics near your school. Medical examination and treatment in this network often helps you save significant costs.

• Benefits included in the study abroad insurance package:

  In addition to the basic coverage for medical expenses, many study abroad insurance plans also provide additional benefits to help international students be more comprehensively protected while studying and living abroad. Choosing an insurance package with accompanying benefits will help you feel more secure in any situation.

• Customer support services:

  Learn about the quality of support services, especially the ability to provide 24/7 emergency support and support in Vietnamese (if available).

• Evaluation and feedback:

  Consult with other international students or on forums to get an objective view of the quality of service.

When you want to buy study abroad insurance, you can choose one of the following two forms:

• Apply through the university:

  Most universities have a health insurance plan specifically for international students. Once you complete the admission process, the premium will be charged to your tuition bill. The university's insurance plans ensure that all of the university's and government's minimum insurance standards and requirements are met, helping you avoid the risk of visa denials or denied admission.

• Buy through a reputable study abroad consultancy company:

  If the school allows you to buy insurance from outside, you can buy insurance through reputable study abroad consulting companies such as IDP. The consultant team will help you compare insurance plans from many different providers, Consider factors such as cost, benefits, and medical networks, so you can choose the right plan that meets your requirements and fits your individual needs.

Study abroad insurance is not only a necessary requirement to complete admission procedures or apply for a visa, but also an indispensable solution to help you study and live abroad with peace of mind. Choosing the right study abroad insurance package will help you feel financially secure, comprehensively protected in health and enjoy a more complete study abroad journey. If you are still wondering which type of insurance to choose that suits the needs and regulations of each country, contact IDP for free advice and support in choosing the most optimal insurance plan for your study abroad journey.

IDP Education is a leading international organization in the field of study abroad consulting, with more than 56 years of experience working with millions of students around the world. Coming to IDP, you will be accompanied and supported throughout your study abroad journey, through services such as:

• Consulting on choosing a school, choosing a major that suits your capacity and learning orientation. DP also organises regular study abroad seminars where you can meet with university representatives in person, find out the latest information about the program, costs and scholarship considerations right at the event.

• Scholarship hunting: IDP is always proactive in updating and supporting you to hunt for valuable scholarships to study abroad from prestigious universities around the world.

• Support to make documents and apply for visas quickly and accurately.

• Register for IELTS – an international English language test that tests English proficiency, co-owned by IDP

• Assistance in finding accommodation, study abroad insurance, and the services needed

  to get ready for a new life.

Book a consultation with IDP today!

Free study abroad consultation hotline: 19006955