The increasing hassles in the lives of the students have made them vulnerable to both mental and physical issues. They deal with study pressure, stress to outshine others, and many other issues while completing their coursework. To protect their health interests and also to minimize the financial implications caused due to their uncertain lives, they must get a health insurance policy. The reasons for getting medical insurance for students are highlighted below:
Exposure to bad things
Today, students are exposed to many bad things which hamper their happiness in their prime age. Alcohol, smoking, consuming drugs, and other banned substances can deteriorate their mental and physical health. A medical insurance plan cannot reduce these risks. However, it can certainly help them to manage the financial aspect associated with counseling, treatment, and other services required to overcome such habits.
Increasing medical costs
The cost related to medical expenses is growing at an alarming rate. Parents are already managing the burden of expenses related to education. Therefore, it will be tough for them to handle a medical emergency or condition that requires prompt treatment. A medical insurance policy offers quality health care services and supports the family during such situations.
Rash driving
In most accident cases, young students are found guilty of rash driving. It can lead to severe injuries and health risks. To avoid this, the students should get a health coverage plan.
Here are some benefits of having medical insurance for students:
Cashless treatment
Individual and family medical insurance plans offer cashless treatment to the insured. It means that the policyholder does not have to raise a claim to settle the medical bills. The hospitals will directly contact the insured and get the bills cleared. However, you need to inform the insurance provider immediately (within 24 hours) after being admitted.
Cashless treatment is offered at only the hospitals listed in the network hospitals of insurers. Therefore, verify whether the hospital in which you are getting hospitalized is present in this list or not.
International coverage
Some medical insurance policies provide coverage to the students even at foreign locations. This facility is especially beneficial for students who are studying at an international university or college. The international coverage would be applicable during study tours and trips as well. However, some conditions need to be met for availing of international coverage. Go through these rules and terms thoroughly to avoid any confusion while claiming health care benefits from a foreign land.
Compensation
A health condition or accident might ruin your time or career opportunities. To compensate for your losses, medical insurance providers offer some amount. With this compensation, you can try to minimize the interruption of study and try to grasp other opportunities.
Protection for sponsor
As a student who is dependent on parents/sponsors for tuition fees, your education and prospects would be at stake in an unfortunate event like the sponsor’s death or permanent disability. To avoid such a crisis, insurance companies extend the compensation to such events and cover the tuition fees and other expenses.
Other expenses
Apart from hospitalization and medical bills, a medical insurance policy would also cover trivial expenses like ambulance costs, traveling expenses, diagnostic tests like CT scans, and X-rays, etc.
These are the main benefits of getting a medical college for students. Many insurers provide customized health insurance plans for students. These insurance policies cater to the interests of parents and students. For exploring the best individual and family health cover plans, check the portal of Bajaj Finserv. You can also find health insurance for senior citizens on their portal.
