Which Type of Health Insurance is Best for Students?

Being a student, your health also needs to be a priority and a point of concern, just like your grades. Once you start adulting, it becomes quite a hassle to manage tuition fees, books, at times even a part-time job, and health tends to take a back seat. But the focus is not just to buy a health plan, it is to enrol yourself in a health insurance plan that would provide the best coverage for unexpected medical costs. 

As per ICMR, nearly 10-30% of young individuals in India have health-related issues and conditions, which in most of the cases require immediate medical attention. For immediate medical cost coverage, you need to already have a health insurance plan handy. 

What is Health Insurance for Students?

Unlike health insurance for adults, the plan for students is a specialised medical plan specifically catering to young scholars. The primary focus is to provide the student with a health plan to fall back on in case of unexpected illness, accidents, injuries and other ailments. It also helps them to avoid unnecessary financial burden. So, unlike general health insurance plans, this caters specifically to students and their requirements. 

Most types of health insurance plans cover hospitalisation, accidents, injuries, emergencies, doctor consultations, health check-ups, and even mental health issues. So, it is upon you to choose the plan that is fitting for all your requirements and specifications. 

What is the Need for Health Insurance for Students?

Health Insurance acts as a protection against the unpredictable medical expenses that can pile up on you as a student. There are some major reasons why you need to secure yourself with an insurance policy, which are:

• Quality Healthcare Accessibility: Healthcare has turned out to be the most expensive sector, thanks to the ever-increasing medical inflation. Getting quality healthcare has become a luxury in itself. What works best in these circumstances is to have a health insurance plan, as most of the policies now offer cashless hospitalisation. This gives the liberty to walk into the hospital directly, get the treatment done and make your claim. 
• Financial Protection and Security: A health insurance plan offers financial protection and security. For any medical emergency, at any time and day, given the high cost of medical expenses, the plan will help you to cover the hospital bill, preventing out-of-pocket expenses. This will help families to have flexibility with educational outlays. 
• Assurance for Parents: For a parent, sending a child away from home for studies, in itself, is quite worrisome. On top of it, if the child has persistent health issues, it becomes a point of concern. With a secured health insurance plan, they get assurance and peace of mind. Even when a medical emergency arises, they can be at ease knowing there is financial support and quality healthcare access quite easily available. 

Different Types of Health Insurance for Students

Before finalising a plan, you need to be aware of the various coverage options that have been made available to students. Interestingly, there are different types of health insurance plans available for students to choose from, which are:

• Individual Student Plans: Individual student plans are standalone plans specifically designed for students and young adults. Almost all of these plans cover inpatient and outpatient consultations, critical illness, accidents, injuries, and hospitalisation. 
• Family Floater Plans: For students under 26 years of age, it is always possible to be a part of the family insurance plan. This is very much cost-effective, with the only drawback being coverage limit is shared, which brings down the medical cost balance every time a family member exhausts the claim. 

In addition to individual and family floater plans, students who enrol in a college/university also become eligible for health insurance plans offered by them. However, these plans are often not the best comprehensive choice, as they mostly cover only basic medical expenses and have several limitations. 

To offer wider assistance, the government has also launched various schemes and policies that have been designed for student benefit, and to make healthcare more affordable and accessible. 

What Features to Look for in a Health Insurance Plan for Students?

Before choosing a health insurance plan, you need to be well aware of what the prerequisites or key features are to look for before finalising. Some of the most important ones have been put together for you to look at:

• All-Inclusive Coverage: A good health insurance plan offers all-inclusive coverage. It means that you will not need to worry about medical prescriptions, expenses for treatment or pre- and post-hospitalisation charges. All these get covered under the plan you select. 
• Exclusive Student Benefits: A good health insurance plan for students should offer cashless claims during hospitalisation, easy access to network hospitals near the college/university, and mental health support.
• Claim and Financial Benefits: The student plan should offer you an easy claim process, hassle-free settlement, and affordable premiums. Plan and choose the one that has all these benefits. 

How to Choose the Health Insurance Plan?

Being a student, it depends entirely on you which plan you would like to choose as per your budget and requirements. Before finding the right policy, make sure you have chosen the best one out of the lot by jotting down these checklist points:

• Plan Comparison: It is very important to compare different types of health insurance plans before finalising. Some common things to look for are hospitalisation limits, total network hospitals, and cash-free services. Drawing out a comparison helps you to choose the plan that is most suitable for students' needs. 
• Look at Exclusions: Each policy has certain exclusions, which can be for pre-existing conditions or cosmetic surgery and treatments. Once the insurer shares the policy details with you, make sure to read through them so that you do not feel duped while making a claim. 
• Coverage Requirement Assessment: While you plan to select a policy, make sure you have done a thorough assessment of the health requirements you have. It can include aspects like age, medical history and university pre-requisites. 

What are the Mistakes to Avoid While Buying a Plan?

There are certain novice mistakes which you may overlook and are bound to make while buying a health insurance plan. Some of the most common ones are:

• Not Looking at Cover Details: Always make sure to check if the entire coverage is provided by the plan you have selected, including doctor visits, check-ups, medications, and emergency care. 
• Looking for the Cheapest Plan: To save money and limit the budget, don't end up choosing the cheapest plan available. A lower premium means that there are more exclusions, weak coverage, and higher deductibles. 
• Plan Validity: All health insurance plans have different validity periods. It is the time during which the health insurance policy is active, and you can avail the benefits. Since it varies, never forget to check the renewal terms and conditions. The policy can lapse otherwise. 
• Overlooking Add-On Benefits: Many plans have accident cover, ambulance coverage, outpatient benefits, preventive check-ups and more. Overlooking them means that you are letting go of the extra medical cover and protection, quite valuable to students. Don't just go for the affordable ones; look at the ones that have these benefits.

Summing Up

The health insurance plan is not just another financial investment. It is the main support for a student who is looking to secure their health without spending beyond their budget. It gives the reassurance needed for them against unplanned medical expenses, with more focus on educational goals, eliminating stress and unwanted distractions. 

Choosing the right from the different types of health insurance as a student ultimately comes down to balancing the cost, finding a plan with low-premium payment, along with offering exclusive coverage for most health concerns. This is why Niva Bupa Health Insurance would be the perfect choice for you. By looking through all the plans available with us, you can choose the best plan available, protecting you from future mishappenings. 

FAQs

1. Is health insurance required if I choose to drop out of college after the first year?

   There is no mandatory rule that a college dropout needs to have health insurance. But under these conditions, it is best to secure health insurance, as dropping out of college can result in the loss of access to student plans, if any. 

    

2. Is health insurance available for students under 18?

   Yes, health insurance plans are available for students under 18. Minors cannot purchase their individual plans, but they can be part of the family floater plan and health insurance policy exclusively for them. 

    

3. Is additional coverage required if you have university health insurance?

   No, additional coverage is usually not required if you have university insurance. But, it is always good to be prepared and secure yourself with an individual plan, as these plans mostly do not cover dental and pre-existing conditions. 

    

4. Is private hospitalisation covered under health insurance for students?

   Yes, private hospitalisation is covered under dedicated student health plans. They include coverage for room rent, ICU charges, diagnostic tests, and doctor fees.