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Articles March 16, 2020
Health insurance plans provide life insurance cover to the individual for unexpected or unfortunate events against expenses incurred by him/her. The health insurance policy offers financial coverage and security towards the medical expenses and treatment cost when the insured is hospitalised. Health Insurance plans provide various benefits such as cashless hospitalisation, free check-ups, etc. These benefits can be either directly paid by the insurance paid to its network hospitals or channels or can also be reimbursed to the insured.
With increasing healthcare prices in the country, rising chances of diseases, and lifestyle habits everyone is prone to unexpected events. In order to provide future financial security health insurance plan is a necessity. The college students who are young and have a long future ahead should plan their future financial security from unfortunate events beforehand.
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College going students can be covered either under the family floater health insurance plan up to the age of 21 years or can also have coverage under an individual health insurance plan brought by his/her parent or can also buy an individual health insurance plan provided he/she have a fixed income.
College Students can be covered up to age 21 years under a family floater health insurance plan if his/her parent has one. The family floater health insurance plan provides coverage to the policyholder as well as spouse and children of the policyholder. In a family floater health insurance policy, adequate coverage for the medical expenses, doctor consultancy cost, hospitalisation cost, ambulance fee, room charge, medicine expenses, medicine cost, etc. are provided depending upon the terms of the health insurance plan to the holder of the policy and his/her immediate family. Some health insurance plan also provides free medical check-ups as well. Family floater health insurance plan serves all the benefits as provided in the individual health insurance plan. Hence those college students whose parent have a family floater plan is not required to pay any extra amount of premium for health insurance coverage.
However, the sum assured under the family floater health insurance plan is limited and it might not be sufficient for you in future and also the family floater plan provides coverage to the child only up to 21years of age. Hence it is advisable to buy an individual health insurance plan if you are a college-going student because soon the coverage provided under the family floater plan will expiry and you will no more be covered under it.
If your parents do not have a family floater plan, or if the family floater plan is not sufficient or you are more than 21 years of age then you can either buy a health insurance plan through your parents who will pay the premiums or you can buy an individual health insurance plan yourself provided you have a fixed income. Before buying an individual health insurance plan, you must ensure certain factors and requirements that will help you choose a better health insurance plan for yourself.
The guide for choosing a health insurance plan is as follows:
Choosing the amount of Cover- The insurance cover amount you will select is supposed to provide you with optimal coverage. Hence, you should decide the amount wisely as it is the maximum liability paid by the insurance company in the event of a claim. The sum assured must be sufficient to cover the medical and treatment cost so that there will be no out of pocket expenses.
Affordable Premiums– If you buy health plans at a younger age, the premium will be lower. You must ensure that the premium for the health insurance plan is not heavy on your pocket and has a flexible premium paying frequency. However, just going for a health plan with the lowest premium may not provide you with adequate insurance cover and required benefits. You should compare different plans fulfilling your insurance need and choose one with an affordable premium.
Suitable Coverage Features- You should check the coverage features that are offered by the health insurance plan and buy the one which suits your coverage requirement. For example, being a college-going student you do not need maternity benefit cover or new born baby cover. Hence, you should opt for the health insurance plans which have coverage features that better suit your needs and requirements.
Add-on riders– Health Insurance plans have added on rider benefit such as critical illness rider, personal accident rider, etc which can be brought by you to make your health insurance plan more comprehensive. Nowadays critical illness is increasing so it is necessary to have critical illness cover beforehand at lower premiums through the add-on rider. Also, being a college-going student you are prone to accidents which can be easily covered by the personal accident rider. Riders are beneficial as it is provided as an add-on by paying lower premiums and it increases the coverage of the health insurance plan.
Premium Discounts- Some of the health insurance plans offers premium discounts on high sum assured in the plan. Hence you can look for health insurance plans that offer discounts on the premiums for the plan. The premium discounts will decrease your burden of premium payments.
Pre and Post Hospitalisation Cost- Pre and post hospitalisation cost are incurred before and after the hospitalisation of the insured. Every health insurance plan has a different number of days of cover where pre hospitalisation is counter for a period of 30 days and post-hospitalisation for a period of 60 days. So you can opt for a health plan which provides a maximum number of days of this pre and post hospitalisation cost cover.
Choosing health insurance plans as a college student may be confusing as you might not know what things you must consider buying an ideal and right health insurance plan which serves your insurance needs. Hence you can consider the above-mentioned guiding factors before you buy a health insurance plan. It is also advised to compare all the available health insurance plans offered by various insurance providers. It is easier to compare the health plans online and select one. When you compare health insurance plans, you can find the policy which has the most suitable coverage benefit and whose premiums are also most competitive.
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