Today’s post is about Overseas Study Insurance.
As my cousin will be flying to Japan for school, I have decided to do up this post, to help more students and their parents to understand what to take note of before purchase of Overseas Study Insurance.
Overseas Study Insurance are usually split into two time frame: 6 months or 1 year.
Being in a Foreign country for studies can be exciting and fun but it also brings about a lot of uncertainties. The cost of the medical bills overseas can be much higher than in Singapore.
Do take note that the following medical expenses are claimable based on Reimbursement, which means that the student must pay the medical bills first and to get the original receipts in order to file for the claims when they are back.
Here are 5 Things that Overseas Study Insurance covers:
1. Accident Medical Expenses
– Covers medical expenses incurred overseas for injury due
to an accident whilst overseas (usually covers outpatient/hospital visits)
– Covers follow up treatment incurred in Singapore
(Some companies cover this as Outpatient, whereas some is only claimable if it is Hospital & Surgical expenses for the follow ups. Do take note that there is always a time frame to seek for treatment in Singapore, some is within 2 days or 5 days upon return to Singapore. This time frame is also dependent on whether there is prior treatment sought overseas.)
2. Accident & Sickness Medical Expenses (Usually as an Add-on benefit. Highly recommended to add on. )
– Covers Medical expenses incurred overseas for injury due to an accident or sickness whilst overseas. Excess of S$100 per Sickness claim or per Visit. Do take note whether the excess is per sickness claim or per visit.
*An excess is a contribution you are required to pay towards a claim you make on your insurance policy.
3. Study Interruption
– Covers tuition fees paid in advance for the current semester if you are unable to continue your studies overseas due to hospitalization, terminal sickness or death of an immediate relative. Some insurance contract indicates that the hospitalization must be more than one month.
4. Sponsor protection
– Covers unpaid tuition fees in the event of the death or permanent disability of your sponsor. Some companies indicate it accidental death instead of death, which means the death of the sponsor must be due to accident to cover the unpaid tuition fees.
5. Emergency medical evacuation
– Covers all expenses to evacuate you in the event of a medical emergency
Important thing to note: Always ensure that you have the Emergency Hotline Number saved in your phone or somewhere. Call the number for 24-hour Medical and Travel Assistance.
AIG (ATAP* Travel Assistance Helpline): (+65) 6733 2552
Liberty Helpline: (+65) 6636 1131
When comes to Overseas Study Insurance, low premiums does not mean that it is better.
I do have friends getting from insurance companies with low premiums and when things happen, they realise it was not insured or that they missed the claimable time frame because there was no servicing agent advising them on what to do.
There is no best plan when comes to any form of insurance, most importantly is to know the terms and conditions so that when things happen, you will know what to do.
If remembering all these is too tedious, feel free to contact me at 81029976 to get insured so that when things happen, you just have to remember the Emergency Hotline Number and my contact number and I will advice you accordingly.
Hope this post will be helpful.
Have a lovely weekend!
Your Dreams. My Goal. ❤