What is the best insurance to buy for studying in the United States? – Financial & Insurance News

What is the best insurance to buy for studying in the United States?

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I. Why do you need medical insurance in the United States The locals don’t say that they must have insurance, or they will be bankrupt after one big visit to the doctor. And for foreigners visiting the United States, it is also very necessary to buy American medical insurance. When a person is on a trip, he or she may have a sudden emergency illness or may be injured accidentally and needs to be seen in time. In the event of a serious illness or an accident resulting in a life-threatening injury, timely medical treatment is even more necessary. All these medical expenses must be paid by the patient himself. Medical care in the U.S. is very expensive, and without health insurance coverage, a serious illness or injury can drive an average American family into bankruptcy.
Visitors’ health insurance generally covers some of the costs of doctor’s office visits, hospitalization, surgical treatment, and prescription drugs. In particular, in the event of a major illness or serious trauma, the insurance company can cover most of the medical expenses, allowing individuals to avoid huge medical expenses.
Second, buy health insurance must know the terminology
1、Premium Premium refers to the cost paid by the insured to the insurance company on a regular basis, usually paid monthly. The premium is related to the coverage, age, health condition, etc. The higher the age of the insured person, the more expensive the premium is.
Premium is a fixed expense that must be paid every month after joining the insurance. After seeing a doctor, medical expenses are incurred, and various other additional expenses such as deductible, copayment, coinsurance, etc. are also considered. In general, only the annual medical checkup does not need to pay extra, but the insurance company does not cover many checkup items, if the family doctor prescribes additional items, you still have to pay extra.
2、Out-of-pocket Deductible After buying an insurance policy, when visiting a doctor, according to the insurance contract, generally insurance policyholders must first pay a certain amount of their own medical expenses before the insurance company starts to reimburse the medical expenses that occur thereafter. This out-of-pocket amount is called a Deductible. Each insurance plan has different deductible amounts. Some plans do not require a deductible (the premium is relatively high). Most plans require individuals to pay a deductible ranging from $500 to $5,000.
Here we should pay attention to the fact that some insurance premiums seem to be very cheap, but the Deductible is very high, that really sick, the amount out of pocket is very high; some insurance Deductible is not purely one-size-fits-all, for example, after the insured pays $3000 out of pocket, between 3000-5000, the insurance company reimburses 80%, and only above 5000 100% reimbursement. So when buying insurance, Deductible must be carefully looked at, if it is the kind that is not capped, for example, after paying 3000 out of pocket, has always been reimbursed 80%, that really has a serious illness, you pay 20% out of pocket will be a staggering amount. I have also seen a kind of insurance, is out of a certain amount full (such as $3000) after the reimbursement of 80%, 20% out of pocket, all the way to 200,000, reimbursement of 100%.

Third, the main types of health insurance in the United States 1, according to the fee for service, pay first and then reimbursed (Fee for Service) is a traditional health insurance in the United States, the insured can choose at any time, to go to any hospital clinic. However, all medical expenses must be paid first, and then reimbursed by the insurance company with receipts. The insurance company generally reimburses 80% of the medical expenses and the insured person has to pay 20% of the expenses. This type of health insurance is generally more expensive. It is suitable for policyholders who like freedom and need more choices. 2、Managed Care Most of the private health insurance companies in the United States belong to Managed Care. The characteristic of this type of insurance is that the insured person must have the insurance company’s consent before using certain medical services, such as medical examinations, visits to specialists, hospitalization, etc. Otherwise, the insurance company can refuse to pay for the medical expenses. If the insurance company believes that you are using medical services beyond what is reasonable, it will require the policyholder to pay for them themselves. Controlled health insurance companies also control the medical practices of medical service providers (doctors hospitals, etc.) to prevent doctors from abusing medical services for their own benefit. Controlled health insurance helps reduce overall health care costs, but may affect a patient’s ability to receive timely and reasonable care.