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Student insurance time of year!

Posted on August 16th, 2006 by InternationalStudentGuru

Its that time of year when we get in-undated with students looking for insurance coverage, and we get loads of questions about the US insurance system, how it works and what things mean. So I thought the best way to get some information you to help you through the “insurance maze” would be to explain some insurance terms they use in the USA.

Deductible
A deductible is a one time payment that needs to be made before the insurance will pay-out for any charges. Some plans have a one time deductible and others have a per injury/illness deductible. In the UK this is also known as an excess.

Coinsurance/ Copay
When you have met your deductible some plans will require you to pay a % of the remaining costs and this is known as a copay or coinsurance. Some plans will provide 100% and other will pay 80% which will depend totally on the plan.

Premium
The premium is the amount you will have to pay to be insured under that plan

PPO/ Network
A PPO or network is the word used to describe the group of hospitals and doctors that will recognize the insurance and generally when you visit these doctors your out-of-pocket expenses will be much reduced.

Obviously there will be lots of other things that you might not understand about insurance so if you have any questions or comments post them on the blog and I will do my best to answer them. Alternatively please see:
http://www.internationalstudent.com/news/articles/insurance_needs.shtml
http://www.internationalstudentinsurance.com

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