Basic Insurance Information
Basic information to help you understand complex insurance terms.
Basic Insurance Words and Definitions
Premium
This is the amount you pay regularly (monthly, yearly, etc.) to sign up for insurance. You must pay to maintain coverage.
Co-insurance
This is a system where the patient pays a certain percentage of the medical expenses. For example, if the insurance covers 80%, the patient pays the remaining 20%.
Insurance Network Hospital
Hospitals and medical providers that have contracts with insurance companies offer lower medical costs and simpler billing procedures.
Deductible
This is the amount of annual medical expenses you must pay before insurance benefits are applied. Insurance applies after this amount is exceeded.
Out-of-pocket Maximum
This is the maximum amount of medical expenses you will pay in a year. If this amount is exceeded, the insurance will cover 100% of the remainder.
Direct billing / hospital billing
Since the hospital bills the insurance company directly for medical expenses, the subscriber does not have to pay the medical expenses up front.
Co-pay
This is a fixed amount you pay each time you receive medical services, such as a visit to the doctor or a prescription (e.g., $30 for a doctor's visit).
Pre-existing condition
A condition or condition that has already been diagnosed or is being treated prior to signing up for insurance. Some insurance plans may have restrictions on this condition.
Claim
This is the process of requesting reimbursement for medical expenses from the insurance company after receiving treatment or care. If it is not a direct billing method, the subscriber must file the claim themselves.
Useful information about international student insurance
1. It is different from general health insurance.
International student health insurance is designed to work across borders and includes services specific to international situations, such as emergency evacuation, multilingual support, and billing in multiple currencies.
2. Travel insurance ≠ Student health insurance
Travel insurance focuses on delays, cancellations, and emergencies that occur during short-term travel.
On the other hand, international student health insurance comprehensively covers regular medical care, long-term treatment, and chronic diseases for international students or residents living abroad.
3. Partial plans do not cover elective procedures or cosmetic treatments.
Examples: Fillers, botox, and plastic surgery are often excluded from coverage.
4. Coverage may not start immediately
Waiting periods may apply for pre-existing conditions, dental, and vision-related coverage items, so be sure to check when you sign up and when your coverage begins .