This is one of the most popular questions we receive. The Student Secure plan, which is particularly designed for F1 visa holders or full-time international and study abroad students, has two levels: budget and select. The budget level provides up to $250,000 worth of coverage and the select level provides up to $300,000 worth of coverage. The select level also provides coverage for accidental death & dismemberment and the budget level does not. However, these are not the only differences. The main difference is in the coinsurance.
Coinsurance is a percentage that you have to pay after you meet the deductible. The deductible is usually a fixed amount. For both levels, the deductible is $100 per injury or illness. For the budget level, your coinsurance portion would be 20% of the first $10,000 of eligible expenses. Then, the insurance company will pay 100% of your eligible expenses up to the certificate period maximum. So, for example, you incurred $5,000 worth of eligible expenses. You would be responsible for the deductible ($100) plus the 20% coinsurance. So, your total would be approximately $1,100. If you chose the select level, then your coinsurance is waived if you go to the Student Health Center or if you go to a doctor within the PPO (network of doctors). So, in the example above you would only be responsible for the deductible ($100). The select level may be more expensive when you choose to purchase the Student Secure plan, however, it greatly reduces your out-of-pocket expenses.
To further explain what a deductible is, the deductible is the amount that you are required to pay before the insurance company will pay toward your eligible expenses. For the Student Secure plan, the deductible is $100 per injury or illness. This means that you would pay the first $100 plus any coinsurance applicable (if you chose the select level and went within the PPO or to the Student Health Center you would not be responsible for the coinsurance) per injury or illness. This deductible is not per visit. If you became ill or injured and you went to the doctor you would pay the deductible plus any coinsurance applicable. If you needed to go back for a follow-up visit you would not need to pay the deductible again. You would simply pay the applicable coinsurance portion.
If you should have any further questions, please e-mail us at info@InternationalStudentInsurance.com or call us at 1-888-247-1387.
To view all the benefits, quote or apply online click here: http://www.internationalstudentinsurance.com/student_secure_international/