20 Key Insurance Terms you should know

As an international student in the United States, comprehending the intricacies of insurance jargon is fundamental to ensuring adequate coverage during your academic journey. Below, we've compiled a comprehensive list of 20 essential insurance terms tailored to international student insurance in the USA:

1. Premium: The amount paid periodically (usually monthly or annually) for insurance coverage.
2. Deductible: The initial amount an insured person must pay out of pocket before the insurance company begins to cover eligible expenses.
3. Copayment (or Copay): A fixed fee paid by the insured for certain covered services, typically due at the time of service.
4. Coinsurance: The percentage of covered expenses an insured person pays after the deductible is met, with the insurance company covering the remaining percentage.
5. Out-of-Pocket Maximum (OOPM): The maximum amount an insured person is required to pay for covered services in a given period, after which the insurance company covers 100% of eligible expenses.
6. In-Network: Healthcare providers (e.g., doctors, hospitals) that have contracted with the insurance company to provide services at negotiated rates.
7. Out-of-Network: Healthcare providers who have not entered into a contract with the insurance company, resulting in potentially higher out-of-pocket costs for the insured.
8. Preventive Care: Medical services aimed at preventing illness or detecting health conditions early, often covered by insurance at no additional cost.
9. Preauthorization: Approval obtained from the insurance company before certain medical treatments or procedures, ensuring coverage eligibility.
10. Pre-Existing Condition: A health condition, illness, or injury that existed before the start of an insurance policy. Coverage for pre-existing conditions may vary depending on the insurance plan, with some plans providing limited or no coverage for such conditions during a waiting period.
11. Waiver: The process by which students may opt out of university-provided insurance if they can demonstrate coverage through an alternative, comparable insurance plan.
12. Claim: A formal request made by the insured to the insurance company for payment or reimbursement of covered expenses.
13. Benefit: The specific services or treatments covered by an insurance policy, along with the corresponding coverage details.
14. Exclusion: Services or conditions not covered by an insurance policy, requiring the insured to pay out of pocket for associated expenses.
15. Renewal: The process of extending or continuing an insurance policy beyond its original term, often subject to updated terms and premiums.
16. Network: A group of healthcare providers, including doctors, hospitals, and specialists, that have agreed to provide services to members of a particular insurance plan at negotiated rates. Seeking care within the network typically results in lower or no out-of-pocket costs for insured individuals.
17. Dependent Coverage: Insurance coverage extended to spouses, domestic partners, and/or children of the primary insured person.
18. URC (Usual, Reasonable, and Customary): Refers to the standard charges for medical services or treatments in a particular geographic area. Insurance companies often use URC as a benchmark for determining the allowable amount they will reimburse for covered services provided by out-of-network healthcare providers.
19. Emergency Medical Evacuation: Coverage for transporting an injured or ill person to the nearest appropriate medical facility for treatment, often in cases where local facilities are inadequate.
20. Repatriation of Remains: Coverage for returning the deceased insured person's remains to their home country in the event of death while abroad.

Understanding these fundamental insurance terms will empower international students to make informed decisions regarding their healthcare coverage while studying in the USA. For further clarification or assistance, students are encouraged to consult their insurance provider or university's international student services office.