Insurance
This
section gives you some information about all kinds of insurance you
may need during your stay.
The Texas Department of Insurance provides information on insurance
companies. Consumer information includes the ratings of financial soundness
and consumer satisfaction. Companies selling insurance products from
outside the state may not be in compliance with Texas Insurance Standards.
Visit their site at www.tdi.state.tx.us/consumer/indexc.html.
Health Insurance
Medical insurance
is required for all students at the University of Texas at Austin
and every international student is automatically billed for UT student
insurance. If you receive insurance benefits from your university
employment, you should apply for a refund for the charges for the
student insurance.
It is also important for accompanying spouse and children to have
health insurance. You can either get one from home, from the University
of Texas or from a private insurance company in the US. Be sure to
check out the different rates and details of coverage.
For more information about the University of Texas health insurance,
contact Insurance Advisor Louise Donnell, LouiseD@mail.utexas.edu,
in the International Office.
Your visitors from home have to make sure they are insured if they
come and visit you. In some cases they may get insurance from home
but you can also get it in the USA. Gateway Visit America,
www.gatewayplans.com, has accident and medical insurance protection
for international travelers on holiday or visiting relatives in
the USA. But you can certainly look at other insurance companies
to compare their fees.
http://www.utexas.edu/international/isss/insurance/
Has more information about health insurance for students.
Rental Insurance
Rental insurance can help protect you in the case of loss by fire
or theft. If you rent an apartment or house your landlords insurance
policy covers losses to the building structure itself but it does
not cover your personal property. To be protected you must have a
separate renters insurance policy. Renters insurance covers your personal
property and household items in the event of fire or other loss. It
also offers you financial protection if a visitor is injured in your
home.
You can find more information about renters insurance at www.tdi.state.tx.us/consumer/cbo43.html.
Car
Insurance
Regardless
of what kind of car you buy or lease and how you pay for it, you will
need at least a minimum amount of insurance (required by law). Insurance
helps you pay for damage to your car and others' cars in the event of
an accident (such as a collision, weather damage or theft).
Insurance policies may offer several different types of coverage. Although
there are eight different types of coverage available in Texas, insurance
companies often sell all eight types together as one package, allowing
you to delete some types of coverage at your discretion but not others.
Liability-only insurance can usually be purchased, however. Ask your
insurance company about specific limitations on its policies.
If you are buying a fairly old car, it is probably better to purchase
only liability insurance. You may not even be able to get a package
insurance policy on an old used car since the value of the car is low.
But if you buy a newer car that you anticipate will last for quite a
while, you should probably get a package policy if you can afford it.
Usually insurance policies are 6 months long. You can pay in a lump
sum or in several installments. Installments might have a small financing
fee.
Certain features about yourself or your car can cause your insurance
rates to be higher or lower:
- Your age: younger
drivers have higher rates than older drivers.
- Your gender:
men have higher rates until they turn 25 while women have higher
rates only until they turn 21.
- How far you
anticipate driving your car each day each year.
- Your status
as a student.
- The make model
year and mileage of your car.
- Safety features
such as airbags, automatic seatbelts or a security system lower
your rates.
- Your driving
record: tickets or accidents raise your rates, defensive driving
classes lower your rates.
Some
personal habits such as smoking or drinking may be questioned.
Some links to insurance companies you might want to have a look at
Progressive Insurance www.progressive.com
Farmer’s Insurance Group www.farmersinsurance.com
Geico Direct www.geico.com
Insurance Glossary
Annual enrollment
– The once-a-year opportunity to change your insurance package.
It usually occurs during July or August with the new changes becoming
effective on September 1.
Beneficiary – The person or persons designated by the
insured to receive survivor benefits under the term life insurance,
the personal accident insurance, and the retirement plans.
Co-payment – A fixed amount an insured pays for covered
services or prescriptions.
Deductible – The amount payable by the insured
before the insurance company begins sharing the cost of services.
Dependent – The spouse an employee is legally married
to and an employees unmarried child from birth until his or her 25th
birthday.
Emergency care – Services provided after a sudden or unexpected
life of limb-threatening condition occurs.
EOI (Evidence of Insurability) – A questionnaire that
provides information to an insurance company about an applicant’s
medical history. The insurance company will either approve or deny
the coverage applied based on this information. An EOI is needed in
the following cases: adding a dependent after the first 31 days of
employment, other than a new spouse or newborn child; increasing the
amount of life insurance during annual enrollment; adding employee
or dependent life insurance during annual enrollment; adding Long
Term Disability insurance during annual enrollment.
Generic drugs – Medications that are not a brand name,
but provide the same effects.
PCP (Primary Care Physician) – The physician chosen by
the insured to provide medical services. If the insured needs to see
a specialist or another physician, the PCP must make a referral.
Plan year – This is the period from September 1 through
August 31. It is the same as our fiscal year.
Pre-Existing Condition – An illness or injury that was
diagnosed, treated and/or which mediation was received within the
three months immediately preceding the date the person became covered.
Premium sharing – The amount of money the state and the University
contribute to employees to help pay for their insurance coverage.
Premiums – The cost of insurance coverage’s not covered
by premium sharing and payable by the employee.
Referral – Written authorization from the primary care
physician to see a specialist or physician.
Urgent care – Medical care necessary to promptly treat
a sudden illness or injury that is not life or limb-threatening.
Good
questions to ask when shopping for insurance