Thinking of studying in USA? Get to understand F1 Visa required for international students

The F1 Visa is the most popular visa forinternational students who came to study in US. 

There are no specific insurance requirements for F visa holders set forth by the US government, and in most cases your college or university will determine what level of coverage you need, or you will need to make this determination for yourself if no specific insurance requirements were set by institution you plan to study.

Since the health insurance requirements for F1 visa holders will vary depending on your university or college, coverage can be administered in a variety of ways:

• Mandatory school-sponsored group insurance plan, with no option to waive coverage
• School-sponsored insurance plan, with the option to waive
• No school-sponsored insurance plan, with the option to choose your own coverage

Mandatory Insurance Plan

If your school has chosen to implement a mandatory insurance plan, you have no option but to purchase coverage predetermined by your college or university, and in many cases the cost of the insurance is automatically added to your tuition bill. Mandatory school-sponsored insurance options like this tend to be more expensive than purchasing an individual plan, but they are known to provide more comprehensive coverage as well, including coverage for maternity, pre-existing conditions without a waiting period, mental health, wellness and preventative care.

If your school handles their insurance coverage in this way, there are a few things you should be aware of to make sure you have the full coverage you need. Firstly, check to make sure the plan will cover you while on school breaks. If not, then a Travel Medical plan may work well in that situation. Secondly, some mandatory school-sponsored insurance plans do not provide coverage for emergency evacuation, repatriation and some travel related benefits you might need. If this is case, you might want to consider purchasing a standalone evacuation and repatriation plan to cover those costs.

Mandatory Insurance Plan, with Waiver

Some schools will offer a mandatory insurance plan, but allow students the option to waive coverage if they can prove they’ve purchased a comparable international student health insurance plan. To help determine if an outside plan is adequate, schools create a “waiver form.” This document is usually 1-2 pages long, listing each of the benefit requirements that your own plan needs to either meet or exceed, and requires both your signature and that of the insurance company. Only once both you and the insurance company have competed the appropriate sections of the form and given it back to your school will you be removed from the school’s plan.

No Mandatory Insurance Plan

When your school has not provided a specific insurance plan you need to purchase, or have no health insurance requirements, you have the ultimate flexibility to choose the insurance plan that best fits your needs and budget! It’s important to make sure that the insurance plan you choose provides comprehensive coverage by reviewing the exclusions, ensuring that the plan is underwritten and administered through a reputable company, and speaking to a licensed insurance broker to help address any questions you may have.

Common School Insurance Requirements

Even though each school will create its own “waiver form” to determine if an outside health insurance plan will be considered adequate to waive school-sponsored coverage, the majority of colleges and universities require the same basic benefits:

• Adequate Policy Maximum – Since this is essentially the limit that your insurance policy will pay towards your medical bills, colleges and universities often require their international students to purchase a plan with a policy maximum of at least $50,000. With this in mind, some schools will require an unlimited policy maximum, meaning there will be no set cap on your coverage.
• Relatively Low Deductible – To help keep students out of pocket costs as low as possible, schools often include a deductible limit per condition, or per policy period, as part of their waiver requirements.
• Mental Health Coverage – To help ensure students are both physically and mentally healthy, outside health insurance plans are generally required provide both in-patient and out-patient mental health care, either at a set dollar amount or a percentage per visit.
• Maternity Coverage – As a preventative measure, adequate maternity coverage is another popular health insurance waiver requirement for international students. Schools don’t generally require maternity to be covered at a specific dollar amount, and instead request a high percentage to be covered, typically at least 80% coverage in-network for pre-natal, delivery and post-natal care.
• Pre-existing Condition Coverage – Oftentimes schools will require your health insurance plan to include coverage for conditions that you may have had prior to arriving in the United States, either with or without a waiting period.
• Emergency Medical Evacuation Coverage – Evacuation coverage is required by federal law for J visa holders, making it a common benefit for schools to include in their “waiver forms.” In a nutshell, evacuation coverage will help transport you to the nearest medical facility that can provide appropriate care – either by ground or air transportation depending on your insurance plan.
• Repatriation of Remains Coverage - Also known as the Return of Mortal Remains, repatriation coverage provides financial assistance to your family in the event you were to pass away while outside of your home country. To help make this process as easy as possible, schools often require your insurance plan to include repatriation coverage to help provide the proper planning, logistics, and financial coverage for your family if such a tragedy were to occur.

After you know whether your college or university set up the requirements for health insurance plan for F1 visa holders, get the information on what is offered, what are the benefits, can the dependents be covered under your policy and what are the costs. If you do have the option to waive your school’s option, feel free to contact us to help you find the best product for international students, compare and advise which is best for your situation.

Expat Solutions is a trading style of In2Matrix Global Insurance Solutions

Why to buy International Health Insurance?

Whatever situation you have and wherever you are in the world, when it comes to your health, international health insurance gives you the greatest protection and peace of mind you could hope for. It can feel like a bit of a leap if you’ve never taken out private health insurance before, so it’s good to know what the benefits are before you decide. You can do an independent research, get the advice from fellow expats or leave to experts to give you all the answers.

You can benefit from private health insurance anywhere in the world. International health insurance is designed for those who:

• are retiring overseas
• are working abroad
• have already settled in another country
• are globally mobile and frequently travel from country to country
• are looking for the most extensive private health cover

Expats are a fact of life in this modern, globalized economy and the world is getting smaller; it is not just large multinationals who send employees overseas, but also medium to small sized companies, along with contractors and freelancers. Travel insurance is not enough if you’re planning to build a new life abroad, or if you divide your time between homes in different countries. You need protection that will be flexible enough to allow for all the ups and downs of resettling in another place. For extended visits, travel insurance will serve you well. When you’re going somewhere for much longer, international health insurance is designed to suit you. It offers bespoke cover and protection for as long as you want into the future.

Moving abroad is often a daunting prospect, and there are so many things that can be a wrench to leave behind. Anxiety about leaving a country with reliable health services is about more than familiarity – you need to feel confident that you’ll be well looked after wherever you go and whatever happens.

Our team of global benefit experts understand what matters most when living or working overseas – not only in terms of day-to-day healthcare and support, but also the necessary consideration of regulations in each country around the world relating to private health insurance, pensions and the provision of other international insurance products.




Expat Solutions is a trading style of In2Matrix Global Insurance Solution

Guide for expats into International Insurance

When moving abroad to live or work, you want a sense of security for yourself and your family, but choosing which type of insurance coverage for you and your family is needed can be overwhelming.

Country-specific considerations
When moving abroad you'll need to consider what regulations and options are available to your specific host country. When you're researching your host country, it would be a good idea to reach out to the expat forums and find out what your fellow expats decide - public or private insurance. Some countries offer government funded subsidies for healthcare others don't. Finding out as much as possible in advance of your trip is a vital step.

Health insurance
If you're moving abroad for work, your company may already be offering you health coverage for yourself and your family. As most expats are covered under the employer's insurance you still might need to purchase more if you have a chronic or pre-existing condition. Travel insurance may be sufficient if you will only be visiting for a short period of time and don't have any pre-existing conditions. 

Life insurance
Expats with dependents should seriously consider purchasing life insurance policies. For obvious reasons, researching a life insurance policy is something most people try to avoid -- who wants to think about their own death? No one. But unfortunately it's something that should be taken seriously. What will happen to your spouse in the event of your death? What would their financial situation be like? This is where life insurance comes into play. 
When it comes to purchasing life insurance, review your current situation. What will you need your life insurance plan to cover? You may already have a life insurance policy that you've forgotten about. If you have an old contract whose details you don't remember, contact your insurance company as soon as possible. Your coverage might only need a bit of tweaking and updating to be current again. 




Alternatively, leave your worries to us - experts who will not only advise you on available international insurance products for experts, specific country requirements but also with extensive worldwide connections with insurers and underwriters will negotiate best rates for you for the best policies that fits with your needs, as well as support you throughout the process from selecting, buying to claims management.




Contact us to receive more information on international products, our services or country guides to help you and your family with your international move.

Press release: HR & Finance: Hand in Hand

Press Release

27 June, 2017

In2Matrix was delighted to participate in the IV annual conference for HR and Financial Directors held on 14 June 2017, organised by ACCA Russia and BDO Unicon Outsourcing. This conference was attended by more than 200 HR and Finance directors of various industries.

‘HR & Finance: Hand in Hand’, was the presentation of Gerard Baltazar, Chairman & CEO of the In2Matrix Group and member of the advisory board of RBCC (Russo-British Chamber of Commerce). ‘I hope you all agree that employees are the most important assets - not just buildings, machines, stocks and shares. Nourishing and cherishing this most important asset is the key to the success of any business. Traditionally, the HR and Finance departments each have been focused on different areas of the business strategy. HR professionals were dedicated to the effective and efficient deployment of human capital, focusing on attracting and retaining talents, while finance managers often viewed the human capital merely as a cost and the HR department as an expense, which does not generate revenue. Luckily, recent trends show that the traditional roles of HR and Finance are shifting: both departments are finding their focuses overlap more and more. From the perspective of the Finance department profitability remains the goal; however, that goal cannot be reached without a high-performing workforce, who is aiming to meet the same objective. To achieve this objective, it is crucial that both HR and Finance professionals work together hand in hand.’

It is important to note, that the conference was held this year under the title «HR & FINANCE: SURFING LESSONS. HOW TO CONQUER THE WAVE OF CHANGES AND MANAGE TO STAY ON» - therefore the topic of consolidation of employee benefits programs as one of the methods to maximise cost savings was of great­ interest to the conference attendees.

The conference also covered other hot topics such as: ‘what to do if a company is not ready yet for changes’, ‘most effective HR and Finance trends’ and ‘how to address the ever changing market’.

Contacts:

For more information, contact:

Margot Clarenbeek

Margot.Clarenbeek@in2matrix.com

+31 617 593 981

Insurance Premium Tax Hike Effective 1st October

On 16th March 2016, the government announced that the Insurance Premium Tax (IPT) will be subject to another hike. Yet, it will only increase by 0.5 per cent and all the revenue generated from it will fund national flood defences and resilience.

This hike comes just after a previous 3.5 per cent increase on 1st November 2015—resulting in a tax increase of 66.6 per cent since then. While this hike is considerably smaller than the previous one, you should nevertheless familiarise yourself with the increase and its potential repercussions.

Understanding the Tax Hike

The standard IPT will be increased by 0.5 per cent—raising it from 9.5 per cent to 10 per cent—and will apply to insurance premiums starting on 1st October 2016. The government estimates that the hike will generate an extra £80 million in its first year and then an annual average of £205 million in subsequent years.

This annual revenue boost will come from all households and businesses that pay IPT on their insurance. However, there are several policies that are exempt from the IPT, including the following.

·         Life insurance

·         Insurance for commercial ships and aircraft

·         Insurance for commercial goods in international transit

·         Premiums for risks located outside the United Kingdom

·         Export finance

Potential Repercussions

Despite the rise in costs, the government is confident that there will only be negligible impacts to the public and private sectors. These include one-off costs for insurers to update their systems to include the new tax rate.

The government estimates that the average combined home and contents policy will increase by £1, and the average motor policy will increase by £2 per year. But this is in addition to the extra £100 added to the average household’s insurance bill from the last increase, according to the Association of British Insurers (ABI).

The ABI has also estimated that the 0.5 per cent increase could cost UK businesses as much as £75 million. Those losses, coupled with consumers’ potentially lower spending power due to higher insurance bills, could further squeeze businesses’ profit margins. In response to this squeeze, the Automobile Association (AA) is cautioning against businesses and motorists forgoing cover in order to save money, given that a 2015 AA poll found that 87 per cent of motorists believed that the IPT was unfair and that increases will encourage some drivers to attempt to drive without insurance.

However, the government believes that the IPT hike will benefit the UK economy, arguing that it brings the United Kingdom’s IPT in line with other countries. At 10 per cent, the United Kingdom has one of the lowest IPT rates in Europe—still much lower than Germany’s 19 per cent IPT and Italy’s 21.25 per cent IPT. With competitive rates and a robust, diversified insurance industry, the government hopes to continue attracting new international business due to its relatively low IPT.

What Happens Now?

In2Matrix (UK) Ltd is committed to providing you with the most robust, cost-effective cover and will do everything in our power to ensure that the IPT increase has the smallest possible impact on your policy.

Risk Insights: Young Employees and IT Security

Hiring young employees can bring fresh talent and innovation, giving your company an edge over your competitors. But that edge can quickly be erased, as young workers also bring additional technology risks. According to the Cisco Connected World Technology Report, a study involving almost 3,000 university students and young professionals under age 30, 70 per cent of young employees frequently ignore their company’s information technology (IT) policies.

Generation Y, generally those born in the early 1980s to late 1990s and also known as the ‘Net Generation’, have grown accustomed to sharing everything about their personal lives on Internet sites such as Facebook® and YouTube®. This poses a dilemma for an employer: If young employees don’t safeguard their own personal information, how can you entrust them with your company’s sensitive data? Companies with the need to be Internet-savvy must hire young talent…but are these employees worth the risk?

Eye-opening Statistics

The Cisco report cites 80 per cent of young employees think their company’s IT policy is outdated or they don’t even know about it. Additionally, 25 per cent of those in the study had been a victim of identity theft before age 30.

Why are young employees negligent about IT security? The study found that some young employees’ attitudes and beliefs towards IT policies include:

·         They forget about the policies.

·         They think their bosses aren’t watching.

·         They believe the policies are not convenient.

·         They think they don’t have time to consider the policies while they’re working.

·         They feel they need to access unauthorised programs to get their job done.

·         They believe security is the IT department’s responsibility, not their own.

Additional Risks to Consider

Young employees can compromise IT security by leaving their computers or other personal devices unattended, increasing the risk that that both the equipment and company data could be lost, stolen or misused. Sending work-related emails to personal email accounts, and using computers and social networking sites for both work and personal reasons can also compromise IT security. Generation Y workers are more apt to blur the line between using IT for both personal and work-related purposes, which can increase the risk of negligence.

Consider that not only young employees, but all employees can compromise IT security in the following ways:

USB flash drives. While these are convenient portable devices for storing information, they make it too easy to take sensitive information out of the office and can be misplaced easily since they are so small.

• Wi-Fi networks. Whether it’s an employee’s personal Wi-Fi network at home or free Wi-Fi at the local coffee shop, it is important that employees use virtual private network (VPN) and take other security measures when they log in on networks outside of your company.
•  Laptop computers. Lightweight and handy for working remotely, laptops are also susceptible to viruses from improperly-secured Wi-Fi networks.
• Smartphones. They provide information at your fingertips, but are also another portable way to take sensitive data out of the office.
• Collaboration websites. Websites, such as a wiki or SharePoint® site, are great tools for employees working together on projects; but it’s critical that only authorised employees are logging in and accessing your company’s projects on these sites.
• Social media tools. Sites such as Facebook and Twitter can benefit your business; however, negligent use, including sharing critical company information, can be a risk.
• Other communication applications, such as peer-to-peer (P2P), Skype and instant messaging tools.

These applications can be vectors for malware and a threat to information security.

Employers shouldn’t necessarily prohibit employees from using technology, as this list includes many tools they need to get the jobs done. It’s important to know the risks and educate young employees to use the technology properly.

Mitigating the Risks

Employers must find the balance between allowing young employees to use social networking websites and portable devices to do their jobs, while at the same time protecting company information. Employers should examine their exposures and consider what level of risk they are willing to accept.  Other special considerations for managing young employees and mitigating the risk include:

Review your company’s IT policy. If it needs to be updated, ask recent graduates for advice on updating the policy to reflect current changes and trends in IT.

• Make sure young employees (and all employees) are aware of your company’s IT policy and the consequences if the policy is not followed.
• Create strong, trusting relationships between young employees and your IT department.
• Create IT awareness materials so young employees are continually reminded of IT security risks and what they can to do prevent them.
• Train new young employees on data protection and IT security risks, and provide refresher training for seasoned employees to ensure everyone is aware of the risks and the importance of safeguarding company information.

Contact In2Matrix (UK) Ltd for more information on how to avoid IT security risks. 

Key Person Insurance Cover

If an employee crucial to the function of your business becomes disabled or dies, would day-to-day activity continue as usual or would disorder and uncertainty ensue? Would you be able to maintain the same level of business expectations and revenue stream? How will you cover for the financial loss of the employee or pay for a temporary replacement during his or her recovery? Key person insurance could help you answer these questions with confidence. It is designed to provide financial stability in a time of stress and anxiety due to the sudden loss of an important employee.

Who Needs Key Person Cover?

 Many businesses benefit from key person insurance, like those with:

• Employees who would be extremely difficult, time-consuming or expensive to replace (ex: central decision makers, chief executives and directors, vital sales managers or employees whose ideas have critical commercial impact)

 

• Highly skilled employees with unique training

 

• Employees with exclusive ties to key clients

 

• Narrow profit margins where a staff loss would mean financial trouble

 

•  A need to protect their revenue stream from loss (for example, hospitals protecting against the loss of a high-earning, respected surgeon)

 

• Concerns that a high revenue-producing client (ex: actor, writer or other entertainer) became disabled or died and was unable to perform

 

• In the event a vital employee becomes disabled or dies, this type of insurance provides the company with income to make up for financial loss or use for temporary replacement costs.

 

 

Considerations Before Purchasing Key Person Insurance

 

Estimate the value of your key employees. Think about the projects that would be lost without them, the amount of sales generated by them and the costs associated with replacing them.

Think about the amount of protection needed. There are several methods to calculate this, including using a multiple of salary or profits, payroll proportion, and the actual impact method.

Determine whether this cover is necessary and whether it is already covered under a comprehensive policy.

Create a business continuity plan that outlines how your business will function if you lose key employees. In addition to proper cover, having such a plan is vital.

 

Requirements and Cover Options

To qualify as a key person, most insurers require that the employee’s salary be in a top percentage of the company. Qualifications vary based on the insurer. All key person policies are written specifically for the employee in question. To learn about cover options, limits and other plan details, contact us at 44 (0) 20 3638 5152 to talk to an expert at In2Matrix (UK) Ltd.