What Is Travel Insurance and Do You And Your Family Need It?
Not Everything Always Goes as Planned When You Travel
No matter how carefully you plan your trip, something unexpected might come up. You might have to cancel your trip for a number of reasons or run into some unexpected expenses during your trip.
It’s always best to have an emergency fund for unplanned situations. Travel insurance might benefit you as well.
Travel Insurance Is a Type of Short-Term Insurance Policy
All you have to do is plan your vacation and purchase a policy that would cover a number of scenarios that could come up during your trip. You can choose between different plans or buy a customized policy in the amount of coverage you want.
Consider These Advantages of Travel Insurance:
The main advantage of buying travel insurance is that you’ll get your money back if you have to cancel your trip. Travel insurance usually covers the entire cost of your trip if there is a death in your family, if you or a family member becomes ill, or if you lose your job. The scenarios covered depend on the amount of coverage you buy.
Travel Insurance Covers Medical Expenses
It could be very beneficial if you don’t have a health insurance policy or if your current policy wouldn’t cover you in another state.
You Can Buy Additional Coverage
This is important if you plan on practicing dangerous activities such as skiing, mountain climbing, hiking, or any other extreme sport.
Repatriation Is included In Most Travel Insurance Policies
This is another one of the main reasons why this type of coverage might be needed while you’re traveling. Having to buy a plane ticket home at the last minute if you’re ill or injured could be very expensive and makes buying travel insurance well worth it.
You Can Insure Your Material Belongings
It’s not uncommon for luggage to get lost or stolen, and you could actually lose some valuable items such as your laptop or digital camera.
The exact amount of coverage depends on the policy you purchase. Assess which risks you need coverage for. Where are you going and which activities do you have planned? There is no need to buy travel insurance that includes coverage for medical expenses if your health insurance will cover you while you’re away from home.
Buying travel insurance is not very expensive and it can really save your vacation. You can rely on your travel insurance policy to cover unexpected expenses. You’ll find that your trip is a lot more enjoyable with the peace of mind of having travel insurance.
If you plan on traveling soon and have already booked your trip, look for a reliable travel insurance provider. The insurance provider you currently use for your other policies might offer this type of coverage. Otherwise, you can easily buy travel insurance online or simply contact different insurance providers to ask for quotes.
Don’t hesitate to contact a travel insurance agent directly to see if they can write a customized policy for you. This is usually a good way to save money since you might not be able to find a policy that matches your needs. You can also remove or add coverage from an existing policy in view of what you need.
Global Medical Insurance: How to Find a Plan That’s Right for You
Living in a foreign country can be an enriching and exciting experience, but it can also have some challenges. One of the primary challenges world travelers face is regarding health insurance. While many foreign countries have excellent healthcare programs for citizens, you’re likely to find that you don’t qualify.
The most important part of finding an appropriate insurance plan is to understand the insurance itself.
Learn About The Basics of Global Medical Insurance:
How are the premiums determined? Just like any individual policy, premiums are based primarily on your age, medical history, and the area of coverage.
Many plans have two separate premiums: worldwide and worldwide excluding the USA. This is due to the high cost of health care in the United States.
Some policies will give rates for just a particular country, but you’ll only be covered for medical care in that country.
Most policies are ‘globally portable,’ so you can use them wherever you happen to be when the need arises. However, the policy won’t provide coverage when you return to the United States.
These policies are usually purchased on an annual basis. If you’re planning on being abroad for a relatively short period of time, a travel medical policy might be a better solution. These policies cost less, but are only in effect for a specific period of time.
Examine Your Needs
If your health is solid, you might be best served by a basic policy with a high deductible and co-pay.
If you’re prone to health issues, it might be better to get a policy with more comprehensive coverage for the smaller bills. Increasing the coverage will also increase your premiums, but it might be worth it.
Consider Using a Broker
The cost to you is the same, but you’ll get several quotes from different companies. Compare the plans, costs, and policy specifications.
Understand Your Policy
Not every policy is the same. Some policies will pay the medical provider directly, but some plans only reimburse you for your medical costs. This means that you’ll have to pay the bills with your own money before the insurance company will pay up.
Know the difference between a basic and a comprehensive policy. Most insurance companies will offer one or more levels of coverage. Read the information about the specific policy beforehand.
A basic plan will generally only cover inpatient costs. These are typically going to be your more serious medical conditions and injuries. For example, a trip to the doctor for a sore throat wouldn’t be covered. Emergency surgery, however, would be.
A comprehensive plan will cover all the items in the basic policy, but will also cover outpatient care.
Your pre-existing conditions may be covered. While not all pre-existing conditions are eligible for insurance coverage, in some cases, they may be. With some policies, the pre-existing condition is eligible, provided no treatment has been received in the previous 24 months
Be Aware of Any Exclusions
Unfortunately, exclusions exist and most are related to routine or elective care. Elective surgery and routine physical examinations are two such examples. There are many more, but they vary from policy to policy.
It’s never wise to be without medical insurance and being overseas is no exception. There’s a slight chance that your current policy in the US will cover you while out of the country, so check it out.
Get online, do some additional research, and pay attention to the small print. Talking to a broker is a great idea. It doesn’t increase your cost, and you’ll have an expert on your side.
