Travel insurance should never be seen as an all-or-nothing product; therefore, it’s vital that you do your research and compare policies before selecting one. An online marketplace provides easy comparison of various providers and plans available.
An all-inclusive policy will cover medical expenses as well as trip cancellation, missed flights or tours that have to be cancelled and other unforeseen circumstances, deductibles and co-pays.
Coverage
Many travelers purchase travel insurance to cover trip cancellation and medical expenses, yet it’s essential that they fully understand what these policies cover before purchasing one.
Standard policies only cover trips canceled due to specific reasons such as weather or illness; but for an extra fee you can add “cancel for any reason” coverage.
Loss baggage coverage, which reimburses travelers if their baggage is lost or stolen while traveling, may already exist as part of their home or auto policy.
Travel medical insurance is a supplemental policy designed to reimburse you for emergency healthcare costs while traveling, particularly if your regular health plan doesn’t offer coverage or has an expensive deductible. Most providers allow customers to tailor their policies by increasing or decreasing the deductible; so that you can choose an amount that best meets your budget needs.
Pre-existing conditions
Many health plans don’t provide full coverage when traveling abroad, while Medicare in the US doesn’t cover travel-related medical expenses at all (thereby leaving any gaps unprotected). A medical travel insurance policy can fill any coverage gaps with its comprehensive protections.
Some policies offer pre-existing condition waivers that allow travelers with specific health conditions to get comprehensive travel coverage. To qualify for one, they must be medically fit for travel and purchase coverage within an allotted window from each company – this timeframe varies.
Pre-existing conditions typically manifest symptoms and require treatment or medications 60-18 months prior to purchasing travel insurance, and usually qualify for EHIC coverage during this timeframe. Medical travel policies may offer coverage up to an agreed-upon dollar limit; however, these plans should not replace primary healthcare or accident policies as primary coverage is essential.
Delay or Cancellation
Travel insurance provides coverage when trips are canceled, including airfare, hotel rooms and rental cars. When your trip is cancelled for certain specified reasons (natural disaster, severe weather or strikes for example), or you or family members must be deployed overseas or called into unscheduled jury duty service. You may also purchase “cancel for any reason” coverage as an add-on policy but this usually incurs higher premiums and limits how much of your money can be returned.
For travel delays to be covered under your policy, they must include an end timeframe within which coverage begins and you must document any attempts you made to continue your planned journey; such as submitting documentation of additional expenses and communicating with airline representatives. It should also be noted that insurance may not cover costs related to mandatory stay-at-home orders in COVID-19 cases.
Excess
Travel insurance jargon such as primary, secondary and excess may seem intimidating; but in essence they refer to an amount required of you before an insurance company will cover your claim costs. For instance, medical expenses or luggage loss each require their own set of excess payments before the insurer steps in and covers costs.
To avoid having to pay an excess in the event of a claim, add an excess waiver to your Comprehensive or Signature policy and enjoy peace of mind that any claims will be paid without having to first cover their excess. While this will increase costs over time, having one can give you peace of mind that any future claims won’t leave you out of pocket – get a quote now to find out what it would cost!