Medipac Travel Insurance Deductibles
Any dollar amount that purports to cover expenses a client has to pay should there be a claim is considered a policy Deductible. The rule for any insured claim is to first apply for extra-provincial health care benefits as stipulated in the provincial health insurance plan. The travel insurance policy requires that the Deductible amount must be paid by the client (through credit card in most cases) while the rest of the covered expenses will be paid by the Medipac Travel Emergency Medical Insurance policy.
The higher the Deductible, the lower the premium. If you choose a higher Deductible, you'd be pay less for your travel insurance premium. A higher deductible lets you shoulder a great chunk of the claim cost.
Depending on the rate category you qualify for, there are several Deductible options under the Medipac Travel Emergency Medical Insurance Plan:
- $0
- $99 U.S.
- $1,000 U.S.
- $5,000 U.S.
- $10,000 U.S.
All Deductibles are in U.S. dollars and every trip will be assessed. On a 6-month policy, however, assessment will be conducted only once no matter how many claims were made. If you selected the Annual Add-on optional coverage, each trip under this plan will be assessed.
How to Choose the Right Travel Insurance Deductible:
1. Mind your budget or financial capability. Pick a Deductible within your means. Travel insurance is all about having “peace of mind” while travelling. So make sure to read your policy before purchasing one or flying off to another destination. Focus on your health particularly when faced with a medical emergency for that's only time you can disregard affordability issues.
2. If a higher Deductible still fits your budget, then you're likely to reduce your policy premium for a minimum of 10 percent and a maximum of 50 percent. Choose a Deductible you can afford to safeguard you in case of a medical emergency.
3. If you have existing travel medical insurance coverage with a Lifetime Maximum benefit or Co-Insurance level, then you have all the more reason to choose a higher Deductible so that you can be reimbursed.