Travel Insurance 101
All the questions about travel insurance you're dying to ask will be answered here:
Why Travel Insurance?
- Fact: many foreign hospitals are expensive and your government will not shoulder your medical expenses.
- For your peace of mind; so that you can enjoy the holidays to your hearts' content.
- There are affordable travel insurance plans which can be purchased at a cost commensurate to your means.
- Overseas travel has corresponding risks that you should be wary about.
Getting travel insurance is every traveller’s responsibility. Regardless of where you're going or what you intend to do during your vacation, having travel insurance guarantees your protection. Not purchasing a plan is as good as increasing the risks.
Learn from Mary's Travel Insurance Experience
Mary was strolling through Italy when she met an accident, puncturing her lungs and fracturing her legs in the process. She was brought to the hospital for emergency surgery but lost the ability to talk and walk. Fortunately, her travel companions had the initiative to inform her travel insurance company, who immediately came to Mary's rescue. The insurance provider flew her mother to Italy, all-expense-paid, and paid for her medical treatment, miscellaneous medical expenses and medical evacuation back to Canada.
Mary and her family got to save around $200,000 thanks to her travel insurance provider's quick support.
What If My Claim Is Denied?
The only reason your claim would be denied is that you did not disclose the correct information during the time you filled out your medical questionnaire. A misunderstanding between you and your provider may likely cause a claim to be denied. Rest assured, 90 percent of travel insurance claims (approximately 200,000 claims) were paid in 2012 to 2013.
What's The Best Travel Insurance For Me?
First, read your travel insurance policy and be mindful of the following:
- Pre-existing medical conditions – These are not covered by many travel insurance plans. However, a few providers make an exception on the condition that they are stable. No matter how mild your condition is, it pays to read this section in your policy.
- General exclusions – This enumerates events or situations that are not covered by your travel insurance policy. Pay keen attention to this section lest you forfeit the opportunity to make a valid claim. Strenuous or adrenalin-pumping activities are generally excluded so proceed with caution.
- Table of benefits – This gives you an overview of the scope and limitations of your policy and what are covered and not covered in a nutshell. Other items you'll be bringing with you need protection as well so cover as much ground as possible.
- Claims section – If you want additional reminders to ensure the validity of your claim such as what documents you'll need to make a claim and characteristics that constitute a valid claim, read this section.
Is There A Way I Can Save Money on Travel Insurance?
As long as you know where to look and what plan to buy, travel insurance will never be a financial burden to any traveller. Here are ways to save money with travel medical insurance:
- Compare travel insurance prices
- Opt for an annual multi-trip travel insurance plan if you're going on several trips every year
- Take advantage of early bird promos
- Member discounts may apply
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