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Travel Medical Insurance Update

26 July, 2015 | Travel Medical Insurance

While the phones are ringing to no end, the people from the post office are driving large trucks to deliver all our mail. This situation only means one thing: the Early Bird season is here! Another reason why data lines have been buzzing endlessly is that more and more snowbirds are purchasing their Medipac Travel Medical Insurance policies online. So much has changed since the early days of the Internet, a time when we were still learning how to send e-mails.

The Canadian loonie climbed back to $0.93 right after the Canadian dollar dropped from above par to $0.90. How fascinating that the banks and seasoned economists are surprised by this turn of events. In their latest explanation, the strong rate of inflation is allegedly responsible for the increasing dollar. That does not seem to be the case, however. A trip to the grocery store or the gas station may be in order. It's about time to step down from their ivory tower.

The problem with having a dollar far below par is that even though it encourages more exports, an artificial economy is created in the process. The Bank of Canada highly supports this strategy but many fear it might not work instead. Canada has a strong and continually growing economy, except perhaps in Ontario (there are plausible explanations behind this). All things considered, our GDP is rising and the issue on inflation will have to be handled properly soon. Just my “two cents” but hopefully we will see increasing interest rates and a stronger Canadian dollar.

Medipac Travel Medical Insurance will stand firm this year for the Early Bird program while the other members of the travel insurance industry spend their time discussing about dropping exchange rates and the need to increase them by 15 percent. In the United States alone, we are challenged by medical inflation and a modest rate increase in most rate categories must be implemented to ease up the pressure. Perhaps you will find this a pleasant surprise.

We look forward to having you again as Medipac clients this year. We encourage you to take advantage of our Early Bird program so you can just relax and make the most out of this awesome sunny weather. I'm going to do the same after the Early Bird season. Enjoy!

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