Travel medical insurance can provide you the coverage in case you get sick or injured while traveling outside your residence country. In addition to the several medical benefits, it can provide a wide variety of travel related coverages when overseas.
Why should I purchase travel medical insurance?
International travel can be an exciting as well as a fulfilling experience. However, you may get unexpected sickness or get into an injury or an accident. Navigating the healthcare in an unknown country can be challenging and on top of that, having to pay out of your pocket may be very difficult, especially in the countries with high healthcare costs. Moreover, when you get sick or get injured in a foreign country, there may be language and currency related challenges that could hinder you getting the best healthcare.
Foreign travelers, especially from the US, may think that their domestic health insurance will cover them worldwide. It may be true for some people. However, even in such cases, such coverage will be considered out of network, significantly higher deductible will be applicable, and out of pocket expenses. Obviously, domestic health insurance will not provide other international travel related benefits such as emergency medical evacuation, repatriation of remains, trip interruption and a variety of baggage related coverages. A few people mistakenly think that some of their credit cards will provide them adequate travel insurance. However, even that one has numerous limitations as well as terms & conditions.
Even if someone has sufficient money to get their medical expenses while traveling overseas, they should still consider purchasing international travel medical insurance because there are some services such as emergency medical evacuation and repatriation of remains that would be extremely difficult to get without the help of experts like travel insurance companies.
What factors determine the travel medical insurance cost?
Several factors impact the cost of travel medical insurance including:
Trip Duration
Most travel medical insurance plans can be purchased for the exact number of days you are traveling for, with a minimum of 5 days. Therefore, the longer you are traveling for, the cost of insurance would be higher.
Traveler Ages
Naturally, as the person gets older, there are more chances of they getting sick. Therefore, older the traveler, the cost of travel insurance would be higher.
Most travel insurance companies have the age brackets like 30-39 years, 40-49 years, 50-59 years, 60-64 years and so on.
Deductible
Deductible is the amount you will have to first pay before the insurance company generally pays for eligible medical expenses. Therefore, higher the deductible, lower the cost of travel medical insurance. Various deductible options such as $0, $100, $250, $500, $1,000 and more are generally available.
Policy Maximum
Policy maximum is the maximum amount of money that the insurance company will pay for eligible medical expenses. Therefore, higher the policy maximum, higher the cost of travel medical insurance. Various policy maximum options such as $50,000, $100,000, $500,000 and more are available, depending upon the age of the traveler.
Optional Coverages
A few travel medical insurance plans offer additional optional coverages such as hazardous sports rider, accidental death – increased benefit rider and so on. Depending upon what riders traveler chooses, the cost of travel medical insurance will increase.
When is travel medical insurance mandatory?
While it is always recommended to purchase travel health insurance when traveling to a foreign country, there are a few situations where the travel medical insurance is mandatory by law.
If you are traveling to one or more Schengen countries (numerous countries in Europe), and if you need Schengen visa or if you will be staying for over 90 days, you will need Schengen Visa Insurance.
Exchange visitors to the US traveling on J visa require J Visa Health Insurance.
Since the start of COVID-19 pandemic, numerous countries require sufficient travel medical insurance before they allow travelers to enter their country. Such a list keeps changing.
When traveling to certain remote destinations or when traveling as part of an organized group tours, work and travel programs or missionary trips, travel medical insurance may be required.
What does travel medical insurance cover?
The coverages in travel medical insurance varies by the insurance plan you choose. Therefore, it is always advisable to carefully read the certificate wording before purchasing travel medical insurance. However, the following are some of the coverages that are normally found in most US based travel medical insurance plans.
Emergency medical expenses
If traveler were to get unexpectedly sick or injured while traveling abroad, they would be covered for eligible medical expense.
Emergency dental
If traveler were to get an injury to your sound natural teeth while traveling, they might get a limited coverage.
Emergency medical evacuation
If traveler were to get seriously sick or get into a major injury or an accident, the local hospital may not have the adequate healthcare available. In such cases, travel medical insurance can provide the transportation to the nearest place where such healthcare can be provided. Such transportation is usually in an air ambulance.
Repatriation of remains
In an unfortunate situation of the traveler passing away while abroad, travel medical insurance can make arrangements to bring the body back to the country of residence, and in some cases, provide the coverage for local burial or cremation.
Trip interruption
While traveling abroad, if the traveler’s eligible family member were to get seriously sick or die, or if the traveler’s primary residence would experience substantial damage such as in fire or flood, travel medical insurance can help cover the additional expenses incurred making the travel arrangements in getting back home earlier.
Baggage
Depending upon the insurance plan, the traveler may get the coverage for loss of checked luggage, and more.
Accident death and dismemberment
If the traveler were to pass away in an accident while traveling abroad, their beneficiary would get a certain sum of money.
Additionally, if the traveler were to lose a limb or two in accident while traveling abroad, they would get a certain sum of money.
