Summer is officially here, and it is likely that many of you are planning vacations around the globe. Whether you are going to Acapulco or Antarctica, there is one thing you should ‘pack’ that is almost as important as your passport: Travel Insurance.
International travelers are faced with an increasing number of concerns, which means that before traveling internationally, it is important to consider the risks involved and plan accordingly.
There are several different kinds of Travel Insurance, and it is important to understand the different types of coverage plans available before taking a trip.
Comprehensive Travel Insurance
The most common form of Travel Insurance is comprehensive which delivers coverage for things like cancellations, interruption, hurricanes, medical emergencies, evacuation, lost, stolen, and delayed baggage, and more.
While this is helpful for cancelled plans or stolen goods, a package deal often leaves one area of risk exposed: health insurance.
International Health Insurance
No one likes to think about having an emergency health issue while abroad, but if you do, international coverage could save you a lot of money.
Unfortunately, even the best health insurance plans rarely extend across U.S. borders, and if they do, they often strictly limit overseas benefits to “Emergency Room Only” coverage. This makes it imperative that you “know before you go.” Check with your current carrier to understand coverage limitations for national and international travel.
If you plan to travel abroad, you may want to consider getting temporary international coverage. It ideally would include professional services, such as surgery, lab work, diagnostics, ambulance, emergency room and doctor visits. Expenses can run up quickly if these services are not included as a part of the coverage package, and in addition, foreign hospitals often refuse release until payment is received.
The peace of mind this coverage will provide is priceless, but the actual cost is also economical. According to Caravus, a two-week international trip with a $1,000,000 medical limit and a $0 deductible for a 50-year old male and female is approximately $138.60 or $69.30 per person.
Another important component to consider when selecting your international coverage plan is travel assistance, especially because these expenses can easily exceed $100,000. Travel Assistance could include helicopter medevacs, international security evacuations, and expedited delivery from remote locations. Most importantly, travel assistance insurance will provide you with an advocate who will put your needs first no matter what the situation.
Additional components to keep in mind when selecting an international health coverage plan include:
- Access to a large network
- Coverage for pre-existing conditions
- Prescription coverage
- Mental health coverage (if needed)
If you are leaving the country soon be sure to consider these options. Typically, travelers do not need to give their carriers much advance notice to obtain coverage, so don’t hesitate. Talk to your insurance company to obtain more information on coverage and discuss your options for purchasing a short-term, international plan.
And as always, remember that you can contact your Moneta Group advisor with any questions or concerns regarding Risk Management.