By Jim Blair, Moneta Partner
Summer is officially here, and many families 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. Before traveling internationally, it is important to consider the risks involved and plan accordingly.
To help you navigate those risks, here is a rundown of several different kinds of travel insurance.
Comprehensive Travel Insurance
The most common form of travel insurance is comprehensive, which delivers coverage for things like cancellations, interruption, hurricanes, medical emergencies, evacuation and more. It also covers lost, stolen and delayed baggage.
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. Even if they do, they often strictly limit overseas benefits to “Emergency Room Only” coverage. This makes it imperative for you to “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 acquiring temporary international coverage. This would ideally 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. In addition, foreign hospitals often refuse release until payment is received.
The peace of mind this coverage provides is priceless, but the actual cost is also economical.
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)
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.
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, Moneta is here as your financial advisor and Family CFO to help you with any questions or concerns regarding risk management.
© 2019 Moneta Group Investment Advisors, LLC. All rights reserved. These materials were prepared for informational purposes only. You should consult with an appropriately credentialed professional before making any financial, investment, tax or legal decision. Past performance is not indicative of future returns. These materials do not take into consideration your personal circumstances, financial or otherwise.