Travel Medical Insurance
The most common kind of travel insurance that travellers will buy is emergency medical insurance. This is because lost luggage, delayed flights and overbooked hotels can mean a lot of frustration, and some financial trouble, but it is nothing compared to how devastating a medical emergency can be. There are countless stories of travellers who had one small mishap – slamming a door on a finger, cutting a foot on a piece of glass on the beach – that ended up costing them a fortune. Then there are the countless stories of more major emergencies, and even deaths, that ended up ruining families financially.
The cost of travel medical insurance is so small these days that there really is no excuse to travel without coverage. Most major banking institutions carry insurance packages, and these can be applied for online and paid for out of your account within minutes. It is not a component of any travel outside of your own country that should be neglected.
Travel medical insurance can be the difference between a pleasant trip with a minor incident, and a financial nightmare that marrs the entire thing and makes you skittish about ever leaving the country again. Most people don't like to think about the negative aspects of travel before embarking on a trip, and often the language of insurance policies doesn't help. References to severed limbs and transportation of mortal remains doesn't inspire the kinds of images one wants to be thinking about before heading out on a trip, but it is as crucial as packing an extra pair of socks 'just in case'.
A good travel medical insurance package will cover everything from short hospital stays, to major surgery, to repatriation of a dead body. It is important that you get coverage for exactly what you need, depending on the kind of travel you will be doing. If you are planning some adventurous activities, then make sure there is no clause in the contract that allows the insurance company to not pay because of the nature of the activity that lead to an injury. Certain high-risk sports, like mountain climbing or scuba diving, require special consideration when getting insurance. Be sure you are covered, because even if the injury occurs outside of the sport, the onus will be on you to prove it if the insurance company gets wind of the fact you were engaged in anything high-risk. Remember, insurance companies want to keep your money, not hand it out. They will do everything they can to avoid having to pay.
On the other hand, if you have a good company with a good travel medical insurance package, your premiums will be small but in the event of an emergency, the company will make sure that you are adequately covered from any costs. This peace of mind is absolutely worth the nominal cost that travel medical insurance will cost you before your trip.
When researching companies, be sure that the travel insurance company is underwritten by one of the major insurance underwriters. There are only a handful of large underwriters, but hundreds of insurance companies. The important part is the underwriter, because it is they who will be actually paying out the money in the end. Ask about the company when you are drawing up your insurance.
When it comes to travel medical insurance, the rules are simple: do not travel to a foreign country without adequate coverage! Yes, many countries have lower medical costs than the United States, but there are a lot of other factors that are beyond your control, particularly in an emergency situation, that could lead to crippling financial costs. Besides, if your destinations medical expenses are low, this will likely be reflected in your premium. Whatever you do, make sure you have researched and obtained good travel medical insurance before you embark on your trip.
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