IMPORTANCE OF COMPREHENSIVE TRAVEL MEDICAL INSURANCE AND ITS COVERAGE
June 14, 2009 – 6:55 amTraveling, whether on holiday or business, exposes you to a wide variety of risks, along with pleasure. You always consider yourself to be in good health but accidents do come your way unexpectedly. Travelers medical insurance offers protection to such accidents by providing high service excellence, global coverage and value for money.
We all know that ‘Prevention is better than cure’. Isn’t it good to be safer than feeling sorry about the consequences? Travelers medical insurance might seem to be like an additional expense when you spend thousands on your trip. But you can enjoy your trip at the fullest by having a perfect travel insurance.
Did you know that just one night’s stay in the hospital can cost you $2500 or more? Or a heart surgery abroad can cost you as much as $100,000? Hence, travel insurance is an affordable, safe and easy way for insuring unexpected costs and events.
Travelers medical insurance provides you with cover for personal accident, ambulance cost, hospitalization, loss of baggage/passport, home burglary etc. Although, medical insurance for travelers provides the coverage during medical emergencies, it is always safe to have a policy that can provide maximum cover.
The amount of medical coverage available from travel insurance companies varies widely. While young people can feel secure by buying a policy of $500,000, older members can avail only up to $50,000 to $100,000. Most travel insurance found online offer a comparison tool particularly for older members. This gives them the opportunity to look around for the best quote.
However, with fixed benefit travel insurance policies, the sum insured is not applicable for all expenses. There are some limitations for each type of an expense. For example, a policy of $ 100K might cover a maximum of $20K in case of personal uncertainties and $500 in case of dental expenses. This ceiling could vary from company to company. Any expenses above this cap have to be borne by you.
Furthermore, there is a deductible levied for certain expenses. The deductible is an amount pre-determined between you and the travel insurance company; it is a fixed amount, decided at the time of buying the policy. This is the amount that you pay towards your medical expenses before the insurance company will start their coverage. Typically, the higher the deductible you pay, the lower is your premium.
However, travel medical insurance is not just about medical expenses. The coverage also includes expenses related to medical evacuation, repatriation costs, loss of baggage or other personal belongings, cancelled or delayed flights etc. With all these impending expenses, it’s easy to perceive why a comprehensive travel insurance policy is highly recommended.
