Imagine the last time you signed a legal document or went to the doctor. You are presented with a stack of documents that you must sign and date. Some people don’t read the entire page because they are overwhelmed by the amount of papers. Some people are aware of the risks of signing without understanding what they’re doing. They carefully read every line to ensure they know what they’re signing and the consequences if they don’t uphold their part of the agreement.
It is essential to have travel insurance, regardless of whether you’re going on vacation with your family or for business. You may feel a bit lost when you first start looking into Travel Insurance. It may seem complicated, but it’s actually quite easy if you know what to do. Travel Insurance comes in two forms: Vacation Plans and Travel Medical Plans.
The documents that you sign when purchasing travel insurance are often filled with small print and a lot of words. Don’t let the small print and words on your documents stop you from purchasing insurance. Otherwise, you could end up spending a lot more money in foreign medical expenses or trip cancellations. To avoid being surprised by a clause you did not know you had signed, make sure you read the fine print.
As you may know, vacation plans are a good idea for anyone going on vacation. Few people know that Vacation Plans account for over 95% of all travel insurance sales. Vacation Plans are a great way to ensure that you’re covered in the event of an unforeseen situation. Vacation Plans include coverage for: “canceled trips and interruptions, medical emergencies, evacuation in an emergency, delayed luggage or trips, lost bags, and 24/7 assistance”, along with many other types of insurance.
1. If you are unsure about whether a trip cancellation is covered, check the “Not covered reasons for cancellation” section. You would be covered if “you, a family or traveling companion are sick, injured or die, a hurricane cancels or damages your flight or your destination, you’re laid off or forced to work, there is a terrorist incident at your destination, your travel provider goes bankrupt, you get called up for jury service, etc.” The Policy Certificate will list all cancellations that are covered. Be sure to read and understand the Policy Certificate. If your cancellation is not listed, you are NOT covered. You can get coverage regardless of your reason for cancellation by adding the “cancel any reason” option to any plan.
2. Pre-Existing Condition: Travel insurance does not cover preexisting conditions. This is because they are at a higher risk of paying out extremely high medical costs for you if you travel to another country. If you already have a pre-existing condition, you can only get your insurance company to cover you if you get a waiver. The guidelines that insurance companies use include: Insurance companies have guidelines such as: “1. When you purchase insurance, it is important that you are healthy. “You need to cover the entire cost of your trip”.
3. There are certain reasons that you will not be covered in any situation. You may not be covered for certain things, such as self-inflicted injuries, driving at a motor race, bungee jumping or criminal acts. The Policy Certificate also lists these exclusions for your convenience.
4. Incomplete documentation: The insurance company must receive the proper paperwork in order to reimburse you for an injury or trip cancellation. Be sure to keep all important documents, such as any bills that you receive during your trip. This will allow you to provide the insurance company as soon as possible with the necessary documentation.
5. Enrolling too late: Simply put, you can’t purchase travel insurance for a country about to go to war. Insurance is not available when a certain event has been predicted. To avoid having to rush to buy travel insurance after it’s too late, purchase insurance as soon you are sure the trip will happen.
Travel Medical Plan covers you for trips outside of your home country, but does not cover cancellations as the Vacation Plan. When traveling, it is easy to forget about your health insurance coverage in your home country. You may be covered in some cases, but it is rare. Check with your health insurer before buying a Travel Medical Plan to ensure that you don’t have two insurance policies that cover the exact same thing. Travel medical plans cover two items that would be extremely expensive to pay for out-of-pocket. The plan will cover “medical costs, and emergency evacuation”. This type of insurance is essential, or you could end up paying thousands of dollars in medical costs when you arrive at your destination.
There are also special plans to cover certain situations. There are three types of plans available: Rental car plans, travel accident plans, and evacuation plans. The evacuation plans cover medical emergencies, and your transportation to the nearest hospital. Accident plans cover injuries that cause dismemberment or death. Rental car insurance plans will cover accidents that may occur while driving a rented car. When you go on a trip, it is important to purchase a travel medical or vacation insurance plan. You can choose from any of these three plans once you have determined the type of travel you plan to do and the possible situations you might encounter.
Read the fine print of any travel insurance before signing. This will ensure you and your family have a safe and enjoyable trip. You won’t be surprised by anything that isn’t covered. If you have questions or are not sure if something will be covered, never hesitate to contact your insurance provider. Enjoy your trip!
