Getting Some Sun? Don’t Get Burnt!
Everyone loves a vacation. They’re often an excellent investment into our own health and happiness. That said, many people are unaware of the catastrophic risk of travelling without adequate insurance. Here’s a quick primer on what you need to know:
Type #1: Travel Medical Insurance
This is generally a must-have if you’re travelling out-of-country. Your standard Canadian-issued health policy typically only covers 5-10% of expenses if you get admitted to a foreign hospital. These costs can be devastating (often $10k or more per day). Basic travel medical insurance is typically available on a per-day basis at a very reasonable rate.
Type #2: Trip Cancellation or Interruption
This protects you in the event that an illness or injury prevents you from going on an already-scheduled trip, or if something arises that forces you to abandon your trip early. It may extend to cover the reimbursement of pre-paid deposits, change/re-booking penalties, or other miscellaneous fees.
Type #3: Baggage Loss or Delay
Lost or delayed bags are a reality, and they can severely interrupt your plans. Proper coverage will give you access to funds to ensure that you can replace the immediate essentials to get your focus back on the trip itself.
You can get specific policies that cover flight or travel accidents, car rental coverage, or more exotic protections. Ask your broker for details.
Frequently Asked Questions
What exactly does travel medical insurance cover?
It varies tremendously based on the individual policy. It’s important that you review the details carefully with your broker, especially if you are going into a high-risk area or situation. The policy could include any combination of the following: ambulance service, emergency airlift or evacuations, hospital fees, emergency repatriation, drug and medical supply reimbursement, child-care, care-giver travel expenses, and some dental services.
Don’t I already get coverage from my other forms of insurance?
You might. For example, some credit card companies will offer supplemental insurance on any trips booked on the card. But the coverage is often limited. It’s wise to review the details carefully to ensure that you have adequate protection for your specific itinerary. Additional coverage is often inexpensive.