Better safe than sorry, they say.
Well, they may be right after all.
When it comes to travel health insurance, most people would rather take the risk and let the chips fall where they may.
According to a survey conducted by The Points Guy, only 21 percent of people actually purchased travel insurance. But this number isn’t low because people don’t see the need to buy it; a whopping 49 percent of those interviewed don’t have any clue as to what travel insurance is and what it covers. And those who actually buy travel insurance only do so out of fear their trip will get cancelled.
But travel insurance is a great investment for a variety of reasons. Here’s why:
- Peace of mind. It’s nice to know that if an incident or medical emergency of any kind were to arise, you’d have a back-up plan and a way to get the medical assistance you need, not to mention possibly getting your money back.
- You lose your prescription medication. With travel health insurance, you can get an emergency prescription filled in case you accidentally lose or run out of your medication.
- You have a pre-existing medical condition. If you’re pregnant or have a chronic condition, such as diabetes, for example, travel health insurance will come in handy if you experience any complications during your trip. A pre-existing condition might also make you more susceptible to illness during your travels. Travel insurance allows you to get the medical care you need at a low cost.
- You have to cancel a trip. Travel protection insurance comes in handy if you anticipate the possibility of having to cancel your trip, or if you suddenly get sick and can’t travel. If you know now that something might arise at the time of departure, invest in travel insurance to avoid losing the money paid for your trip.
- The country you’re visiting is unstable. Just as you can’t predict a medical emergency, you also can’t predict any emergencies that might arise at your destination. Whether it’s political unrest or hazardous weather conditions, you might need to postpone or cancel your trip.
- Gain access to quality doctors or hospitals. With a travel health insurance plan, you can gain easy access to quality medical care and treatment when in a foreign country.
- You don’t have to pay sky-high medical bills. Even if you already have health insurance, not all plans will cover you in places outside of your home country. Do note, however, all travel insurance plans are different. Some might cover 100 percent of medical costs up to a certain limit, or only a partial amount. Be sure to read the fine print!
- You must evacuate immediately. In some cases, you might not be able to receive medical treatment at your destination. Travel health insurance can cover the costs of medical evacuation to see that you get to the closest hospital or doctor. You might also need to quickly leave the country if there’s a natural disaster or if your safety is threatened.
- You’ll be staying for a long period of time. The longer you stay, the more likely you’ll need to see a doctor. If you plan on living in another country for an extended period of time, you might also want basic health insurance and dental for routine check-ups.
- Your flight is cancelled or luggage gets lost. If you purchased a non-refundable plane ticket, you might want to purchase travel protection so you don’t lose all your money if your flight is cancelled. This type of insurance also comes in handy if the airline loses your luggage and doesn’t provide adequate compensation. At least you get to buy new clothes, right?
Before signing up for any type of insurance plan, make sure you have a thorough understanding of what the plan covers and what will fall under your responsibility.
Photo from David Lebovitz.
