Travel can be an enriching and unforgettable experience. However, without proper travel insurance, a dream holiday could lead to financial ruin or even worse. Out-of-pocket costs for relatively minor emergencies can put a damper on the vacation, sometimes costing hundreds of dollar. A medical emergency can pose a serious threat to the overall financial well-being. A more severe emergency could affect long-term plans for education or retirement.
There have even been instances where families have been forced to rely on their superannuation funds or in some cases sell their homes in order to raise the money to bring their loved ones home - all because they failed to purchase travel insurance. Travel insurance protects the assets and the net worth of a person.
Provincial health insurance plans will usually pay for a small portion of out-of-province medical costs, but will fall far short of the full cost. Employer plans or credit cards may offer travel insurance coverage, but it’s wise to compare benefits. Employment benefits may not cover all medical emergencies or may limit travel benefits. Credit cards often provide coverage for a shorter number of days or restrict the amount you can claim.
Travel insurance is not a one solution that fits to everyone. Premium depends on the age, trip length and health status.You can get good rates if you are healthy. The longer you’re away the bigger the risks and higher the premium. A casual traveler and a frequent traveler need different plans.
It is advised to read and understand the policy/plan details of the insurance company regarding the list of benefits, eligibility, limitations, exclusions and other terms & conditions. It is important to understand if the pre-existing condition, if any, is covered or not and what are the fine prints, if it is covered, so that you are aware if the claim will be paid or not with respect to the emergency medical treatment for the pre-existing condition or anything related to or due to the pre-existing condition.
Insurance company must be informed as soon as possible of any emergency medical treatment or hospitalization. They are available 24/7. Failure to do so may result in decreasing your insurance benefits. All original bills and receipts are required to be sent to the insurance company along with the Claim Form to get the reimbursement. Sometimes hospitals and insurance companies tie up for direct billing but it varies by individual case to case.
Should an unfortunate event occur, the last thing you should be worrying about is whether you’ll have enough money to deal with such an emergency.
Policy is quickly created and confirmation is sent through email to the clients before they take off or leave the home province.
