Jeffrey Wade
When it comes to travelling, it's always good to be prepared for any unexpected illnesses or accidents that may occur. Travel medical insurance is a great way to protect yourself financially and ensure you have access to the healthcare you need when abroad. Whether you're travelling for business or pleasure, it is important to understand the different types of travel insurance available, what they cover, and how to choose the right plan for your needs. This guide will help you navigate the world of travel medical insurance, so you can travel with peace of mind and focus on enjoying your journey.
| Characteristics | Values |
|---|---|
| Purpose | Protects you in the event of an illness, injury, or emergency while traveling outside your country of residence. |
| Coverage | Includes emergency medical, dental, and evacuation services. May also include trip cancellation, interruption, and lost baggage. |
| Cost | Varies depending on the plan and provider. Can range from a minimum of $100,000 to a maximum of $1,000,000 for International Travel Medical plans. |
| Availability | Available from various providers, including IMG, UnitedHealthcare Global, Travelex Insurance Services, Seven Corners, and WorldTrips. |
| Plan Types | Stand-alone medical policies or comprehensive travel insurance plans. |
| Exclusions | May exclude pandemics and countries with a 'Level 4 Do Not Travel' advisory. |
| Considerations | Check the fine print, ensure 24-hour contact line availability, and understand any exclusions or limitations. |
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What You'll Learn
What does travel medical insurance cover?
Travel medical insurance is a type of insurance designed for travellers who want coverage for accidents and injuries that may occur during their trip. It covers emergency medical treatments and services for unexpected illnesses, medical conditions or injuries. It is important to note that travel medical insurance is not meant to cover preventative treatments or regular medical care.
There are two main types of travel medical insurance: stand-alone medical policies and comprehensive travel insurance policies. Stand-alone travel medical insurance may be able to cover unexpected costs that your health insurance won't. Comprehensive travel insurance policies include more protections than stand-alone travel medical insurance. They may include trip interruption coverage, although the covered amounts are usually limited.
There are also two types of coverage: single-trip and multi-trip. Single-trip medical travel insurance covers you for the duration of your trip, no matter how many countries you visit, but coverage ends when you return home. Multi-trip coverage lets you leave, travel and return home as many times as you want during the covered period, as long as each trip does not exceed the allowable period (usually 30 to 90 days). Multi-trip coverage must be purchased annually and requires you to have health insurance in your home country.
Travel medical insurance can also include coverage for family members who are travelling with you or for a family member to visit you if you are hospitalized. It is important to note that travel medical insurance policies often exclude pandemics and countries with a 'Level 4 Do Not Travel' advisory issued by the U.S. Department of State.
When purchasing travel medical insurance, it is important to consider pre-existing medical conditions. Travel insurance policies generally cover pre-existing conditions only if you buy the policy within a certain time frame after making your first trip deposit. This time frame varies among insurers, but it is usually a couple of weeks. By buying travel medical insurance shortly after your first trip deposit, you can get a pre-existing condition exclusion waiver, which removes any policy exclusion for pre-existing conditions.
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How much does travel medical insurance cost?
The cost of travel medical insurance varies depending on several factors, including the coverage level, age, destination, trip length, and trip cost.
According to Forbes Advisor's analysis of travel insurance rates, the average cost of travel insurance is between 4% and 6% of your trip cost. For example, for a $5,000 trip, the average travel insurance cost is around $200. Basic policies for such a trip can start from as little as $81, while more comprehensive policies can cost up to $392.
The daily rate for travel medical insurance also varies from plan to plan. WorldTrips' Atlas Travel® medical insurance policy, for instance, starts as low as 50 cents per day, or $3.50 for one full week of coverage for travellers in the youngest age groups (14 days - 29 years) with the highest deductible and lowest overall maximum coverage limit available. The maximum premium for this plan is $16.12 per day or $112.84 for a full week of coverage.
Additionally, the type of insurance you choose will also impact the cost. Comprehensive travel insurance plans that offer benefits such as trip cancellation coverage, emergency assistance, and higher coverage limits will generally be more expensive than basic plans. Basic plans may offer lower coverage limits, typically ranging from $25,000 to $50,000, while higher-tier plans can offer coverage of up to $250,000 to $500,000 or more.
It is important to note that travel medical insurance is typically more affordable than comprehensive travel insurance, and you may already have some level of insurance through your credit card. Comparing quotes from multiple providers will help you find the best plan that suits your needs and budget.
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What are the best travel medical insurance options?
When it comes to travel medical insurance, there are a variety of options to choose from, each with its own unique features and benefits. Here are some of the best travel medical insurance options to consider:
GeoBlue International Medical Insurance
GeoBlue provides international medical insurance that offers access to Blue Cross Blue Shield Travel health insurance coverage worldwide. This option is ideal for those seeking global coverage and access to a trusted network of healthcare providers. GeoBlue fills in the gaps where your primary health plan may fall short, covering items such as hospitalisation, surgeries, physician office visits, ambulance services, and prescription medications.
Allianz Global Assistance Travel Insurance
Allianz offers affordable travel insurance plans starting at $27. Their plans include benefits such as reimbursement for medical emergencies, medical evacuations, and trip cancellations. They also provide access to a 24-Hour Assistance hotline and a worldwide network of pre-screened hospitals to ensure you receive the right care. Allianz's plans are available to U.S. residents, with ratings of "A+" (Superior) and "A" (Excellent) for financial strength.
IMG Travel Medical Insurance
IMG offers a range of travel medical insurance plans, including the Patriot Travel Series, providing coverage for individuals, families, and groups travelling for business or pleasure. Their plans cover unexpected illnesses, emergencies, and international claims, with access to 24/7 emergency assistance services. IMG also specialises in common travel protection areas, such as car accidents, natural disasters, and political unrest, giving travellers peace of mind.
NerdWallet Recommendations
NerdWallet provides recommendations for choosing the best travel medical insurance based on various factors. They suggest considering a stand-alone medical policy or a comprehensive travel insurance plan, depending on your needs and existing coverage. They also recommend utilising insurance comparison sites like Squaremouth, InsureMyTrip, or Travel Guard to find the right policy for your specific situation.
It is important to carefully review the terms and conditions of each insurance option, considering factors such as coverage limits, exclusions, and deductibles, to ensure that the plan aligns with your specific needs and travel destinations.
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Does my existing insurance cover me when I travel?
Whether your existing insurance covers you when you travel depends on your insurance provider and your plan. Before planning a trip, it is important to call your insurance company to ask if your plan includes overseas health insurance. Some do, but not all, and some will only cover you in certain situations.
The U.S. Department of State suggests asking your insurer questions such as: Does my plan cover emergency expenses abroad, such as returning me to my home country for treatment if I become seriously ill? Do you require pre-authorisations or second opinions before emergency treatment can begin?
If your existing insurance does not cover you when you travel, you may need to purchase travel insurance. Travel insurance can include benefits such as trip cancellation and interruption protection, baggage loss, medical care, and emergency transportation. It is important to note that travel insurance does not cover preventive, routine, or elective medical care. It is also worth noting that travel insurance policies vary, and certain conditions, including pregnancy, dementia, mental health conditions, and substance abuse issues, are not covered by a waiver.
If you have a pre-existing condition, it is important to look for plans that offer a pre-existing condition waiver. Additionally, if you are travelling with others, you must purchase a policy for each person to ensure everyone is covered in case of an emergency.
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What happens if I don't have travel medical insurance?
When it comes to travelling, it is always a good idea to have some form of travel medical insurance. This is because, in the event of an unforeseen illness or accident, you will be protected. Even if you have domestic health insurance, it may not cover you outside of your home country or state.
If you do not have travel medical insurance, you may have to pay out of pocket for any medical expenses incurred during your trip. This can be extremely costly, especially if you require emergency treatment, an extended hospital stay, or an airlift to a hospital. In some cases, you may even be denied treatment if you are unable to pay.
Additionally, without travel medical insurance, you may not have access to emergency medical transportation benefits, which can assist with the cost of returning to your home country or travelling to the nearest appropriate medical facility.
It is worth noting that some credit cards offer limited travel medical coverage, but this may not be sufficient for your needs. Therefore, it is important to carefully review the coverage offered by your credit card and consider purchasing a separate travel medical insurance policy if necessary.
Furthermore, if you are a US citizen with Medicare, it is important to know that it typically does not cover healthcare outside of the US, except in rare cases. Thus, it is generally recommended to purchase a travel insurance policy to ensure you have adequate coverage while abroad.
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Frequently asked questions
Travel medical insurance is meant to protect you in case of a medical emergency when you are travelling outside your country of residence. It provides key medical benefits in case of an emergency.
Travel medical insurance covers emergency medical and dental costs, as well as emergency evacuations. It can also cover trip cancellation, trip interruptions, and lost baggage.
The type of travel insurance plan you choose depends on your situation and any additional protections you may already have. If you are a student or travelling with family, there are specific plans that cater to your needs.
Some travel medical insurance providers include IMG, Travelex Insurance Services, Seven Corners, and WorldTrips.
Medicare usually doesn’t cover health care outside the U.S. However, there are some exceptions, including some cases where Medicare Part B may pay for services that you get on board a ship within the territorial waters adjoining the U.S.
