Travel insurance is a no-brainer when you’re abroad but making sure you understand some basic in’s and out’s will give you the best bang for your buck and avoid costly denied claims. Here are 4 tips to get the most from your travel coverage.
- It doesn’t cover EVERYTHING. a little tipsy at the resort and take a spill? Going to a country with a travel advisory? doing some bungee jumping or risky sports? Taking a short trip in late-stage pregnancy? Most people aren’t aware that these types of things aren’t covered under most travel policies.
- What’s the clause for pre-existing conditions and medical stability? Most policies have a clause that states if you’re medical condition has been stable for 60/90/120 then it’s covered. But what happens when your medical condition is improving and the doctor changes the dosage or treatment plan? That just reset the timer of the Pre-X/Stability clause on your travel insurance voiding coverage for that condition until the stability period has been satisfied. Having a doctors note clearing you for travel may not help you either, so the best bet is to call the carrier prior to travel to confirm you’re covered.
- Do you really need to buy travel insurance? Seriously – anyone will sell it to you, but do you have it already? I’ve done an absurd amount of employee benefits staff meetings where members had no idea they have great travel coverage through their benefits plan at work. It’s rarer but some plans even have travel cancellation insurance. Find out whether you already have coverage because purchasing more won’t help, and in some cases creates problems come time of claim.
- Purchase it from someone who understands travel insurance. A product specialist will know to ask the right questions to find the most suitable coverage and make you aware of any gaps in coverage there might be so you can act accordingly.
I hope this helps. If you got something out of it, or think it could provide value to someone then please share. And if you’re traveling soon enjoy your adventures!