Travel medical insurance is a specific type of travel insurance that pays for medical treatment that you may need while abroad. However, only 38% of Americans reported planning to buy travel insurance in 2018.
Knowing the benefits and coverage that a travel medical insurance policy offers can help you make an informed decision about buying a plan ahead of your trip.
Should I Buy a Travel Medical Insurance Plan?
Most health insurance plans in the United States do not cover you if you are overseas. This means that even if you are fully insured through work or a private plan at home, you may have to pay out of pocket while on vacation.
Travel medical insurance is a good way to protect yourself against the financial burden of an emergency. However, you should also buy a travel medical insurance policy if you have a chronic or preexisting condition.
What Does Travel Medical Insurance Cover?
Each policy will be different, but in general, your travel medical insurance plan will cover you for the cost of ambulances and evacuations, the cost of medical treatment (usually including dental treatment as well), and death benefits for you and your family.
Depending on your needs, you may want to look for policies that have extra coverage. If you have a specific condition, you should look for policies that come with emergency travel assistant services. These services will match you to facilities that can treat your medical needs if you need specific equipment or medicine.
Some policies will also offer coverage for lost baggage, delayed flights, and other travel troubles. However, most travel medical insurance will not reimburse you if you cancel your trip. That is usually covered by a separate travel insurance policy.
Types of Travel Medical Insurance
Different types of travel medical insurance policies are available, depending on your length of stay. Single trip plans are for vacations or trips in the short-term. You pay the entirety of your premium upfront, and the policy covers you for a set length of time.
Multi-trip plans provide coverage for several trips within a specific period (usually a few months to a year). This is the best type of policy if you are traveling to many different countries or locations in a short time. Like single trip plans, you pay your premiums in a lump sum at the start of the travel period.
Long-term plans are the best type of policy if you are going to live abroad for a while. These provide continuous coverage and are ideal for students, those on working visas, or other semi-permanent travelers. Just like regular health insurance in the US, you’ll need to make payments every month to maintain coverage.
Bill Hon at State Farm Insurance can answer all your travel medical insurance questions. As a full-service insurance agent, he also offers health, life, auto, and property insurance policies.
Learn More About Your Personal Finances
Having a travel medical insurance policy can help protect you from large medical bills while on vacation. This can help protect your personal finances and ensures that you won’t have to clean out your savings because of an accident.
For more information about insurance policies, or any other topic relating to your personal finance, feel free to check out our blog. We have a ton of articles that can help save you money and protect your financial future.