Travel insurance is a type of insurance that protects you from financial risks and losses that can occur while traveling. It is a useful protection for those traveling domestically or abroad.
There are 3 types of insurance you should consider: trip cancellation insurance, travel health insurance, and medical evacuation insurance. These will cover different situations and may give you financial peace of mind, as well as allowing for safe and healthy travel.
Trip Cancellation Insurance
Trip cancellation insurance covers your financial investment in your trip, such as flights, cruises, or train tickets in the case you need to cancel. Carefully examine the policy to make sure that it covers what you need it to cover, including cancellation if you or a close family member gets sick. Depending on the policy, trip cancellation insurance might not cover any medical care you need overseas.
Travel Health Insurance
If you need to go to a hospital or clinic overseas, you will most likely need to pay out-of-pocket for services, and this could be very expensive. Even if a country has nationalized health care, it may not cover people who are not citizens. Before you go, you should consider your insurance options in case you need care while you’re abroad, especially if you have existing health conditions, will be away from home for a long time, or will be engaging in adventure activities such as scuba diving or hang gliding.
Medical Evacuation Insurance
If you are traveling to a remote destination or where care is not likely to be up to U.S standards, consider buying medical evacuation insurance. This can be bought separately or as part of your travel health insurance policy. This insurance will pay for emergency transportation from a remote or poor area to a high-quality hospital – which could otherwise cost more than $100,000. Make sure that the policy provides a 24-hour physician support center.