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Medical Foreign Travel Insurance

Medical Foreign Travel Insurance

With the rapid rise in reported cases of coronavirus around the world, travelers are reconsidering their upcoming vacation plans.  For many, that could mean canceling trips while for others, it means looking into travel insurance. If you’re traveling outside of the United States, you should consider purchasing Medical Foreign Travel Insurance.  This type of coverage is often overlooked if we have a domestic health care plan, but it offers important coverage abroad  The coverage protects yourself and your family against unexpected—and potentially expensive—emergencies that may arise while you travel. Below are some facts about Medical Foreign Travel Insurance to consider as you plan for your upcoming trip.

Types of Coverage

There are three main types of Medical Foreign Travel Insurance:

  1. Health and Accident Insurance, also known as travel health insurance, supplements your domestic health insurance and covers medical needs that arise during your trip such as doctor or hospital bills.
  2. Medical Evacuation Insurance covers the cost of emergency evacuation and ensures a local team is available to aid in logistical arrangements.
  3. Trip Cancellation and Interruption Insurance reimburses you if you have to cut your trip short for medical reasons, covering costs such as non-refundable hotel reservations.  However, most plans generally don’t cover trip cancellations based on concerns around a pandemic or epidemic, such as the Coronavirus. Health and Accident Insurance, also known as travel health insurance, supplements your domestic health insurance and covers medical needs that arise during your trip such as doctor or hospital bills.

Pricing and Coverage Amounts

You can purchase any of the three forms of Medical Foreign Travel Insurance à la carte or as a bundle. Bundling multiple forms into one plan is typically the cheaper option for those seeking comprehensive coverage. Medical plans vary in price and are dependent on age, trip length, and coverage amount.  You can purchase Medical Foreign Travel Insurance when you book your trip, up to 24 hours before your departure date, or any time between.

Emergency Evacuation and the Medical Assistance Benefit

Emergency evacuation may be more expensive than you anticipate, costing upwards of $100,000 for evacuation from remote locations. Depending on where you are traveling, emergency evacuation insurance can provide significant protection against this potentially high cost.  Comprehensive emergency evacuation insurance will also offer what’s called a “medical assistance benefit”; this gives you 24/7 access to a local assistance company. This company will arrange your medical evacuation and ensure that you get proper treatment at an appropriate hospital, which can be crucial if you are in a country with limited medical resources. This medical assistance company can help with other travel-related issues that may arise during your trip as well, such as legal troubles or lost passports and credit cards.

Important Points to Consider

Some U.S. health insurance providers cover you abroad, so you should talk to your domestic provider to avoid doubling-up on coverage. However, keep in mind that domestic coverage abroad is often limited to medical care provided at hospitals that are in-network with your insurance provider, so you should ensure that there are in-network hospitals near where you will be travelling should you need immediate care. If there aren’t, Medical Foreign Travel Insurance will cover you regardless of where you receive treatment from.

Medical Foreign Travel Insurance not only covers the monetary expense of a medical emergency abroad, but it also helps to ensure that you get proper and prompt medical care wherever you travel. Some hospitals either won’t provide treatment or won’t let you be discharged until they have received a guarantee of payment. Travel insurers typically provide these guarantees, while other health insurers may not. This feature of travel health insurance can be necessary for receiving medical care if, for example, the hospitals nearby don’t accept foreign credit cards.

Where can I get quotes?

These sites provide quotes for various travel health insurance plans and have been used by RegentAtlantic employees and clients before. Please rely on your trusted insurance professional for guidance, and as always, your Wealth Advisor would be happy to discuss purchasing Medical Foreign Travel Insurance for your upcoming trip!

Trip Cancellation Insurance

Travelers may also want to understand cancellation policies for situations in which the traveler needs to cancel or the airline, hotel or other vendor cancel.  Cancellation insurance is usually available when purchasing tickets and travelers should also check what is available through their credit card company and be aware of what the specific policy will cover and not cover. 

Important disclosure information

Please remember that different types of investments involve varying degrees of risk, including the loss of money invested. Past performance may not be indicative of future results. Therefore, it should not be assumed that future performance of any specific investment or investment strategy, including the investments or investment strategies recommended or undertaken by RegentAtlantic Capital, LLC (“RegentAtlantic”) will be profitable.

Please remember to contact RegentAtlantic if there are any changes in your personal or financial situation or investment objectives for the purpose of reviewing our previous recommendations and services, or if you wish to impose, add, or modify any reasonable restrictions to our investment management services. A copy of our current written disclosure statement discussing our advisory services and fees is available for your review upon request.

This article is not a substitute for personalized advice from RegentAtlantic. This article is current only as of the date on which it was sent. The statements and opinions expressed are, however, subject to change without notice based on market and other conditions and may differ from opinions expressed in other businesses and activities of RegentAtlantic. Descriptions of RegentAtlantic’s process and strategies are based on general practice and we may make exceptions in specific cases.

RegentAtlantic does not provide legal or tax advice. Please consult with a legal and or tax professional of your choosing prior to implementing any of the strategies discussed in this article.

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