After the pandemic, international travel has become more prevalent. This is in part a result of employers embracing remote work. With the increase in travel, comes an increased risk of getting injured or having a medical emergency. The medical part of travel insurance is often ignored and can cause significant financial damage without adequate coverage. The medical insurance part is often considered the most important part of the travel insurance benefit because it provides coverage for unexpected medical expenses that can be very high, especially in foreign countries.
Some reasons why medical coverage is crucial include:
- High costs: Medical treatment abroad can be very expensive and most likely not covered by domestic health insurance. It’s possible to purchase adequate medical insurance coverage for pennies on the dollar so why risk it?
- Limited access to care & emergency care evacuation: In some countries, adequate medical care may not be readily available, making it important to have insurance that covers medical evacuation. This is the part that can get really expensive in countries where paying out of pocket for medical care is considered inexpensive. If you need a chopper to take you to a medical facility that can provide the necessary care needed, that ride will be very expensive. On average, I have paid around $100 for monthly medical coverage of up to $1 million when traveling abroad. A helicopter ride will cost a lot more than $100 in any country, especially for foreigners.
- Pre-existing conditions: Travelers with pre-existing medical conditions may not be covered by their domestic health insurance when traveling abroad. Additionally, some insurers may not include pre-existing conditions in the travel insurance policy. It’s important to do your due diligence and research and consult with a specialist.
Having medical travel insurance can provide peace of mind and protection against financial loss in case of a medical emergency, making it a crucial component of travel insurance. Consult with a travel insurance expert for guidance.
Disclosure: Inclinevest is a Registered Investment Advisor in the state of Colorado and other jurisdictions where permitted. This communication is for informational purposes only and should not be construed as legal, accounting, and/or tax advice. Should you have any questions and/or issues in these areas, please consult your legal, tax, and/or accounting adviser. Keep in mind that investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money. All views, expressions, and opinions included in this communication are subject to change. This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services.