The Case for Travel Medical Insurance
Summary: Planning a trip outside the U.S.? Travel medical insurance isn’t required, but in some situations, it’s a smart precaution. Click through to explore when it makes sense to consider purchasing this coverage.
Most U.S. citizens have health insurance, but their plans usually provide no or extremely limited protection if they are not in the U.S. That means if you get sick or injured while traveling internationally, you could face the full cost of care even if you’re fully insured at home.
Travel medical insurance is a stand-alone policy that covers emergencies, not routine care or elective procedures. It can pay for unexpected hospital visits, accidents, serious illnesses and more.
No one plans to get sick or injured while traveling internationally. But if the unexpected happens, the cost of medical care can be a serious hit to your pocketbook. You can avoid this financial risk by investing in travel medical insurance.
A typical travel policy will cover:
- Emergency medical expenses; coverage is usually between $50,000 and $500,00, with some premium policies as high as $1 million
- Emergency dental treatment, though this is generally limited to between $250 and $750
- Medical evacuation to a hospital, usually between $250,000 and $1 million
- Accidental death or dismemberment, typically up to $50,000
- 24-hour emergency assistance, including help locating care
You can purchase:
- Single-trip coverage. This less expensive option covers one trip. It applies no matter how many countries you visit but ends when you return home.
- Multitrip coverage. This annual policy covers unlimited international trips during a 12-month period. It is a good option for frequent travelers.
The cost of travel medical insurance depends on trip length, policy chosen, number of travelers and coverage level. Some policies allow multiple travelers to be covered under a single plan, but generally only if all the individuals reside in the same state and travel together on the same itinerary. If travelers live in different states or have differing travel plans, separate policies are typically necessary. According to Travelers, a typical policy runs $40 to $80, per person, per trip, but prices vary.
Coverage limits and specific benefits can vary significantly between insurance providers and policy types. Always review the details of a policy to ensure it meets your individual needs.
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