How To Choose A Dependable Travel Medical Insurance Policy?

The need for travel medical insurance may not be obvious to some. But think about how inconvenient it would be, at the very least, if you were to face a medical emergency when you are in a foreign land and your regular health insurance coverage does not apply there. Most travel health insurance policies are not standalone plans, but rather a part of the regular travel policies you may consider. Some may find this rather convenient as this allows them to buy a single policy and get coverage for a number of possibilities, from losing their belongings to falling sick and needing healthcare. A pleasant international journey starts with the right planning and selecting an apt travel insurance policy. While planning may be best done by each person for themselves, a few steps may be common when it comes to buying the right insurance plan.

Factors to Help You Choose the Right Travel Insurance

Here is a look at some of the factors you may consider when buying your travel insurance policy.

1. Inclusions

Most international travel insurance policies, across insurance providers, will have a number of similarities. However, in some cases, there may be slight differences that make the policy more appealing to you or vice versa. Before you buy a plan, it is important to get an idea of some of the common policy inclusions in the case of travel plans. Once you know these, you can then check what the policy you are considering has to offer. *

2. Exclusions

Almost as important as the inclusions of a travel insurance policy are its exclusions. This is a list that tells you what is not covered by the policy. For example, a travel health plan may not cover pre-existing conditions. Suppose you are living with diabetes and are buying a travel policy for your trip abroad. While you are abroad, you were to encounter a health complication that was a direct result of your diabetes. This possibility will not be covered by insurance.

3. Claim Settlement Ratio

Which insurance company is right for you? While it depends on the plans they have to offer, it also depends on another factor – the claim settlement ratio. It is the value that tells you how successful the company has been in settling claims in the past year. It is the percentage of total claims settled against the total claims received by the company. A higher claim settlement ratio is preferable, as it indicates the credibility of the company. *

4. Claims processing

When buying the international travel insurance policy, check with your insurance provider and get to know about their claim process. Will they be accessible on call, or via an app? How quickly can they address your concern? How long may it take to process your claim? Knowing these details can help you choose an insurance provider with a policy that is right for you.

5. Type of policy

The type of travel insurance policy you choose depends on the type of traveller you are. The two broad categories of travel policies to consider here are single-trip travel insurance and multi-trip travel insurance. A single-trip policy offers coverage for a single trip, as suggested in the name. The coverage commonly lasts for 180 days, or till you end your trip, whichever is earlier. Multi-trip coverage is offered for about a year. However, in this case, the coverage per trip is limited to 180 days. *

6. Claim limit

This is the highest amount of claim possible with the policy. It is ideal to get a coverage amount as high as possible, so you may suffer minimal losses if you were to encounter a mishap during your trip. This is one of the details you need to sort out when buying the policy. You can either use a travel insurance calculator or consult a customer service representative to get to know the coverage possible for its corresponding premium.

7. Coverage for additional activities

Suppose you are taking a trip for leisure, and you expect adventure to be a part of it. For example, you may be thinking about rock climbing or mountain biking. It is possible for you to experience something unfortunate during this time, as these activities are deemed risky. Ideally, you would like coverage for the same, so you may be able to be financially secure. However, some travel insurance policies may not be offering the same. Hence, it is important to check before buying, whether this coverage is available with your policy, or if would you be able to purchase it separately. * Buying a travel policy offline may mean higher premiums than when you buy travel insurance online. You may start your policy-buying process by browsing for plans online and comparing them on the basis of the aforementioned factors.   * Standard T&C apply. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.