If you are one of the lucky ones who are escaping this cold and snowy winter and traveling to a sunny, warm destination, remember to include travel medical insurance in your planning process.

Our provincial medical plans only cover a fraction of the cost of medical care outside Canada. Travel insurance can protect you from unexpected expenses if you or a party member requires medical attention.

Travel insurance comes in many forms. Many people have coverage through their employee benefit plan. However, if you are traveling on vacation (not on company business), double-check if you and your family are still covered. If you don’t have coverage through your employer, you can buy travel insurance from many different sources, including travel agents, associations, the bank, or an insurance broker like myself.

The types of coverage available vary greatly. Furthermore, you can purchase coverage once a year when you go on a trip, or if you travel often (including cross-border shopping), you can buy annual coverage that will be valid for all your trips.

The key to getting the right coverage is to shop around. Here’s what to look for:

Competitive Rates. When shopping around, make sure you compare apples to apples.

Medical Questionnaires. Read the questions carefully and answer honestly. Your health helps determine your rates, along with your age and the length of time you will be away. Be sure to fully disclose pre-existing medical conditions, or your policy may become invalid.

24 Hour Support. Make sure the plan you choose has a 24-hour support line where you can contact them if you have medical problems.

Upgrades. Some plans will allow you to upgrade your policy to include trip interruption or cancellation coverage due to illness or even baggage coverage if your luggage goes missing.

Coverage Limits. Be aware that you can purchase policies with different coverage limits, such as $2 million v.s. $10 million.

Travel insurance, like any other insurance, is purchased with the hope that you will never need it. However, it is a small price to pay if something bad happens. If you need some coverage before you head off on your holiday, give me a call for a quick and easy quote.

Have a great weekend or holiday if you are getting away.

Tracey

Source: Dynamic Funds, MT 03 2017

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