Travel cover, a must-have
A travel insurance makes sure that not only your medical expenses like hospitalisation and doctor fees are taken care of, but also the cost of emergency medical evacuation
lanning a vacation abroad? You must have zeroed in on the destination, the budget, and may have a detailed itinerary. Understandably, vacations are all about excitement and exploring, but that doesn’t mean that something won’t go amiss along the way. So, among everything else, don’t miss out on the one thing that has your back during your journey – your travel insurance.
Many countries have made that mandatory when you apply for a visa. But a majority of people buy travel insurance just for the sake of compliance without actually doing much research. Falling ill or losing valuables might not be on your itinerary, but it’s far more common than you can imagine. In fact, in many European cities, pickpocketing and theft are highly prevalent in crowded tourist areas. Many people lose their wallets, phones and passports while traveling. Now, think of the immense nancial strain such an incident can put you through. A travel insurance plan can come to your rescue in such situations.
There are speci that provide policyholders with PED coverage up to a certain limit or up to the sum insured
PMedical emergency
A medical emergency in a foreign country can be a nightmare. After all, you may not be familiar with the local healthcare system. Moreover, the cost of treatment can drain all your funds that you may have with you in the foreign land, and then some more. A travel insurance makes sure that not only your medical expenses like hospitalisation and doctor fees are taken care of, but also the cost of emergency medical evacuation, if needed.
Conditions like diabetes or hypertension are increasingly becoming common among all age groups which might just add to the risk. Fortunately, travel insurance policies cover the cost of treatment if the policyholder nds himself/ herself in an emergency medical situation while travelling even if that situation arises due to pre-existing diseases (PEDs). Notably though, this cover is only available for lifethreatening situations and will pay the medical expenses for treatment required to bring the patient out of danger and to stability. There are specic plans that provide policyholders with PED coverage up to a certain limit or up to the sum insured.
If the policyholder is suering from any chronic disease like diabetes or high blood pressure, or if he/she has been diagnosed with any medical condition in the last 48 months, then those conditions are categorised as pre-existing diseases. Also, any ailment for which the policyholder is undergoing treatment is a PED.
These ailments are covered in health plans after the initial waiting period of up to 3 years. However, since a travel insurance is a short-duration policy, the waiting period makes no sense and hence these PEDs traditionally were excluded from the coverage.
However, now there are certain insurance plans that cover these ailments as well. These plans provide coverage without any medical tests or documents while buying policy.
However, one should really compare and understand what is the limit for the PED and whether there is any excluded diseases that are not covered by the policy.
‘Disclose PEDs’
It is of paramount importance to disclose the PED to your insurer while purchasing a travel insurance policy. Many people commit this mistake and assume that nothing will go wrong during a short trip and hence do not declare the PED while purchasing a travel policy. But if the policyholder fails to do so, the claim could be outrightly rejected. This is because the insurance provider has the right to assess the risk adequately and accurately before oering a policy to the individual at a specic premium.
So while purchasing the policy, make sure you list down any ongoing medical conditions which may lead to life-threatening situations, or which may require medication or treatment on a regular basis. In these circumstances, buying a policy with PED coverage would be a good idea as well. And for that, declaring the PED is anyway a pre-requisite.
Medical condition is a critical reason to opt for travel insurance, but there is a lot more to these insurance plans.
A travel insurance policy also provides protection against trip cancellations and interruptions which may have been caused due to any of the listed reasons like an illness, a death in the family, or even airline issues.
Without a travel insurance, you may have lost the non-refundable deposits you may have made for ights, accommodations, and tours. On the other hand, the travel insurance covers you for these expenses.
It also covers you against travel-related risks such as trip delays and missed ight, and even ight cancellations.
Moreover, travel insurance also protects you against lost or stolen belongings, including luggage and passports during your trip. Being stranded in a foreign country without your belongings can be a nightmare. By opting for a comprehensive travel insurance, you ensure that you will be reimbursed for the cost of replacing these items. And you can continue your journey with minimal disruption. Some policies even oer you cash advances in case of an emergency.
(The writer is Business Head, Travel Insurance, Policybazaar.com)
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