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Special guest article by Rhonda Martin, Plan For Wealth
Travel insurance is vital because provincial health plans offer limited coverage abroad. One travel health emergency can put your family in financial chaos!
We’ve listed some tips here to help you buy travel emergency medical insurance wisely and make the best decision for you and your loved ones:
What to Consider with Travel Insurance
- Be honest about your health: Fully disclose all pre-existing medical conditions and medications. Failure to do so can invalidate your policy and lead to denied claims, which would be a waste of your travel insurance cost!
- Understand stability clauses: Many policies require pre-existing conditions and medications to be “stable” for a set period before travel, often up to 6 months without change. Here’s a tip: Some insurers offer specialized plans that waive this requirement, such as a ‘unstable pre-existing conditions” rider that you can add to be sure you are covered.
- Check coverage limits: U.S. healthcare costs are extremely high. A policy with at least $5 million in emergency medical coverage is often recommended.
- Choose the right plan: A single-trip plan is for one long vacation, while a multi-trip annual plan covers unlimited trips for the number of days per trip that you purchase.
- Tip: You can buy a “top-up” for multi-trip plans if a specific trip is longer than the policy’s limit, to save on the annual plan costs.
- Shop around: Compare quotes from different insurers or use a broker specializing in snowbird travel. Look past the cheapest option to ensure adequate coverage is there for when you need it most.
- Maintain provincial coverage: To be eligible for most travel insurance, you must still meet your province’s residency requirements, typically by spending enough time in Canada each year to qualify for provincial healthcare.
- Call before you act: In a non-life-threatening emergency, call your insurer’s 24/7 assistance line first. They can direct you to appropriate care provider and manage billing directly, allowing you to focus on your recover.
- Keep your documents accessible: Always carry a copy of your policy and emergency contact numbers.
- Lastly, here’s a little-known fact: An annual travel plan also protects you for travel within Canada — so no need for additional coverage!
Having the right travel insurance in place gives you the peace of mind to enjoy your vacation, rather than worrying about what surprise health related costs might be hiding around the corner. Working with an independent broker gives you options — allowing you to find the policy that provides the right coverage at the right price for you.
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