International Travel Insurance

If you plan on traveling out of the country any time soon, it would be wise to consider travel insurance. Travel insurance can protect you from significant costs associated with unforeseen injuries and illnesses that may happen overseas. Unfamiliarity with a country's medical program, lost or stolen luggage, or a hospital stay overseas could be problematic and drain your savings. What people may not realize, however, is that most insurances policies, including Medicare and Medicaid, do not cover any treatment you may receive while traveling overseas.

As a general rule, it's a good idea to purchase travel insurance as soon as you begin planning your trip, as some have a time period you must wait through before you are considered covered. Although many policies will let you purchase your insurance up to the day before you leave, you can save money and receive better benefits if you purchase insurance sooner than later. Some insurance policies can begin coverage the day after you sign up, but these are generally more expensive.

What Is Covered?
Coverage depends entirely on the package you purchase. It can be minimal and cover just basic medical expenses, or it can include everything from medical to cancelled trip insurance. As a general rule, many travel insurance companies offer the following:
Trip cancellation. Generally, this tends to cover the unrecoverable costs associated with your trip should you have to cancel due to an illness or death of a family member.
Baggage. This protects your baggage and its contents should it be stolen or lost on your trip.
Medical. This can include a variety of things, including hospitalization stays, doctor visits, and expenses relating to prescriptions.
Dental. Covers dental emergencies, but generally not pre-existing conditions.
Emergency evacuation. This type of insurance covers any costs that incur should the country you're visiting require emergency evacuation.
24 hour traveler assistance. Because it can be difficult to get ahold of an insurance agent on a different time zone, traveler assistance can help you with any problems you may have concerning claims while overseas.
Baggage delay. Covers necessities in the event your baggage is delayed enroute.
Accidental death/dismemberment coverage. In addition to this, some policies also have options for flight insurance, which is a form of accidental death coverage in the event of a plane crash.
Terrorist activity. While each insurance company has its own definition of what is considered "terrorist activity," coverage in the event of terrorism is another option you can purchase. Most companies, however, exclude coverage if it is the result of war or threat of war.
Financial Default. This type of coverage is designed to protect travelers if the airline, cruise line, or tour operator your vacation is scheduled through goes out of business and you are unable to travel or you suffer financial loss as a result. There is usually a catch, however, and this benefit is only available if the airline, cruise line or tour operator was not in bankruptcy at the time you purchase your travel insurance policy.

Travel insurance is a smart option for people who are traveling and can help protect against medical emergencies, cancellations, country evacuations and emergencies that impede your travel plans, and even baggage insurance. In order to receive the best coverage possible at the most competitive price, it's important you begin researching and shopping for travel insurance as soon as possible.

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