Understanding travel insurance

You’ve created a travel itinerary, booked your tickets and laid out your passport…have you thought about travel insurance?Many Canadians have recently traveled to sunny warm southern climates, European Tours, Cruises and even vacationed across Canada during the holidays. When booking travel, the most important item on your checklist should be travel insurance. The absence of travel insurance can become a financial nightmare.Provincial Medicare coverage is not sufficient enough when travelling outside your own province, even if you are just taking a short trip to the USA for shopping.  The cost of treatment for an accident or sudden illness can be shocking.  US hospital care can cost thousands of dollars per day and intensive care treatment can cost anywhere from $10,000.00 per day depending on requirements.  Your provincial health plan will only cover a fraction of these costs.While travelling to another province within Canada, your home province’s health plan will be honoured, but your coverage is limited according to your plan.  Travel insurance will make up the difference between your health plan and what is charged in the province you are visiting.As a result, before you travel anywhere it is critically important to understand exactly what your health plan will or will not cover. You should also be reviewing your credit cards for any supplementary coverage they may offer. Remember that travel insurance is a complex legal contract.  You need to read all of the fine details very carefully and completely. Ask your provider or broker to explain the coverage and the exclusions so that you can purchase the right policy for you.Before purchasing Travel Insurance, ask the following questions:1.       Does the plan pay your costs up front? Or are you required to pay and then submit your receipts for reimbursement?2.       Are there limits on the purposed coverage?3.       Is there a deductible? You may be able to reduce your premium by opting for a higher deductible.4.       Does your insurance provide some form of identification? For example, a card that will be recognized and accepted by medical facilities internationally.5.       Does your insurance provider have a toll free helpline?6.       Are there exclusions from specific destinations? For example, countries with political unrest or specific known illnesses or diseases.7.       Are there time limits to the coverage, including a fixed time frame?8.       Does your policy include emergency situations that may arise, such as emergency transportation home, trip cancellation, baggage loss or family emergencies?Remember, when booking a trip, always look into travel insurance and make sure to fully explore all available options and find the best coverage for you.