It is good idea to have travel insurance while traveling abroad but there are few thing you need to keep in mind.
- Trip-cancellation insurance
- Most Trip Cancellation Insurance(TCI) excludes claims for cancellations due to pre-existing conditions. Meaning, any of family member traveling falls sick because of pre-existing medical condition and you have to cancel the trip, the insurance will not pay. The time limit on preexisting conditions varies from 90 to 180 days.
- Rule: Buy TCI as soon as you buy ticket. Most of TCI up front about the exclusion and how to waive it. Waiting for more than a week or so is throwing away a good part of the TCI value.
- Emergency Medical
- Some of the policy will not pay up front, meaning, you have to pay first and then file claim. Some policy has network and you have to call insurer and get pre-approved list of physician before you can consult this physician.
- Higher deductible: Most of travel medical insurance has higher deductible and some policy dictates that if you file claim (even though you won’t get anything because of higher deductible) you won’t be eligible for refund if you cut your trip short or cancel your insurance.
