Travel Insurance: When to Buy and When Not to Buy

You may already know that travel insurance usually covers your travel losses if you must cancel your trip. But did you know that travel insurance comes in many forms, from lost travel loyalty points and travel delay to emergency evacuation, known as repatriation? Due to its wide range of available coverage, travel insurance is a staple for many American travelers’ trips. So, when should you invest in this policy?

To buy: One of the most important times to buy travel insurance is when you travel abroad. If you are on Medicare, it pays anywhere in the U.S. if the practitioner accepts it. If you have a Medicare supplement policy, check to see whether your insurer covers you abroad and whether any coverage limits might apply. If not, you will definitely want travel insurance to meet the gap should a medical emergency arise outside of the U.S., because ordinary Medicare won’t cover the event.

Not to buy: If you are making a last-minute or inexpensive domestic trip, you probably don’t need travel insurance. In these cases, you aren’t at risk of losing large, prepaid deposits. You’re also staying within U.S. borders, so you don’t need to be concerned with evacuation coverage. If you’ve landed a great last-minute deal on a trip in the States, it’s likely your potential expenses don’t warrant travel insurance coverage.

Choosing travel insurance: Each policy differs significantly in what it offers. Fine-print coverage limitations can make choosing the best policy difficult. Ensuring your travel insurance pays as expected is easier when you buy it through your trusted insurance adviser. Work with your health insurance agent, who knows travel coverage and is familiar with which policies will best suit your travel plans.