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Trip Cancellation vs. Travel Medical

This article will help you decided whether you should get a trip cancellation or a travel medical insurance.

 

When you are deciding which one of these plans to buy, you need to ask yourself a question:

Do you want to have your health covered or your trip?

If you want your health covered, then you should get a travel medical insurance plan; on the other hand, if you want your trip to be covered, then you should get the trip cancellation insurance.

 

Trip Cancellation

 

What does it cover?

 

These plans allow you to cancel your trip and receive a reimbursement for non-refundable expenses, like cruise tickets or hotel nights. Normally, these plans require you to cancel for an approved reason, such as an injury or sickness. But other plans offer you the option of adding ‘cancel for any reason’ benefit, which lets you cancel your trip just because.

These plans generally also include:

Trip interruption

Emergency medical evacuation/repatriation

Lost or delayed luggage

Trip delay

Missed connection

 

What is not covered?

 

Since these plans are focused on trip benefits, they rarely include coverage for traditional medical coverage. Most importantly, it is important to keep in mind that there are lot of reasons that are not valid for trip cancellation, unless you purchase the ‘cancel for any reason’ additional rider. Please double check your policy to see what are valid reasons for cancellation.

 

For who?

 

This trip cancellation insurance is best for people taking a cruise, or taking an expensive or for that matter any short trip; ant person taking a trip could benefit from a cancellation policy. If you even see a slight possibility of maybe needing to cancel your trip, then you should probably buy one of these policies.

 

Cost?

 

The price of these policies varies a lot, normally the price is determined by how much your trip costs. For example, if you are taking a cruise that adds up to around $20,000 in costs; then you can expect to pay around $800 for a trip cancellation insurance.

 

Travel Medical Insurance

 

What does it cover?

 

These policies normally cover medical treatment for injuries or illnesses that may happen while you are traveling. Since it is a short term insurance, these plans may include travel related benefits.

 

Most of these plan offer coverage for the following:

Inpatient/outpatient care

Repatriation

Emergency medical evacuation

Prescriptions

Trip interruption and delay

Lost luggage

 

What is not covered?

 

Since it is not a permanent health insurance and it is not a trip cancellation insurance, there are several exclusions to watch for.

Preventive care & wellness: get any yearly checkup, vaccinations, before you leave for a trip.

Pre-existing conditions: for the most part pre-existing conditions will not be covered; but some plans may offer limited pre-existing prescription coverage. If you have a condition that requires medication, it is important to contact your primary care giver to ensure you get enough medication for the duration of your trip.

Maternity: generally anything related with maternity is not covered by these plans, given the fact that they are short term plans.

Trip cancellation: these plans will cover the costs associated with trips, but will not give provide reimbursements.

 

Who is it for?

 

These plans work great for anyone needing coverage outside of their home country for less than two years. Work great for students doing a study abroad programs, or people who travel frequently.

 

Cost?

 

These plans are relatively inexpensive because the risk for the insurance company is small. Travelers do not usually get sick while abroad, and if they do the medical bills are limited to doctors’ visits with a prescription.

 

These plans offer the option of you to choose your policy maximum and deductible, thus you can stay within your budget. Generally you can get a insurance from $1 a day to much more and can purchase as little as five days.

Info

Please contact the Global4Students customer support team at (305) 377-8999 or at info@global4students.com, to verify information regarding your visa type and university.

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