Transcript Travel-Insurance-101-Oct-2011

Travel Insurance 101:
What you need to know.
Introduction
Topics Covered
• Why purchase travel insurance?
• How to prepare to get travel
insurance?
• Understanding the stability clause!
• Understanding the travel insurance
options available to you!
• What affects the cost of travel
insurance?
Topics Covered
• Where can travel insurance be purchased?
• When should travel insurance be purchased?
• What is covered by most travel insurance
policies?
• What is not covered by most travel insurance
policies?
• How to make a claim if something happens!
• Q/A
Why purchase travel insurance?
• Unexpected medical treatment is the single
most expensive hidden cost you could get hit
with when you travel - whether on business or
pleasure, within Canada or around the world.
• Can you afford to be stuck with the bill?
Why purchase travel insurance?
• Nobody ever plans on experiencing an
expensive emergency while travelling.
• Your Government Health Insurance Plan
(GHIP) and other insurance such as employee
group benefits and credit cards may not
adequately provide the full coverage required
to safeguard you on your trip.
How to prepare to get travel
insurance?
• Trip departure and return dates
• Visit your family doctor 6 months prior to the
planned departure date of your trip
• Have any prescriptions filled and any required
prescription changes done at this time to
ensure eligibility
Understanding the stability clause!
• In order to be covered for any preexisting medical conditions there must
be no changes to/or new medical
conditions, symptoms, or medications
during the stability period prior to your
trip
• Average stability period is 6 months
Understanding the travel insurance
options available to you!
• Snowbirds
• Emergency Medical Travel Insurance –
single trip, annual
• Trip Cancellation and Interruption
Insurance
• All Inclusive Travel Insurance
• Expatriate Insurance
• Visitors to Canada Travel Insurance
What affects the cost of travel
insurance?
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Age
Any pre-existing medical conditions
The number of travelers
The length of your trip
The cost of your trip
Whether you are travelling to the
United States or elsewhere
• Inflation
• Deductible options available
How to budget for travel insurance
Cost is always rising due to age,
health & inflation How can I still travel?
Covert a portion of your savings into a
guaranteed income stream to fund your traveling
needs ( travel insurance & cost of traveling)
and retire your worries.
Where can travel insurance be
purchased?
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Direct from insurance company
Banks
Insurance brokers
Organizations and associations
Travel Agencies
Online websites
When should travel insurance be
purchased?
• Emergency medical travel insurance can be
purchased anytime up until the day you are leaving
your province of residence
• It is recommended that you purchase trip
cancellation and interruption travel insurance within
days of booking your trip
What is covered by most travel
insurance policies?
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24/7 emergency assistance
Emergency medical expenses
Hospital allowances
Ambulance transportation
expenses
• Emergency evacuation and
repatriation
• Return of vehicle
• Expenses to bring someone to your
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bedside
Return of travel companion
Return to trip destination
Pet return
Emergency professional services
Emergency dental treatment
Return of remains
What is not covered by most travel
insurance policies?
• Pre-existing medical conditions that do not meet requirements for
the stability period
• Concealing or misrepresenting any information on your application
• Expenses for acting against professional medical advice, a
prescribed therapy or treatment
• Injury or illness caused by alcohol or drug use
• Any treatment that is not for an emergency
• Participation in extreme sports or any motorized vehicle speed
contests
• War or terrorism
How to make a claim
if something happens!
• Call the assistance centre of your provider
immediately
– Call prior to any treatment or it may not be
covered
– The assistance coordinators will provide guidance
• Keep all receipts, bills, and invoices
• Obtain medical records including diagnosis and
procedures
Visit
www.voyage.gc.ca
For travel warnings and to register with
Registration of Canadian Abroad
Questions?
Stacey Aarssen
Better Travel Insurance
888-341-3691 x 2
[email protected]