Do You Really Need to Buy Travel Insurance?

You can plan everything in advance and with great care, but even the best-laid plans can occasionally go wrong. That’s where travel insurance comes in, a way to ensure that you are covered against unforeseen events. But it can be expensive. In particular, seniors or travelers with pre-existing medical conditions may find it difficult to find an affordable policy.Want to know if you really need to buy travel insurance?Perhaps the biggest benefit of travel insurance is the peace of mind during your vacation. Most basic travel insurance policies will cover you for events such as canceled trips, flight delays, lost luggage, or damaged personal items. More comprehensive options include emergency medical treatment, medical evacuation, and accidental death.Unexpected medical treatment is perhaps the largest bill you could potentially face while traveling. Even if you receive emergency treatment after an accident, you may need to be transported to another hospital. The cost of medical evacuation services varies considerably, depending on the distance and level of medical care needed, but it can exceed $50,000. And many regular health insurance plans do not cover this cost.When You Probably Don’t Need InsuranceWhen planning your trips, it’s a good idea to consider the worst-case scenario. If you live in the United States, are traveling domestically, and your domestic flight is canceled, you can simply put your luggage in a car and drive to your destination. In these cases, the airline is almost always responsible for getting you on the next available flight. However, if an international flight is delayed and causes you to miss an expensive cruise or a prepaid international guided tour, you are likely to be at a loss.Are You Covered in Any Other Way While Traveling?Before purchasing a travel insurance policy, check if you are covered in any other way. For example, your existing homeowners insurance policy may already cover lost valuables, such as portable electronic devices, while traveling. Some credit cards offer travel insurance and other travel protection benefits as part of their perks. You may also be covered in many circumstances through your existing health plan through work, which sometimes covers leisure and business travel for an employee. If you think this might be the case, read the policy as deductibles can vary widely.The U.S. State Department recommends that U.S. citizens purchase travel insurance for trips abroad, reminding on its website that “the U.S. government does not provide insurance for U.S. citizens abroad. We do not pay medical bills or unexpected costs.” Some countries may require you to have adequate insurance as a condition of entry. If you need a Schengen visa (European Union), for example, insurance of at least 30,000 euros for medical treatment is mandatory. However, rules and requirements change frequently, so plan to stay updated.Source: Daily Passport