4 Pros & Cons of Travel Health Insurance That You Must Know
Everyone looks forward to having a vacation. As children, most of you might have spent your summer and winter vacations by travelling out of the station. In your adult life, saving leaves and looking out for an upcoming long weekend has become a habit. No matter which phase of your life are you in, the excitement before a trip is incomparable and you count your days before you can go for your next holiday. Amidst all of the excitement, the last thing you would want is an unpleasant experience on your trip.
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Whether you are travelling domestic or international, no trip is risk or accident-free. You may want to have a fun and memorable trip with lots of good food, gorgeous landscapes and great experiences. But even the best planned trips can go wrong without any prior warnings. Suppose you get sick on the second day of your travel or meet with an accident during the vacation. Not only will it spoil your trip but will also lead to monetary losses in terms of medical expenses. While you can’t prevent these incidents from happening, you can avoid financial losses arising out of them with the help of a travel insurance policy.
Decoding Travel Insurance
A travel insurance policy provides financial safety to a traveller against any unforeseen events on his/her trip that may lead to monetary losses. It covers the traveller against unpredictable medical expenses, travel-related expenses as well as other incidental expenses that may arise out of your trip. Whether you travelling to study, for leisure or work, a travel health policy can prevent you from incurring a loss due to adversity faced during the trip.
Some of the most common risks covered by a travel insurance policy are medical expenses, trip delays, personal accident, trip cancellation or curtailment, passport loss, personal liability, baggage loss, flight hijack, missed connecting flight, accidental death, etc.
There are different kinds of travel insurance plans available in the market today. People travelling within the country can buy domestic travel insurance and those travelling abroad can buy an international travel insurance policy. While families can purchase family travel insurance, senior citizens can opt for senior citizens travel insurance. In case you are travelling for studies or work, you can buy student travel insurance or corporate travel insurance respectively. Moreover, if you travel multiple times a year, you can purchase a multi-trip travel insurance policy.
Should You Buy Travel Insurance for Your Trip?
Travel health policy is mandatory at only a few countries in the world, such as Schengen countries. But if you are travelling to other countries, you can decide whether or not to buy a travel insurance policy for your trip. While a lot of people consider it an unnecessary expense, some people do not commence their journey without a travel health policy. You can decide for yourself by taking a look at the pros and cons of buying a travel insurance policy.
Pros of Buying Travel Health Insurance
1. Peace of Mind
One of the biggest advantages of buying a travel insurance policy is that it provides you with peace of mind. The stress of what wrong can happen during your trip can prevent you from enjoying your vacation. You will be extra careful and won’t be able to have fun on your trip. A travel health policy provides you with a sense of security that allows you to focus on enjoying your trip without any worries. It ensures that come what may, you will be financially protected throughout the course of your journey.
2. Coverage for Medical Expenses
Anyone can meet with an accident or get sick at any time. Accidents don’t consider if you are on a vacation before happening. Moreover, the chances of your getting sick are more while you are travelling abroad due to a change in weather, time zone and food. If you get injured or sick during your foreign trip, you might overshoot your trip budget as healthcare is very expensive outside India. However, travel insurance can come to your rescue here as it covers any medical expenses during your trip arising out of any sickness or accident. You will be able to avail medical expenses at the hour of need without incurring any financial loss.
3. Takes Care of Repatriation Cost
There can be a situation where you get severely ill or injured during your overseas trip. Despite taking medical help, doctors may advise you to return to India for better and continuous treatment. Since you still had a few days left for your trip to end, you will have to purchase another ticket to travel to India which may cost you a lot of money. But if you have a travel insurance policy, your insurer will arrange your travel back to India saving you money. If unfortunately, you die during your trip abroad, your insurer will also repatriate your body back to your family in India.
4. Covers Travel Adversities Before the Trip Starts
Another benefit of buying travel health insurance is that it not only covers you against any adversities during your trip but also before your trip starts. Most travel insurance plans come with trip cancellation and trip delay covers. In case your trip gets cancelled or delayed due to an unavoidable adverse situation, your insurer will compensate you for the losses incurred due to flight or hotel cancellation.
Cons of Buying Travel Health Insurance
1. Does Not Cover Pre-Existing Diseases
While all travel insurance plans cover unforeseen medical expenses incurred during your trip, they do not cover you for any pre-existing diseases. In case you get sick and need medical treatment during your trip abroad, you will have to pay for the medical expenses from your own pockets. This is because travel insurance covers you only for sudden ailments and not for pre-medical conditions.
2. Comes With Loopholes
All travel insurance plans come with certain loopholes. Certain kinds of expenses get rejected even though they are not excluded as per the policy terms. For example, if you fall down from the steps of a temple while climbing, your insurer may reject your travel insurance claim. This is because most travel insurers do not cover adventure sports activities and they may consider climbing the temple at a height as an adventure activity.
3. Rejection of Claim
There is always a chance of your travel insurance claim getting rejected. You may have researched and bought the best travel insurance policy for your trip. Still, when you raised a claim with your insurer, it gets rejected for a minor reason or mistake. Paying the premium would feel utterly useless if you end up incurring a financial loss. Thus, you must read the terms and conditions of your travel health policy carefully.
4. Your Policy Remains Unused
Travel insurance provides financial security against unforeseen troubles during your trip. But you cannot buy it unless you pay a premium. Moreover, if you return back from your trip without any trouble, you will not get a refund on your premium. Although you’ll be glad for having a stress-free trip, paying that travel insurance premium may feel like a total waste of money. Thus, you must keep in mind that travel insurance does not come with a guarantee of refund and you may not recover the premium if you don’t face any adversities during your trip.
Summing It Up
Travelling is a part of your life and a source of happiness for a lot of people. You may have planned things well in advance but your trip can still go haywire if an emergency occurs. Travel insurance is a great way to stay financially protected during your trip. However, it is completely your choice to buy a travel insurance policy as it is not mandatory in all countries. If you aren’t sure whether to buy it or not, go through the pros and cons of travel health policy mentioned above to make an informed decision.
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