by Corrine Gardner, Senior Advisor, Island Savings Credit Union –
Winter vacation and migration planning is in full swing in homes across the Peninsula and, if you’re among those families preparing for a trip away in the next few months, buying some form of travel insurance should be included on your to-do list – even for road trips into other provinces or short jaunts into the U.S.
Nobody likes to plan for the worst when they’re daydreaming about a sun-soaked holiday, but protecting your family’s health will make sure that any snag during your trip doesn’t turn into a costly disaster.
Here are five things to think about when you’re sorting through supplemental coverage options for your upcoming trip:
Be honest about your health history. It’s important to know how a pre-existing condition is defined and whether or not it’s excluded from any travel insurance you’re purchasing. Many people don’t realize that medical conditions (past or present) need to be accurately declared in advance. Failing to disclose part of your medical history could result in a claim being rejected.
Find out how claims are paid. If you end up needing to make a claim while you’re away, will the insurance company be billed directly or are you expected to pay the expenses out of pocket and then submit receipts for reimbursement? The latter may sound OK in the interim, but you need to consider whether you’ll have this kind of cash flow on hand (or if you’ll need these funds for other expenses in the event of an emergency).
Make sure you’ve got the “extras” included. In addition to confirming both the dollar amount you’re covered for and your deductible, you’ll need to understand what the coverage is for specialty items such as dental incidents, emergency transportation and professional fees.
Double up if you can. Pay attention to the variety of plan types available to you, especially if you have more than one trip planned. You may be able to purchase a multi-trip policy for not much more than the cost of a single trip one.
Read the fine-print if you love adventure. Many basic policies don’t provide coverage for incidents resulting from “high-risk” activities. Do you plan on scuba diving or parasailing? If so, you’ll want to talk to your agent to see if you can upgrade your policy to make sure that your family is protected in case of injury.
Island Savings offers more than 60,000 members on Vancouver Island and the Southern Gulf Islands a suite of innovative products and an extensive branch network. Visit www.islandsavings.ca for more information.
