A major part of Financial Planning is setting goals and then allocating the resources necessary to accomplish those goals. When you plan your trips, whether they be for Missions or Vacations, one of the resources for consideration is Travel Insurance. Here are five points you should consider when weighing the pros and cons of Travel Insurance.
First, Travel Insurance can cover unexpected medical expenses. Amongst all planning for the fun moments comes the possibility of an injury or illness that you hadn’t planned for. Travel Insurance can help cover these expenses which in other countries can be sizable. While health care (both acute and chronic) are considerably less in foreign nations you might be traveling to; (U.S Health Care Cost Institute – 2017); .keep in mind that the pricing is for citizens of that particular nation – not foreigners. The thought of needing a life-saving operation away from home can be daunting; both financially and where to have the procedure! The assistance provided by your Travel Insurance concierge service can be a game-changer in the quality facility they would recommend. Again, having an accident or the onset of an illness is one of those things that you hope you don’t need but you’ll be so glad you have it if you do need it.
Secondly, if you have to be evacuated from your travel destination for medical, political, or natural disaster reasons, Travel Insurance can help cover these huge costs. Consider closely your destination and whether your travel insurance policy will cover these types of emergencies.
Emergency medical evacuation can be more costly than the actual medical care itself internationally (surgery or treatment). According to Forbes Advisor Research (2023) you can expect to pay the following amounts for emergency medical transportation to the U.S. from the following areas:
- Caribbean and Mexico: $15,000 to $25,000
- South America: $40,000 to $75,000
- Asia, Australia and the Midle East: $165,000 to $225,000
Forthly, if you have trip cancelations or delays due to natural disasters, political upheaval or personal emergencies Travel Insurance can cover these costs. By providing refunds for the money you’ve paid for flights hotels or other expenses you incur in planning your trip.
Fifth and finally, all these above items can wreak havoc on your plans, goals, and peace of mind. Knowing that you are insured in these special circumstances will help you react more purposefully and more calmly knowing that you don’t have to panic regarding the expense.
Of these five, peace of mind, was the most beneficial to me. On our last trip, several airlines had routing emergencies and many travelers had long delays. While I was unsure this would happen to us I did have peace of mind in knowing that we would be reimbursed if we were unable to make the trip. I traveled quite a bit easier with this in the back of my mind.