Travel Medical Insurance

If you're planning to travel oustide of the UK be sure to put in place travel medical insurance before you pack your bags. It's critical to have adequate medical insurance in the event of an accident or health emergency while traveling abroad, particularly outside the EU. Health costs are increasing around the world -- a heart attack in the US can cost you upwards of £75,000, while something less severe, like a hip fracture, can set you back in excess of £20,000.

When you consider the actual cost of travel medical insurance, it’s a small investment for a lot of peace of mind. While some countries have reciprocal health care arrangements with the UK, there are often incidental costs such as ambulance trips that can still add up.

What Should Travel Medical Insurance Cover?

It’s recommended that your medical cover should cover medical treatments for up £2million in the EU and up to £5million for the rest of the world. If you are over 65 or have an existing medical condition there are specific policies available that typically cover you for up to £12million.

It is essential to have travel medical insurance because there are fewer than 60 countries worldwide that participate in the aforementioned reciprocal healthcare programs with the UK. And the ones that do are mostly based on emergency procedures, so while your treatment may be covered other incidentals may not be. That means you could get stuck with some major medical bills as a travel souvenir.

What does Travel Medical Insurance Cost?

The exact details will vary from policy to policy, your excess, and any exclusions, but you can usually find cover for around £25 per week that you are away. It may seem like an additional expense but the security and peace of mind is worth the cost. It is important to plan ahead when purchasing travel medical insurance. If you wait to purchase it until the time that you book your holiday arrangements with a travel agent, you could end up paying up to five times more for your insurance. And be wary of promotions that market medical travel insurance as a freebie with your travel package – it is likely that the additional costs have simply been worked in elsewhere unbeknownst to you.

What Kinds of Travel Insurance Policies are Available?

There are basically two kinds of policies: single-trip insurance, which offers cover for one trip, and annual travel insurance (or multi-trip travel insurance), which provides cover for travel throughout the year. If you travel quite a bit, multi-trip insurance can save you a lot, as it really only ends up costing just about two-and-a-half times that of the cost of a week's cover (£25). You may need to define the length of your travels before you choose this option, however. Some plans only provide cover for trips lasting 21, 35 or 45 days.

Which Travel Medical Insurance is Right for You?

There are a plethora of policies available to everyone for nearly every kind of travel. Here is a basic breakdown:

Family Travel Insurance

This type of plan covers the adults and their children (under 18) in one policy versus taking out separate policies for each member of the family. Some plans will vary based on variables such as if you are a single parent and how many dependents you have; others have an umbrella-style plan that offers the same cover regardless of how many children you have. So the latter could be right for you if you have a large family.

Business Travel Insurance

Designed specifically for business travelers, this insurance is only available as annual travel insurance.

Senior Travel Insurance (over 65 years of age)

Typically in the past it has been harder and more expensive for older people to obtain travel medical insurance, but there are now many options available to this demographic. Try to find a plan with expanded emergency and medical cover (up to 10£m) and protection from cancellation.

Winter Sports Travel Insurance/Adventure Travel Insurance

General travel insurance usually offers cover for these types of holidays as an add-on or optional extra to your main policy. However, there is another option to purchase these types of insurance separately. These thrilling escapades are also extremely dangerous, so coverage for these types of travels is critical.

Long Stay Insurance

This insurance is ideal for people traveling for long periods of time or working overseas – and can cover the insured for three to 18 months. If you are traveling to many different places during your holiday, make sure the countries you are visiting are covered in your plan.

Pre-existing Medical Conditions Insurance

Naturally, if you have a pre-existing condition, the cost of this insurance will be higher than most. However, it will be worth it to be covered in the event that an incident related to the condition happens during your travels. You must be honest about your condition with your insurer or the company can simply refuse to pay out on the claim.

Where Can I Obtain Travel Medical Insurance?

As with many aspects of travel, the Internet has made the purchase of travel medical insurance quick, easy and even less expensive – so long as you do your homework! There are many sites that offer travel medical insurance quotes by comparing hundreds of travel insurance polices from various companies. Be sure to review the available policies to ensure that you get the exact coverage you need (and nothing you don't).