Why purchase Travel Insurance? Peace of mind! It s worth it!

Transcription

1 Why purchase Travel Insurance? Peace of mind! It s worth it!

2 Why purchase Travel Insurance? What is needed to obtain Travel Insurance? Understanding the pre-existing condition clause! Understanding the Travel Insurance options available. What affects the cost of Travel Insurance? What will Travel Insurance cost me? Where can Travel Insurance be purchased?

3 When should Travel Insurance be purchased? What is covered by most Travel Insurance policies? What is not covered by most Travel Insurance policies? What to do in the event of a medical emergency? Things to consider after a medical emergency? Q & A

4 Nobody ever plans on experiencing an expensive emergency while travelling. Your Provincial Health Plan and other forms of insurance such as Employee Group Benefits & credit cards may not adequately provide the full coverage required to safeguard you on your trip. Although Group Benefits travel coverage provides sufficient levels of Emergency Medical coverage, there may be instances where additional or top-up coverage is necessary & beneficial.

5 Unexpected medical treatment is the single most expensive hidden cost you could potentially get hit with when you travel whether on business or pleasure, within Canada**, USA or around the world! Can you afford to be stuck with the bill? A 33 year old man was driving on an icy stretch of road in Northern California when he lost control of his vehicle & crashed into an embankment at 90 km/h. He was pinned in his vehicle & sustained numerous injuries, both internal & external. He was taken to a nearby hospital where he underwent several emergency services & then spent 9 days recovering before being discharged. Claim total: $337,357 Provincial Government & Auto Insurer portion paid: $160,345 **When travelling within Canada you will only be covered for any medical emergencies up to what is covered by your home province. A 62 year old woman fell & injured her neck while vacationing in Florida. At the doctors office, it is noted that her blood pressure was extremely high. She was given medications for neck pain & high blood pressure & was advised to follow up if not better. Two days later she was admitted to the hospital after suffering a heart attack & she was taken for angioplasty. She stayed in the hospital for a total of 6 days. Claim total: $98,049 Provincial Government portion paid: $2,430

6 1. If you have existing travel coverage, it is important to call the Insurance Provider & verify: * Allowable days covered per trip * Maximum reimbursement (i.e. $1,000,000 per trip, $5,000,000 per lifetime etc.) * Pre-existing condition clause * If your planned trip exceeds the maximum days allowed & top-up insurance is necessary, confirm if you have to purchase your additional top-up through your existing provider or can you get it elsewhere * Insurance contact numbers in the event of a Medical Emergency * Claiming procedure 2. Confirm trip departure and return dates 3. Destination - confirm your destination is safe based on the Gov t of Canada Travel Advisory website:

7 4. Travelers full names 5. Dates of birth 6. Potential Medical Questions * With most Travel Insurance providers once you reach the age of 60 medical questions will be required & will affect the rates and/or eligibility. * All Travel Insurance providers have a list of various medical questions that they use to determine rates and/or eligibility. No two providers have the same criteria. * For example, some providers may not even sell you Travel Insurance if you have had a serious medical condition in the past. Other providers will sell you Travel Insurance but may either exclude the medical condition or rate accordingly. ** It is imperative that all medical questions be answered truthfully & correctly. In the event of a claim your medical history will be required from your Family Physician prior to a claim being paid.**

8 **Pre-existing clause: The fine print in your policy booklet that outlines how your medical history impacts your coverage.** Must be no changes to medication this includes stop/start/change in dosage (including if you choose not to follow Physician advice) No change in existing conditions or diagnosis of a new condition Any condition under specific investigation The average pre-existing period is 90 days to 1 year The pre-existing period is often determined by your age, trip length & medical status

9 Emergency Medical Travel Insurance Single trip Emergency Medical Travel Insurance Multi trip (10 days to 6 months) Trip Cancellation and/or Interruption Insurance (Unexpected & unforeseen events) Baggage Insurance Accidental Death & Dismemberment Insurance Rental Car Insurance Student Insurance Expatriate Insurance Guaranteed Rate Travel Insurance Visitors to Canada Insurance ** ** RUH Hospital Fees only: Emergency visit: $810 Day Surgery: $3,450 1 night & 1 day stay: $3,984 ICU 1 night stay: $13,155 **Data from RUH billing department July 2012 overnight stays include meals & some medication

10 Age The length of your trip The number of travelers (Family plans available) Destination (typically rated by Canada, USA or Worldwide) Any pre-existing medical conditions The cost of your trip (Trip Cancellation/Interruption) Deductible options

11 **Typically no medical questions asked Couple age 35 2 week vacation to the USA Cost per person: $32.84 Total: $ week vacation to Mexico Cost per person: $17.22 Total: $34.44 Family of 4 Couple - age 42 / Kids age 15 & 17 1 week vacation to Mexico Total cost for a Family plan: $ week vacation to Disneyland Total cost for a Family plan: $97.24 Couple age 55 2 week vacation to the USA Cost per person: $38.96 Total: $ month vacation to Mexico Cost per person: $ Total: $ Couple age 63 2 month vacation to the USA Medical history: * Each on 1 medication for a heart condition * Each treated in the past year for high blood pressure Cost per person: $ Total: $ **Depending on age & provider, medical questions asked

12 Insurance Brokers Travel Agencies Online Websites Banks Associations Credit Card companies

13 Emergency Medical Travel Insurance can be purchased anytime up until the moment you board a plane, or cross a border to depart from your Province of Residence. If you wish to purchase Trip Cancellation/Interruption Insurance, it is recommended that you purchase it within days of booking your trip. If your trip is longer than anticipated, you can purchase an extension with most Travel Insurance carriers. This must be done before your coverage expires! **rules apply to this extension In the event you forget to purchase Travel Insurance prior to departure, please call! Options, with pre-approval..are available with some Travel Insurance providers. A waiting period may be applied if approved.

14 Standard Coverage 24/7 Emergency assistance Hospital stays Services of a physician Emergency paramedical services X-rays Prescription Drugs Ambulance Accidental Dental Private duty nursing Pre-Approval Required Expenses to bring someone to your bedside Return of a travelling companion Return of your pet Return of baggage Escort of children/grandchildren Out of pocket expenses Rental of medical equipment Repatriation Return of a vehicle

15 Pre-existing medical conditions that do not meet the requirements within the designated time frame Concealing or misrepresenting any information on your application Expenses as a result of acting against professional medical advice, a prescribed therapy or treatment prior to departure Injury or illness caused by alcohol, drug use or illegal activities Any treatment that is not for an emergency Seeking medical treatment Participation in extreme sports or activities (this varies by carrier but can include rodeos, any type of racing, sky diving, bungee jumping etc.) War directly or indirectly

16 Call the emergency number of your Insurance provider immediately! Call as soon as physically possible, or have someone call on your behalf prior to any emergency treatment! Some Insurance providers will limit the coverage if not contacted within 24 hours of admission to a hospital or treatment begins ensure you know exactly what your policy says! Insurance forms are typically completed upon admission, which will start the process. The Insurance companies will provide guidance & can communicate directly.

17 Keep all receipts, bills and invoices Obtain medical records, including diagnosis & procedures These can also be obtained on request by your family Doctor Claim forms will be required for ALL CLAIMS, regardless if it was out of pocket expenses or direct billing This will involve your family Doctor to complete a required section.thus confirming you have satisfied the pre-existing condition requirement

18 1) All Travel Insurance providers will not cover re-treats : Once discharged by a Physician, any medical emergency related to the initial diagnosis/treatment will not be covered If you feel it is a complication of a diagnosis/treatment contact your Travel Insurance provider, when possible, before seeking medical help Once treated for a life threatening condition, it is in your best interest to return to your home province 2) Automatic Extensions: If your Travel Insurance expires while hospitalized, your insurance will automatically be extended up to the date of discharge, plus 3 5 days to return to your home province depending on the Insurance provider

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