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Is Travel Insurance Really Worth it?

Travel insurance is a very interesting 'healthcare option' or service provider, and is still relatively new considering its dynamic or ranges of coverage.

In fact, before diving in, it's worth pointing out that in the majority of instances; acquiring travel insurance through your already-present health insurance, auto-insurance, employer or college provided insurance will be much more beneficial, practical, affordable - and in some instances even free if they're under an approved trip or purpose!

Like many other types of health insurance and even house or auto insurance, travel insurance comes with deductibles, copays, approved-lists of locations, stringent requirements, expectations, many 'grey areas', and even instances in which you might not be covered for a certain (initial) period of time upon departure to where ever it is you're traveling to internationally.

Other factors to consider with travel insurance:

  • Dependent upon the purpose of your trip, if you're going to be traveling to play sports or any other hazardous activities, some insurance providers might not only not cover you, but refuse treatment or services in the future to you - so it's essential to read any and all 'fine print'.
  • In most cases rehabilitative treatment, mental health services (pre-existing conditions), and even medications are typically not-covered through the majority of travel insurance service-plans.
  • Travel insurance can be very costly on both a monthly or annual basis.
  • Limited or zero access to medical-specialists
  • Unusually - high or otherwise unaffordable and excessive co-payments.

  • In fact, some countries are 1/10th the price to just pay out of pocket, versus relying on such a healthcare insurance provider. For example, some second to third world countries such as Panama all the way to the Philippines will be substantially cheaper to just pay out-of-pocket due to currency-differences and an overall different healthcare system - including in support or recognition of care to tourists or foreigners.
  • In other instances such as hazardous duties, locations (preapproved), activities, and even job roles, you can be rejected or denied coverage.

    In fact, much like many health insurance plans; treatment, services, and medications must be paid for up-front before being reimbursed later on - and in some instances might not be covered at all determinant upon submission of the 'claim' and gaining approval (coverage).

    In conclusion, to put it simply, if you're seeking travel insurance for the sake of financial security or safety to your loved ones back home (or with you) should loss of life occur, then travel insurance might be right for you. Otherwise, an emergency savings, or paying out of pocket while traveling abroad for medical services or treatment might be a substantially more economical solution for you.

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