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
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
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
Other factors to consider with travel insurance:
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
Limited or zero access to medical-specialists
Unusually - high or otherwise unaffordable and excessive
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
In fact, much like many health insurance plans; treatment, services, and
medications must be paid for up-front before being reimbursed later on -
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.