How Much Policy Maximum to Choose for Your Travel Medical Insurance?
Policy Maximum is the maximum limit that the insurance company will be liable to pay for covered services. Depending on the type of policy you choose, Policy Maximum can work differently.
- Per Policy Period Type: The policy maximum applies to the whole policy period
- Per Incident Type: The policy maximum applies to each incident (i.e. each sickness or injury)
What Policy Maximum is Good for Travel Medical Insurance?
This depends on the visitors travel plans, overall health, age and budget. Some of the important factors to consider, while choosing policy maximum includes:
- Where Are You Visiting? If you are visiting more expensive places like the U.S. or Europe, where health care cost is high, you should consider buying a higher policy maximum coverage.
- Duration of the Trip: The longer your trip, the higher the policy maximum you should consider. If youre traveling for only a few days, then having a Million dollar policy maximum does not make that much of sense.
- Types of Activities: If youre planning to undertake road trips, cruise, or adventure activities like skiing, camping, and hiking you should consider buying a higher coverage, as the chances of illness or injury are higher.
Age Restrictions & Availability of Coverage
Insurance companies presume and consider age as one of the major factors for health insurance. Therefore, seniors typically dont have as many options for policy maximums available. The following table summarizes policy maximum travel and visitors insurance coverage usually available for different age groups:
|Age Group||Available Policy maximum||Approximate Price Range (for 30days) US$ |
|14-69||Up to 1 Million||$36 to $342|
|70-79||Up to $100,000||$61 to $487|
|80-84||Up to $50,000||$142 to $511|
|85-99||Up to $10,000-$20000||$176 to $610|
Understanding Your Travel Medical Health Insurance Benefits:
Its important to understand the benefits associated with your plan. For fixed schedule-based insurance, the policy maximum is just the overall limit, but there are internal limits to every covered service and treatment too.