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
How Much Policy Maximum is Good for Travel Medical Insurance?
This depends on the visitor’s 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 USA 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 policy maximum you should consider. If you’re traveling for only a few days, then having a Million dollar policy maximum does not make that much of sense.
- Types of Activities: If you are planning to undertake plenty of road trips, cruise, take part in adventure activities like skiing, camping, hiking you should consider buying a higher coverage, as the chances of falling sick or meeting with an accident are higher.
Age Restrictions & Availability of Coverage
Insurance Companies presume and consider Age as one of the major factors for health insurance. Therefore, seniors don’t usually have many options for policy maximums available. The following table summarizes policy maximum Travel and visitor insurance coverage typically 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 Health Insurance Benefits:
It is 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.