A number of factors and parameters impact the cost of your travel health insurance. Even little awareness can help you make the right selection, thereby helping you get a good bargain and significantly lower costs while not affecting the insurance benefits. The following are a few tips you may consider while shopping for travel insurance that may help you keep your travel health insurance cost low.
Selecting the Right Deductible
Make an appropriate selection of the deductible, depending on your situation and type of plan you wish to buy.
- If you are considering buying a comprehensive travel insurance plan where the deductible is annual (once in 12 months), selecting a higher deductible can lower your premium.
- If you are considering buying a limited/fixed coverage plan where the deductible depends on per sickness/per injury, selecting a lower deductible can be a wise decision.
Buy a Renewable Policy
Buying a renewable Travel health insurance policy can be helpful in the following ways.
- If you cancel your travel insurance plan at any point in time, you won't lose your premium charge. Also, you may save on cancellation charges.
- A renewal policy also provides a flexibility to renew as and when you want to, which gives you a better control on the policy duration.
- A renewable is considered as continued coverage, that is, any health problem that occurs during the policy effective date will not be considered as a pre-existing condition for the renewed policy, which may otherwise be the case if you buy a new policy.
Consider a Comprehensive & PPO Type Plan
PPO types of plans have several advantages:
- You get discounted and negotiated rates.
- The claim and administrative process is generally faster because doctors/hospitals covered under the PPO network already have a working relationship with the insurance company.
- A comprehensive travel health insurance plan offers greater protection in case of any medical emergency since most of them provide 80/20 of coverage, which means less financial liabilities.
A cancelable and refundable plan can be a wise choice. In case, you have to cancel your plan for some reason, you get your money back.
Pay Attention to Additional Cost
Often some extra charges such as renewable fees, processing/administrative charges, and cancellation charges can increase your overall insurance cost.
Make the Right Selection
There is nothing called "The Best" plan. Depending on individual needs and available features in a plan, a particular plan can be more suitable for one person but not for another. Consider all the facts and your own situation before making a selection. You must understand what you are buying, what the travel medical insurance policy covers and what it doesn't. A well-informed decision can save you from future frustrations.
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