People are always looking for cheap travel insurance. A number of factors and parameters impact the cost of your travel health insurance. Some basic knowledge about travel insurance can help you find low-cost travel insurance. The following are a few tips on travel insurance you may consider in order to save money on travel insurance.
Selecting the right deductible
Choose a plan with a deductible that aligns with your situation and type of coverage you wish to buy.
- If you're 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're 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, 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 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's no such thing as the "best" travel insurance 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 should understand what you're buying, what the travel medical insurance policy covers and what it doesn't. A well-informed decision can save you from future frustrations. Here are some consumer reasons why you should consult with our Customer Success Team.
If you have any specific questions, please don't hesitate to connect with us.