Although trip insurance for travel-related expenses is popular for many travelers, you may be missing out on high earning potentials with another type of travel insurance - travel medical insurance.
Offering trip insurance to your customers can help protect them in the event of trip-related hiccups, such as trip interruption or delay that result in a loss of nonrefundable expenses. However, if you are solely focusing on trip insurance, you could be missing out on another huge market for travel insurance in the form of travel medical insurance.
What Does Travel Medical Insurance Cover?
Travel medical insurance focuses more on health coverage benefits for international travel rather than trip-related expenses. Travel medical insurance offers coverage for unforeseen illnesses or injuries that may occur during one’s travels abroad. This can include:
- Hospitalization or surgery for emergency medical events
- Emergency medical evacuation
- Prescription coverage
- Lost luggage
This type of travel insurance is paramount for international travelers, especially when visiting a country where there are differences in currency, language, and healthcare systems.
For example, if a traveler is injured severely while abroad, a travel medical insurance plan can cover eligible costs associated with that injury up to the plan’s policy maximum.
This benefit can be priceless in the event of a serious medical event in which medical costs could quickly add up to thousands of dollars.
Who Is Travel Medical Insurance For?
Travel medical insurance is more specifically designed for those who are traveling outside of their home country where their domestic health insurance plan would not provide coverage.
Plans will vary for travel medical insurance - some are targeted towards visitors to the U.S. and some are for U.S. citizens traveling outside the U.S. Typically, these are referred to as visitors insurance and international travel insurance.
- Visitors insurance: this type of travel medical insurance is for non-U.S. residents who are visiting the U.S. from an outside country for a short period of time.
- International travel insurance: this type of travel medical insurance is usually for any traveler that is traveling outside of their home country.
There are international travel plans designed for all types of travelers and destinations, and it is crucial for those who are visiting a country where they are not covered by their domestic healthcare plan.
Why Offering Travel Medical Insurance Benefits Your Customers
When you offer travel medical insurance to your customers in addition to trip insurance, you are providing them with the opportunity to secure peace of mind and protect their finances while overseas.
Additionally, trip insurance is primarily designed to cover nonrefundable prepaid expenses directly related to travel costs such as flights and accommodations in the event of a travel interruption. While some trip insurance plans may offer some medical coverage in the form of an Accident & Sickness benefit, it is typically more limited than a travel medical insurance plan and may not offer the specific coverage and benefits required for someone traveling abroad.
Offering travel medical insurance plans will give your customers options when choosing a travel insurance plan that will provide adequate medical coverage if needed and tailored benefits that certain travelers may be looking for.
Trip Insurance vs Travel Medical Insurance Earnings Potential
Another key benefit of offering travel medical insurance is the earnings potential. Since trip insurance coverage can be more limited since it only covers a percentage of actual prepaid and nonrefundable trip expenses, premiums are typically on the lower end.
For travel medical insurance, depending on the policy maximum, these plans can cost significantly higher than trip insurance plans because of the more extensive benefits and coverage that they offer.
When earning a referral fee that is based on the cost of the policy sold, travel medical insurance plans can significantly increase your overall earnings due to a much higher average premium.
Earn More as a VisitorsCoverage Affiliate
As a VisitorsCoverage affiliate, you can boost your overall earnings by offering travel medical insurance in addition to trip insurance.
Learn more about our affiliate program or reach out to us for further assistance.
