Clients had an accident while on a quick trip to the States to buy milk. It turned out to be a very expensive jug of milk! I thought I'd share this informative write-up provided by Jarett Schill of Schill Insurance as a bit of a primer on what to do about travel insurance -- even those quick little runs across the border to go shopping, out skiing , see a baseball game or just a weekend getaway at a B&B. I'm no expert on insurance so please make sure you do your own homework on this. The important thing is just to make sure you have it so there's no crying over spilt milk!
The Importance of Travel Insurance
There seems to always be a reason for travel. It could be a dream vacation, a trip to see family, or simply just going across the border for groceries. Whatever the reason, it is always important to carry travel insurance, so that coverage is available in the event of the unforeseen. The benefits of provincial medical systems are lost when travelling outside of your home province. One quick incident can lead to thousands of dollars in expenses, and leave an individual left to bear those costs for a lifetime.
The importance of this coverage cannot be understated. The International Federation of Health Plans 2011 statistical report cited the average cost of a day in a US hospital to be $3,949. The average hospital cost of a patient in the US was $15,734.
Listed below is some of the coverage that travel insurance provides. However, please note that other coverage is available and this is not a complete list of coverage.
Medical Expense Coverage
Coverage provided through travel insurance plans include coverage for sickness or injury requiring emergency medical treatment while travelling outside of your home province.
Insurance companies provide a limit of $5 Million coverage for expenses that are incurred.
Coverage includes but is not limited to:
- Coverage for a licensed ambulance
- Emergency dental expenses
- Emergency medical care
- Expenses to cover the cost of bringing a family member to your bedside
- Lodging for you, or your travelling companion while confined to a hospital
- Unexpected sickness, injury and or death
- Natural disaster
- Involuntary job loss
- Missed connection
- Travel advisory warnings
- Canadian citizens
- Visitors to Canada
- International students