How Much Does Travel Medical Insurance Cost?

Travel medical insurance refers to temporary medical insurance that covers medical bills incurred during an entire trip. With the cost of travel medical insurance, you can enjoy instant payment for emergency medical purposes, emergency expenses and evacuation. Also, this form of coverage provides 24/7 assistance to help you during your travel.

If you travel a lot, travel medical insurance is highly recommended for you. Life insurance is good, but remember that it cannot travel with you. It only means that once you travel, you are on your own. 

Although your life insurance plan includes emergency medical expenses in a foreign country, it might not cover evacuation expenses. A medical evacuation is anything from an ambulance ride, or medical transport back home after a severe injury. In the same vein, it can be an airlift from a remote location, as well. It all depends on the cost of your travel medical insurance. 

How Does Travel Medical Insurance Work?

If you are curious about how travel health insurance works, it’s a simple process. The first thing is to plan your trip. After planning your journey down to the last detail, you may now purchase a travel medical plan that covers the dates of your entire trip.

Take note that you have two options to get travel medical insurance coverage. They include:

Option 1: You can purchase a standalone travel medical insurance plan. This plan only covers medical emergencies, medical evacuation, and other health assistance services.

Option 2: You can purchase a comprehensive trip insurance. This travel insurance plan covers cancelled trips, travel interruptions, delays and baggage. More importantly, the cost of this travel medical insurance also accounts for medical emergencies and evacuations.

What is the Difference Between Travel Medical Insurance and Trip Insurance?

With travel medical insurance, the main focus points are your medical emergency and medical evacuation costs. If you travel abroad and become ill or experience an accident, this plan will cover medical costs. Also, emergency transportation like an ambulance and an airlift is also covered. An emergency medical evacuation allows you to get out of remote areas and transport to a location with proper medical care. 

On a trip insurance plan, the main concern is to avoid losing pre-paid money if you cancel your trip. This insurance covers cancellation due to calamities, home fires, job loss and even the sickness of a family member. Apart from that, it also covers interrupted travel due to lost or stolen bags, baggage delays, flight delays, and medical evacuation.

Cost of Travel Health Insurance In Toronto 

Travel insurance costs vary widely depending on a number of factors. These factors include age, coverage level, destination, and trip length. Depending on these factors, you can expect to pay up to $2,000 for the cost of medical travel insurance.

Generally, travel health insurance costs may reduce if:

  • You get a lower overall maximum travel coverage limit.
  • You choose a plan with a higher deductible.
  • You’re included in a younger age group.
  • You are taking a shorter trip.
  • Your trip is outside Canada

Factors That Affect the Cost of Travel Health Insurance

The pricing model for travel medical insurance is based on a number of factors. 

Your age

Your age determines which age group you belong to. Consequently, your age group influences your daily travel plan rates. As your age group increases, you are most likely to see an increase in your daily rates and vice versa.

The deductible you choose

This is the predetermined dollar amount of your eligible expenses that you need to pay before getting your travel medical plan. As soon as you pay it, the plan will begin to cover its share of your remaining eligible expenses. When you increase your deductible, your daily rate is most likely to decrease and vice versa.

The maximum coverage limit you select

This is the maximum amount of travel medical expenses that your plan covers. When you increase your maximum coverage limit, expect that your daily rates will increase, too and vice versa.

Trip Length

The longer the time you spend outside Canada, the more expensive your premiums will be. For example, a 120-day single-trip plan will cost more than double the price of a 60-day single trip policy. If you plan on returning to Canada one time during a winter getaway, consider a multi-trip insurance policy. This policy is significantly less expensive. 

Pre-Existing Medical Conditions

Any pre-existing medical condition can increase the cost of your travel medical insurance premiums significantly. It can start anywhere from 50% to 1,000%. Also, a minor pre-existing condition usually won’t affect your premiums. However, you must still meet the stability requirements of your policy to be covered during your trip.

Final Thoughts

When it comes to travel medical insurance costs, you must understand that the daily rate varies from plan to plan. To get the best deal, make sure to compare coverages, not the price. Daily travel medical insurance rates are calculated per person and day. Besides, expect that shorter trips and policies with fewer members will cost less. For longer trips with several members, expect to pay more for travel medical insurance.

Getting affordable travel health insurance without giving up on high-quality care is undoubtedly the best thing for you. Here at Life Insurance Direct, we offer affordable pricing models on our travel medical insurance plans. Call us at 1-844-922-1392 or email us at info@lifeinsurancedirect.ca to get a FREE quote from us today.

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