Group Travel Insurance
Points to Consider Before Trusting It
Travel medical insurance is sometimes included in group benefit plans from current or previous employers, unions or other groups. Since these plans are custom designed, they can vary from excellent to horrible and everywhere in between. It's simply a matter of what plan was requested and what the policy-holder was willing to pay for it.
How Much Protection is Provided?
- Some group plans offer "travel insurance" amounts of as little as $2,500! What would that pay for in an American hospital?
- A minimum of $2 million is required.
- Is there a lifetime maximum? Claims over time can reduce your coverage.
Are Expenses 100% Paid?
- A group plan may only pay 80% of the bills. This may sound good until you realize many claims exceed $500,000. Are you prepared to write a cheque for $100,000 to pay the remaining 20%?
How Long is the Period of Coverage?
- Most plans will have a limit on the number of days protection is provided, often 15 or 30.
Can the Insurance be Extended for a Longer Trip?
- Some do not allow the coverage to be extended.
How Do the Benefits Compare to Other Policy Options?
- Group plans often cover only the bare essentials. You may be left with many outstanding expenses.