Debunking 3 Common Travel Insurance Myths

Travel insurance is a good solution for those wanting to hedge against the financial risk associated with taking trips. However, misinformation exists. This blog unpacks three common myths regarding travel insurance and reveals the truth behind them.

Myth No. 1

Buying from the provider is always the best option.

Myth No. 1 Dissected

It’s logical that buying direct should get you the best price and coverage. Unfortunately, this isn’t usually the case. When you book a trip with your travel agent, tour provider or on your own directly, you often get an offer to purchase travel insurance right then and there.  It’s so convenient! However, you pay for that convenience, often through higher premiums and inferior coverage. By searching for travel insurance on your own, outside of when you book the trip, you stand a good chance of getting superior coverage for a fraction of the cost.   

Myth No. 2

Medicare beneficiaries don’t need travel insurance because Medicare provides coverage.

Myth No. 2 Dissected

Medicare only covers expenses at Medicare-approved facilities. Fact: there are NO Medicare-approved facilities outside of the United States. In other words, if you leave the country, you may be leaving your medical coverage behind.* Travel insurance can fill in this gap. There are many travel insurance products that will cover accident or illness events while traveling abroad. You can even get coverage that includes emergency medical evacuation.

Myth No. 3

You don’t need to purchase coverage for each trip if you own an annual travel insurance plan.

Myth No. 3 Dissected

Annual travel insurance plans can be beneficial, especially if you take frequent domestic trips or travel to the Caribbean, Mexico or Canada. However, most annual travel insurance products have very low limits for things like trip cancellation, medical, and emergency medical evacuation. Also, annual plans typically have a much narrower scope as it relates to the reasons for cancellation and other policy benefits. If you have an annual plan, you should review your options and decide if individual trip coverage makes sense.

Why Knowing the Truth Is So Important

Knowing the truth about these myths is crucial to protecting your vacation fund. For example, what if you went on a trip thinking you were covered for any medical bills you incurred just because you’re a Medicare beneficiary? Then you find out, only too late, that Medicare coverage doesn’t work outside of the United States. That mistake alone could cost you big.

As the saying goes, the truth will set you free. Knowing the truth about these myths means you can seek out ways to gain the coverage you need to properly hedge against this type of risk.

Looking for qualified advice about getting travel insurance?

The travel insurance experts at Travel Insurance Center® can help you determine the right type and amount of travel insurance for your needs and budget. They do the research and quote the plans most suitable for you. In essence, they offer you the coverage you need at the lowest price. Plus, they do it all at no cost to you. Do you need this kind of help? If so, reach out to Travel Insurance Center today at 1.866.979.6753 for a no-cost quote.

*Consult with your insurance agent or plan provider to get specific details about international travel and your Medicare coverage. 

This blog created by Brandon Hughbanks, Senior Travel Insurance Specialist at Travel Insurance Center.

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