Where to buy medical travel insurance?

[jydk]

I guessing you're (OP) quite young, <30. At AMA it'll cost $3.02/day. That'll cover you up to $5,000,000. If you're healthy going you shouldn't have any problems with manulife if something does happen while you're away.

Here's the website if you're not interesteed in leaving the confort of your home:
https://www.igoinsured.com/direct/Step1.aspx

[macker]

Originally Posted by jydk

I guessing you're (OP) quite young, <30. At AMA it'll cost $3.02/day. That'll cover you up to $5,000,000. If you're healthy going you shouldn't have any problems with manulife if something does happen while you're away.

Here's the website if you're not interesteed in leaving the confort of your home:
https://www.igoinsured.com/direct/Step1.aspx

Likely even lower than that if he goes to www.travelinsurancequotes.ca you can get quotes from all of the major travel insurance providers, except for the biggest provider, RBC. AMA uses Manulife and the rates are often higher vs TIC (owned by Co-operators) and Travel Underwriters. Also Travel Guard has marginally higher rates but unlimited coverage and the others limit coverage at $5 Million although I think that $5 Million is enough. Fairly big business as there were $400 million in premiums last year in Canada. The more unhealthy that you are the more health questions you will want to answer before you go. If you are healthy and don't have any pre-existing conditions the main concern should be on broadening the coverage to include not just travel medical but trip cancellation, trip interuption, lost baggage, car rental protection (good thing with this is if you have an at fault accident on this coverage it doesn't show up on your personal insurance policy).

[MoneyGuy]

It’s easy to fault insurance companies here and they’re certainly not blameless, but the problem is usually not the insurance but how it’s purchased, often by uninformed people who are buying from people who themselves aren’t as knowledgeable as they should be. If you buy from travel agents and banks or online, you’re taking on a risk. Read the application and all of the requirements carefully, understand what you’re signing and seek help from a qualified professional to greatly reduce your risk. Buy your travel from a travel agent if you wish, but this stuff is too important to leave to non-specialists like travel agents and bank staff. I watched the Marketplace piece and some of those answers to the questions are extremely dangerous. The insurance industry needs to address this problem as it is putting thousands of people at severe risk who don’t even know they’re risking their home and life savings. However, I don’t fault the insurance companies for doing their due diligence. This is precisely why I don’t really want to sell travel medical insurance even though as a financial planner I am able to do so; there is too much at stake here. This is a very important discussion as people need to be aware of this problem and the industry needs to address it.

[Slava]

Originally Posted by MoneyGuy

It’s easy to fault insurance companies here and they’re certainly not blameless, but the problem is usually not the insurance but how it’s purchased, often by uninformed people who are buying from people who themselves aren’t as knowledgeable as they should be. If you buy from travel agents and banks or online, you’re taking on a risk. Read the application and all of the requirements carefully, understand what you’re signing and seek help from a qualified professional to greatly reduce your risk. Buy your travel from a travel agent if you wish, but this stuff is too important to leave to non-specialists like travel agents and bank staff. I watched the Marketplace piece and some of those answers to the questions are extremely dangerous. The insurance industry needs to address this problem as it is putting thousands of people at severe risk who don’t even know they’re risking their home and life savings. However, I don’t fault the insurance companies for doing their due diligence. This is precisely why I don’t really want to sell travel medical insurance even though as a financial planner I am able to do so; there is too much at stake here. This is a very important discussion as people need to be aware of this problem and the industry needs to address it.

I agree with what you're saying here. Part of the problem is that people really want to be able to buy insurance of all types online and as easily as possible. I do a fair amount of insurance every year and I think that people should have to be fully licensed and qualified to transact in that realm. Part of that is personal bias, but a large part is that its actually complex and can have enormous results.

I buy my travel coverage online and I buy it from Manulife. I use them because they have a concierge set-up so that if I need to use the coverage while abroad they arrange everything on my behalf. That is invaluable; as if I have a clue of who or where to call in those events! I also have coverage through a group policy and through a credit card most times. I just figure for the extra minimal amount I might as well buy a little more coverage and try to be safe here though!

[opendoor]

I've used PC Financial travel insurance in the past and have no complaints. I had to use it once while in the US and it was pretty seamless. I just called their number, told them what was up, and then they gave me a list of nearby places for treatment. The whole thing ended up costing $600-700 including prescriptions and I was reimbursed for 100% of it after sending in some forms when I got home.

All in all it was excellent no-deductible coverage for $20 a week.

[Cecil Terwilliger]

I was just in la. Got $5m coverage for $16 for 6 days through my existing home and auto insurance company.

[Cowboy89]

Another question for some of those in the know. I'm currently planning to hike the Inca Trail this summer in Peru. What level and types of coverage should I get for medical travel insurance?

I presume the simple over the counter online option won't cover pretty much most of the perils I would likely encounter trekking through the mountains and I would expect there to be many "out clauses" for these types of activities, especially at over 2 miles altitude.

[Discoste]

Went to my insurance broker for travel insurance - they used Travel Underwriters, and the following time used TIC. The guy basically went through the online application with me (I guess that's better than a regular travel agent or other non-insurance folks). Premium was less than $20, broker mentioned he made ~70 cents off that.

[bizaro86]

Originally Posted by Slava

Oh really? What was the issue with it? I always use these policies and have never had an issue (I've never claimed but have known of quite a few for clients and friends without issue).

Basically it sounded like the reps selling it (through banks/by phone/by travel agency) didn't ask the questions right. Then Manulife would deny the claims based on incorrect answers.

The one that sticks in my head was a man whose prescription had changed dosage, which was considered a "new treatment." The rep had told him that was fine, but when the claim occured they denied it and the buyer was out six figures.

I'm not saying that's the whole story (Manulife refused comment, so they didn't show their side), since it was a TV program. Just food for thought to be careful when buying this stuff, and err on the side of getting more/better coverage.

[Slava]

Originally Posted by Cowboy89

Another question for some of those in the know. I'm currently planning to hike the Inca Trail this summer in Peru. What level and types of coverage should I get for medical travel insurance?

I presume the simple over the counter online option won't cover pretty much most of the perils I would likely encounter trekking through the mountains and I would expect there to be many "out clauses" for these types of activities, especially at over 2 miles altitude.

Most of the trouble for travel insurance (as well as similar coverages like mortgage insurance) comes from two major issues:

A) Pre-existing issues

B) Underwriting at the time of the claim. This means that when you have a claim, or a potential claim, the do the underwriting. Underwriting is where they look at your medical history, answers to questions and those types of things.

There are exclusions though and for you the particular exclusion (in the Manulife policy, but I would expect most others have something almost identical) reads: "An emergency resulting from: Hang gliding, rock climbing, mountaineering..."

So, while I'm not sure what your plans are there, you would want to be careful in getting coverage for that trip.

[macker]

Originally Posted by bizaro86

Basically it sounded like the reps selling it (through banks/by phone/by travel agency) didn't ask the questions right. Then Manulife would deny the claims based on incorrect answers.

The one that sticks in my head was a man whose prescription had changed dosage, which was considered a "new treatment." The rep had told him that was fine, but when the claim occured they denied it and the buyer was out six figures.

I'm not saying that's the whole story (Manulife refused comment, so they didn't show their side), since it was a TV program. Just food for thought to be careful when buying this stuff, and err on the side of getting more/better coverage.

The CBC show is horrible PR for Manulife particularily and to a lesser extent Scotiabank. I can't understand why they wouldn't have someone ready to address the issues that CBC was uncovering. The chances are that if things played out as presented the agents errors and ommission insurance policy would respond in some of these situations. To not respond to the media at all is very poor and makes the entire industry look bad imo.