What is Travel Insurance?
Travel insurance works like any other insurance. Just as Hybrid long-term care insurance serves to help you in the event that you need long term care. Travel insurance covers trip cancellations, interruptions, delays, and even lost or stolen items. There are many different types of travel insurances as well as insurance providers in general and it can get confusing. We are here to help break it down for you:
Travel health Insurance
Travel Health Insurance is here to cover any hospital expenses you may accrue in the event that you face a medical emergency while traveling. These insurance plans can be a life saver if you are caught in a far away world and have an accident, injury or illness. Travel health insurance will pick up the parts your regular health insurance does not pay.
Covering your things
Travel insurance will also cover your personal belongings in the event that the belonging are lost or stolen while traveling. I had a friend who was in Italy on vacation and doing some business. He had brought expensive camera gear, lenses and photo shoot material. He was at a shoot and they all took a break for lunch. When they came back all his camera gear was stolen!
He was pleasantly surprised when his travel insurance covered 100% of the cost for new camera gear. He did say it took them about 45 days to investigate his claims and return the funds which was annoying but in the end he was made whole.
Covering your trip
In the event that life happens, travel insurance will cover you trip in any unforeseen circumstances such as trip cancellation, delay, or interruptions.
Hybrid long term care insurance
If you are still lost on my initial insurance reference, I will clarify. Hybrid long term care insurance is a form of long term care insurance that combines long term care benefits with life insurance, giving you the best of both worlds. The insurance product exists in the case that you need long term care but also in the event that maybe you don’t. Hybrid Long Term Care Insurance will even cover you if you have an injury while traveling abroad paying nursing home and home health care expenses up to two years.
About 15 companies offer a plan so be sure to shop around like anything.
One company I am personally familiar with is the Nationwide CareMatters II product which recently announced higher rates for their product. Beginning on January 11, 2021 their hybrid long term care insurance plan, Nationwide Care Matters II will be raising rates an average of 10%. The good news is those wanting to beat the price increase dead line have about a month from the date of this blog to grandfather yourself into the lower cost rates.
My point is regardless of which type of insurance you are searching for, there are usually plenty of options. When it comes to vacation insurance, I definitely recommend it especially for those who travel often or are considering a big trip. Review your options and select a policy that feels best for you.