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Traveling Overseas? Don't Forget Travel Insurance

There are several good reasons to look into travel insurance, particularly when taking a long business trip, an international vacation or any other potentially high-cost trip.

The basic purpose of a standard travel insurance policy (with trip cancellation coverage) is to reimburse travelers for any non-refundable trip costs if they have to cancel their trip due to a covered reason.

On top of trip cancellation, travelers can purchase medical coverage for emergency medical expenses incurred while traveling. This is particularly important for international travelers, as standard health insurance plans sometimes won’t cover medical bills from another country.

A good travel insurance plan with medical coverage will take care of medical care and related costs, (such as the expensive cost of transporting a patient back home if it includes an emergency medical evacuation benefit.)

For retirees on medicare, travel insurance with medical coverage is extremely important as medicare does not pay for treatment outside the United States.

PS: If you haven’t paid your taxes, you may lose your passport.

Richard Pon CPA, CFP