Summer vacation is for many families just that; a time for vacation, to get away from the daily grind and enjoy some leisure and relaxation. These trips are either out of country or even simply out of province but they often provide opportunities for excitement, exploration, adventure, and all the costly risks that are associated with these experiences.
However when planning a family vacation one thing to remember is tragedy or injury is unsuspecting. Good things usually happen but bad things sometimes happen and without adequate coverage for protection on these vacations, the costly liability of these bad things can be extreme.
To act as a reminder before taking vacations, Canadian banks and insurers such as BMO are in some cases offering what they call financial tips for the summer, one of which is ensuring your family is protected under proper travel medical insurance. As Canadians we are used to our universal health care accessible through our health cards whenever we need it.
However that coverage stops at the border of our home province and any travel made outside our homes leaves us vulnerable to medical costs should the need arise. For example visiting the U.S. and suffering a broken leg could cost up to $20,000 for treatment without proper travel medical insurance and further overseas could be even higher.
BMO encourages Canadians to review their travel insurance plans before making their trips. Checking to see specific coverage is one of the most crucial things to do, as most basic travel insurance plans cover things such as lost luggage or missed connections but leave out medical care; finding a plan that does provide the extra coverage takes that financial concern of a potential hazard away so you can focus on getting the best treatment if tragedy strikes.
The bank also says to check how the insurer makes payment, either directly to hospitals or only after you pay an upfront cost to be reimbursed; knowing the procedure saves you the trouble if you wind up in the hospital. And absolutely like with anything you sign, be sure to read the fine print so there are no loop holes that could leave you hanging out to dry.
Vacation is meant to be enjoyed and often families don’t want to think of something tragic happening on their time away. But anything can happen in this world and being prepared for the worst just helps to calm the nerves. Normally paying into insurance doesn’t do much in everyday life but it’s those unexpected moments when coverage keeps you safe in the wake of an accident. Be prepared and enjoy your summer holiday.