Peter (not his real name) recently took a multi-week trip, which included a cruise through Scandinavia. On the cruise portion of the trip, Peter was diagnosed with a form of pneumonia and had to be taken to the nearest port for treatment at a private hospital.
After four weeks in the hospital, Peter was presented with a bill for approximately $400,000. If Peter wasn’t able to take a Commercial Airliner home and required an Air Evacuation, (Included in most Travel Medical Policies), the cost out of pocket would exceed $100,000.
For all we hear about the “free health care” in Europe, Private Care in many countries comes with a hefty price tag for visitors. Sometimes, you aren’t even allowed to leave the hospital without payment. Mexico, one of the most popular destinations for North Americans, is known for being especially strict in this regard.
Thankfully, Peter had overseas Global Travel Medical coverage.
So, how can you travel internationally while protecting your wealth and limiting your out of pocket financial exposure in case of a catastrophic illness or accident?
The answer is: Obtaining an affordable Global Travel Medical Insurance plan, which can also include evacuation coverage. And guess what… it’s likely much cheaper than you expect.
There are some policies such as Umbrella insurance, Long Term Care insurance and Domestic USA medical insurance that we believe can help preserve a family’s finances. We strongly recommend that our clients — and you! — consider a Global Travel Medical coverage , when traveling abroad…No Matter the Length of the Trip!
Bourke Wealth Management is not in the business of selling global medical insurance.
While we don’t offer global medical insurance, John McGee of Expat Global Medical does, (his company has insured travelers and expats since 1992). I chatted with John and discussed some of the highlights of this type of insurance. Our conversation was quite lengthy, so John’s answers have been abbreviated. Please reach out to him with further questions via his website.
Kevin: John, tell us some of the details we need to know about global medical insurance.
John: First off, if you have primary health care insurance coverage back home, you can purchase global travel medical coverage that will cover pre-existing conditions.
Kevin: What if I have Medicare?
John: This works with Medicare as long as you have a supplemental or Medicare Advantage policy.
Kevin: What is the upper age to obtain this type of coverage?
John: You can often obtain this type of coverage up to age 95.
Kevin: What type of coverage does this type of policy provide?
John: Coverage includes COVID-19 Testing and treatment, Post-Departure trip interruption, Quarantine benefits up to $50 per day/10 days, Up to $ 1,000,000 of coverage, Covers pre-existing medical conditions, 24/7 Telemedicine Support, Medical and Air Evacuation, No precertification penalty.
(still) John: There are actually three legs to this stool you should be aware of: 1) Trip cancellation insurance. This is the one you see whenever you purchase a flight and will reimburse costs that are not refundable due to some type of emergency that doesn’t allow you to go . 2) Travel Medical insurance. This protects you if you become ill while traveling outside the US. 3) Air evacuation insurance. This will fly you home, to a facility of your choice.
Kevin: Why add air evacuation on top of the medical plan? Doesn’t it include air evacuation?
John: The included air evacuation in the Travel Medical plan will take you to the nearest facility that can perform a lifesaving procedure. If you’re in Cancun it might take you to Miami. Or it might take you to Mexico City. A stand-alone air evacuation policy will bring you home to your preferred medical facility.
Kevin: When does air evacuation insurance kick in?
John: The Air evacuation policy, which is a stand-alone program, kicks in when you’re 150 miles away from home in the USA, Canada or Mexico, this plan is very popular with the RV community and for those who want more control and a more liberal definition to trigger the benefit.
Kevin: Does this type of insurance consider pre-existing conditions?
John: Air evacuation includes pre-existing in most plans. You must read the fine print. Or ask me and I can help you navigate the various choices of policy.
Kevin: How long a trip can I take with this type of policy?
John: The basic travel medical policy my clients secure covers a trip of up to 70 days per trip. If you’re going to be gone longer, you’ll need to extend coverage.
Kevin: What’s the cost for the medical portion?
John: Oftentimes our idea of what coverage like this costs is much higher than the actual cost. A couple in their sixties can obtain an annual 70 day Multi-Trip policy for under $500. Get a quote. You might be surprised.
Kevin: And is there a deductible?
John: Yes, often the deductible is as low as $250.
Kevin: Can I purchase this policy part way through a trip?
John: No, it must be purchased before you leave the United States. If you’re overseas and decide to extend your stay past seventy days, you can do that while traveling, only up to an additional 20 days. If your trip is 6 months for example, I suggest a strategy that you purchase a 70 Days Multi-Trip plan and then secure the additional days , (Day 71 will be when the 2nd plan starts, all the way up until your return date to the USA.
Kevin: How much does it cost for me to hire you, John?
John: I’m actually paid by the insurance company so you will know your premium costs upfront.
Kevin: Thanks, John!
Here are three sites you might peruse. We have not vetted them or done due diligence, but they might provide you with a starting point.
John’s Site: https://expatglobalmedical.com/travel-medical-insurance/
https://www.insuremytrip.com
https://www.squaremouth.com
Protect your family. Protect your finances. If you travel, please obtain appropriate coverage.
· Bourke Wealth Management does not share revenue with John McGee or Expat Global Medical.
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