Affordable International travel insuranceThere are many cheap international travel insurance plans also known as visitor insurance plans available in the insurance market today. These plans are broadly classified as Fixed or Limit benefit plans and Comprehensive plans. Review and Compare between fixed benefit and comprehensive insurance plans.
Fixed benefit insurance plans for international visitors are cheaper and economical compared to the comprehensive plans. However, these plans might work for minor medical issues and are not mostly recommended due to their limited benefits. But there are specific situations where customers may be advised to buy a good fixed plan. This can be true for people who are older than 89.
Let us see how we can cut down the premium costs by tweaking the other factors involved while purchasing the insurance policy, other than going a fixed benefit plan option.
Medical maximum coverage
Travelers can vary the medical maximum coverage. The medical maximum coverage options start as low as $25,000 onwards (it goes as low as $10,000 for older travelers). The lower the medical maximum coverage chosen, the lower will be the premium cost. Travelers should be aware of any minimum coverage requirements and buy their travel insurance plan accordingly. One example is the required minimum of Euro 30,000 while applying for the Schengen visa to travel to Europe.
Selecting a high deductible is one of the ways where the cost of the premium can be cut down. Comprehensive international travel medical insurance which are the most recommended and desirable plans are usually policy period plans, where the deductible is applicable only once during the certificate period of the plan and after that the customer is not required to satisfy the deductible value.
Sometimes paying high deductible is useful if the plan needs you to pay only the co pay and waive the deductible.
Cancellation and refund policy
In case you change your travel plans and do not travel, you can save money by cancelling a plan before the effective date of the plan and get a full refund with a small cancellation fee. Travel insurance plan can also be cancelled after the effective date, but a pro rated refund or unused portion of the premium will be refunded.
Renewal of the international travel insurance plan
It is important to remember the expiration of the international travel health insurance policy that has been purchased. Normally, insurance companies send a renewal reminder email to the customer's email ID when the expiration date of the plan is getting close. Look for a renewable plan while purchasing the insurance.