Friday, February 27, 2015

Tips to shop around for the policy that best meets your needs.



Have you ever experienced feeling "overwhelmed" in looking for travel insurance? 

If so, you are not alone. There are so many types of plans from different insurance companies. So what do you do? Follow these steps.

Steps to find travel insurance that meets your needs

1) Understand what travel medical insurance is.
http://www.fsco.gov.on.ca/en/insurance/brochures/Pages/brochure_shopfortravel.aspx
2) Choose a couple of plans to compare.  Read each policy carefully.  If it's not on the website, ask for it.
3) Do not just look at price. Make sure to choose the policy of sufficient coverage.
4) Ask questions to an expert.


The following questions also will help you to go through the process.

Travel Medical Insurance Check-list(source:FSCO)

  • Do I already have sufficient coverage through my credit cards, employee benefits, etc.?
  • What is the maximum each policy will pay above Ontario medical insurance limits?
  • Is there an age limit or medical criteria for who can apply?
  • Does age affect the kind of coverage I can expect?
  • How does the policy define a pre-existing condition? Will a pre-existing condition of mine affect my coverage?
  • Are there any medical exclusions that apply to me?
  • Will I have to pay a deductible? If so, how much?
  • Does the policy contain a co-payment clause? What percentage of medical expenses will I have to pay?
  • Will the insurance company pay the hospital or physician directly? Or will I have to pay the full amount myself, and then be reimbursed later by the company?
  • Does the policy exclude any sports or activities I plan to do on my trip?
  • Do I need approval from the company before seeking medical treatment?
  • Does the company offering the policy provide a toll-free, 24-hour help line that I can call in an emergency?
  • What if I want to stay away longer than originally planned? Can I extend my policy to cover me for the extra time I’m out of Canada, and how do I make the necessary arrangements?
Still not sure? Pleasure to help you. Contact us info@biis.ca 


Source:Finance Services Commission of Ontario(FSCO)

No comments: