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)

Friday, February 13, 2015

Medical Expenses in U.S. - Based on real claims.





Medical expenses in United States are notorious for being astronomical figures. 
But, do you really know how much it cost you?

Insurance Company RSA Travel Insurance is disclosing medical cost you'll be billed if not covered with travel insurance. Those numbers are persuasive as they're based on the real claims.


Case A - She's 42 years old. While driving with her friend in US, she runs a stop sign resulting in whiplash and a broken arm. 


Here's the cost breakdown.
-Hospital Stay for 3 days from $12,900(Buffalo) to $29,100(Detroit)
-Physician from2,000(Buffalo) to $4,400(Detroito)
-Ambulance average $1,000
-Incidentals(meals, accomodations for her friend, etc.) about $1,500
TOTAL COST $17,400 - $36,000

If she purchased travel insurance at $32, the cost would be $0.




Case B - He's is a healthy active young man residing in Manitoba. He travels to top ski destinations around the world. Despite he's a good skier, he breaks is leg during a ski trip.

Here's the average cost for hospital one night stay, cast medications, physician, ambulance, incidentals(meals), and repatriation.

Canada out of home province(*)  $1,400
Zermatt, Switzerland    $13,300
Killington, VT               $27,800
 Aspen, CO                  $55,700
Squaw Valley, CA         $67,900

TOTAL COST RANGE FROM $1,400-$67,900.
With purchase of travel insurance at $25-35, the cost would be down to $0.



Now we're on the same page. It's no use crying over split milk. Protect yourself & enjoy your trip!
Need to know more? Contact us: info@biis.ca


Source:RSA Travel Insurance Inc.
http://www.rsatravelpartners.com/article/2014-11-27/infographic-claims-profile-driver-edition
http://www.rsatravelpartners.com/article/2014-10-29/infographic-claims-profile-ski-edition

(*) Average of Whilstler, BC and Mont-Tremblant, QC




Thursday, February 5, 2015

What is not covered by GHIP



It is well known that prescribed drugs and dentistry are not covered by Government Health Insurance Plan(GHIP). But there's more exclusion. The following is a summary of an article from CBC website.

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1) Ambulance Fees

- Most provinces charge a user fee of $45 to more than $500.
Saskatchewan and Newfoundland and Labrador also charge a user fee for transportation between hospitals.

2) Hospital Parking

- It can be expensive for patients who need regular treatment such as chemotherapy or dialysis.
-Parking fees are a major revenue source for many hospitals, and the rates have been rising across the country.

3) Crutches, wheelchairs

- Crutches, casts,canes can cost you.
-
Wheelchairs, walkers and hearing aids are also not covered, though some provinces have programs to help offset the costs.

4) Paperwork

- Getting those from doctors are not covered: Medical files, prescription refills, insurance or disability forms, or medical notes for school or work.

5) Medically Unnecessary procedures

- Wart removal (which can cost you $50 or more) 
- Treatment of varicose veins 
- Infant circumcision (which typically costs between $200 and $500)
- In some provinces, an annual physical exam is not covered
- Cosmetic procedures- Vaccinations needed for travel.
Source:CBC website
http://www.cbc.ca/news/health/5-medical-costs-you-may-have-to-pay-for-1.2945539
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The article on CBC website points out downside of this system; " A Marketplace survey found that 42 per cent of Canadians say they might delay calling an ambulance because of the cost."  It is so unfortunate if you have to think of cost when your life is in crisis.  Extended Health Care provided by private insurance companies will ease your mind.
It also should be noted that prices for those medical expenses vary from province to province.For instance, a traveller who has BC MSP will have to pay $240 if he is to call 9-1-1 for a land ambulance service in Ontario. If this happened in his home province, the cost will be $130. This is why Provincial Governments encourage Canadians who travel across Canada to obtain additional private medical insurance.  No worries. Many insurance companies offer travel insurance at a good price for Within Canada Only travelers.

Purchase insurance today for your peace of mind.  Call us and we can help you!

Questions? Contact us info@biis.ca