No doubt about it, it’s expensive to travel abroad: hotels, plane tickets, car rentals, restaurants, entertainment and more. It’s understandable that you wouldn’t want to add travel insurance to the list. It’s one more thing to pay for (and not that exciting).
But none of these expenses will compare to having a medical emergency while you’re travelling in another country.
Unexpected Change in Travel Plans
Imagine being in another country and someone you’re travelling with suddenly get sick on the last day of the trip. Think about the additional costs you might be faced with:
- extending your hotel stay by a day, a week, or a month
- flight change fees or new flight paths
- missed income from being away from work longer than anticipated
- extra child care or pet care for those left home
When you are injured or sick enough to need professional healthcare, air travel may be out of the question or medically unfeasible. (Think about the restrictions nowadays on boarding a plane with any symptoms of illness.)
The fact is, accommodations, airlines, and ticketed venues don’t accept responsibility for your personal medical needs.
These sunk travel costs don’t even include the real expenses: medical care.
What Will US Medical Care Cost You?
Most Ontarians live within a few hours drive of the US; it’s a popular destination. Travel insurance within Canada is increasingly relevant as the cost of providing medical treatments goes up. If you happen to get sick while in the United States, the average daily hospital cost is $2,607 USD. The average cost of a hospital stay in the US is about $11,700 USD.
Average Costs for Common Surgeries in the US (2018):
- heart valve replacement: $170,000
- angioplasty: $28,200
- spinal fusion: $110,000
- hip replacement: $40,364
- heart bypass: $123,000
- knee replacement: $35,000
- cornea: $17,500
- hip resurfacing: $28,000
- gastric sleeve: $16,000
- gastric bypass: $25,000
What Will Travel Insurance Cover?
Most Canadian insurers, such as Blue Cross, offer $1 to 5 million dollars in emergency medical care and trip cancellation insurance. This includes coverage for procedures and services like:
- Single or Multi-Trip Plans
- Prescription drugs required to treat emergency situations
- Prescription drugs required to treat emergency situations
- Coverage for COVID-19
- $5 to $10 million for emergency medical care
- Hospitalization fees
- Ambulance (Ground or Air Transportation)
- Fees for nurses, physicians and other health care professionals for emergency medical treatment
- Prescription drugs required to treat emergency situations
- Emergency repatriation by air ambulance or commercial flight with a medical escort
- Return of your travelling companion and/or family members covered by the same policy
Doesn’t My Credit Card Provide Travel Insurance Coverage?
Some credit cards come with a travel insurance policy. But pay very close attention to the policy wording. Look at these areas, in particular:
- Maximums and limits on the benefits offered
- Coverage for pre-existing conditions
- Length of stay
It’s best to not rely on your credit card, and be sure to check the fine print.
What Factors Affect Travel Insurance Cost?
There are many variables that can impact how much you’ll pay for your travel insurance policy:
- Duration of your trip
- Monetary value of your trip
- Ages of everyone on the trip
- Current health and medical stability of all those travelling
This is where it makes sense to talk to a travel insurance expert. Looking at multiple policies from a few difference insurance companies can be overwhelming. The coverage and wording of the policies is just different enough to make you wonder if you’re comparing apples to apples. Also, when you account for the health conditions of you and your travelling companions, it can seem impossible.
Is Travel Insurance Worth It?
With so many factors that influence the final numbers, it’s hard for us to provide a specific cost. A good rule of thumb is to add between 4 – 12% to the total cost of your trip.
Imagine you’re spending $12,000 for a bucket-list experience. Adding $480 – $1,440 to give you peace of mind is not unreasonable when you consider the potential costs of a medical emergency, and the current state of the travel industry.
Learn more about our Blue Cross travel insurance for Ontarians. If you’d like to talk with one of our advisors, we’re happy to provide a quote.
Our travel advisors are not tied to a specific insurer. They work for you and their services and advice are free. In addition, all MacLellan Moffat travel advisors are certified by TRIP- a governing body for travel insurance professionals.