When we go on vacation we are constantly told to purchase travel insurance, however, for some reason, when we are simply just popping over the border to do some shopping it does not seem to cross our minds.
It might not be that obvious when you cross the border for a quick trip but if you get sick or injured in the U.S. you might need to sell your home to pay your bills.
You should be aware that your provincial coverage may not pay for all the health care costs you may incur outside the province, and the difference can be substantial.
For example, B.C. pays $75 (Cdn) a day for emergency in-patient hospital care, while the average cost in the U.S. often exceeds $1,000 (US) a day, and can be as high as $10,000 (US) a day in intensive care. For this reason, you are strongly advised to purchase additional health insurance from a private insurer before you leave the province, whether you are going to another part of Canada or outside the country — even if you plan to be away for only a day.
Considering the insignificant cost for travel insurance for a day or two, you would be crazy not to have this peace of mind in place.
The type of insurance you need in this scenario would be emergency medical coverage which can cover you up to $5 million with some insurers.
If you are going away for an extended period you could purchase emergency medical coverage only or purchase an all inclusive plan that has additional coverage for:
• Trip cancellation and interruption insurance
• Baggage loss, damage or delay insurance
• Death and dismemberment insurance for flight or travel accidents.
Another option one has is to purchase single trip or multiple trip travel insurance.
Single trip coverage obviously covers you for one trip while multiple trip coverage can cover you for a number of trips in your policy year. You can choose how long you want your multiple coverage to cover you by selection from four all the way up to 30 days.
Travel insurance — Don’t pack without it!
Remember to always consult your advisor before taking any action.
Written by Stuart Kirk, CIM
Stuart Kirk is an Investment Funds Advisor with Manulife Securities Investment Services Inc and a Wealth Advisor with Precision Wealth Management Ltd. The opinions expressed are those of the author and may not necessarily reflect those of Manulife Securities Investment Services Inc or Precision Wealth Management Ltd. For comments or questions Stuart can be reached at stuart@precisionwealth.ca or 250-954-0247.