If you ask me what is that one thing about living in America that makes me feel proud, I would undoubtedly say the world class health care facilities the country has to offer. However, it is also true that healthcare costs in the US are about twice as much as in any other developed nation in the world.
The major reason for this is the high administration costs. The country spends about a quarter of its healthcare costs on administration. An article on The San Diego Union-Tribune added that the US pays more to its doctors, hospitals and drugs than any other country in the world.
However, this does not affect the decision of the aspiring visitors to travel to the US, although it has certainly fuelled their desire to think about buying some protection for themselves, in the form of travel insurance. Due to increased awareness, higher business travel expenditure, and rise in the number of senior travellers, more people are investing in travel insurance than ever before.
It is due to this reason that the global travel insurance market is expected to garner $28,264 million by 2022, growing at a CAGR of 8.5% during the period 2016-2022, according to a Travel Insurance Market Report published by Allied Market Research.
If you are still wondering whether the investment in travel insurance is really worth it, read on.
5 Benefits of Buying Travel Insurance
- Financial Recovery from Medical Expenses:
An enjoyable holiday or important work trip could be totally ruined if the traveller were to fall ill or meet with an accident. This is not just because of the need to recover from the affliction but the need to recover from the financial impact of seeking healthcare in a foreign land. This is where travel insurance comes to the rescue, preventing a health emergency from turning into a financial crisis.
- Covers You for Medical Evacuation:
What if you are in such a bad state that you need to be sent home? Travel insurance will cover you for medical evacuation, which could include ambulances, airlifts, and medically equipped flights back to your home country as well. You’ll be covered for all the expenses incurred during medical emergency transportation to the nearest medical facility too.
- Protection against Trip Cancellation and Interruption:
The advantages of travel insurances don’t stop at healthcare. In case a traveller needs to cancel or shorten their trips due to some unavoidable reason, travel insurance will cover them for losses in terms of payments made towards air fare, hotel bookings and more, which you might have paid prior to the trip, in preparation for it.
- Cover against Death:
While no one wants to meet with a disabling accident or death, such a situation is even worse when you are far from home, in a foreign land. However, if the unfortunate were to occur, the Accidental Death & Dismemberment clause of travel insurance will pay a predetermined amount to your beneficiary. It will also cover for the expenses incurred in transport the remains of the person back to their home country or the cost of burial in the country in which they died.
- Cover for Unforeseen Losses:
A comprehensive travel policy covers you for loss of baggage or personal belongings, travel delays, tour operator default, personal liability, legal expenses, emergency reunion, terrorist attack, dental expenses, and more.
When buying travel insurance, look for a provider that has a good track record of providing the above mentioned benefits and 24/7 assistance to clients worldwide.