By now, many of us are itching to book a trip and getaway.
However, how do you protect yourself from losing money if you need medical care or need to cancel due to COVID?
While insurance may not cover everything, here are a few things that you can do to protect your wallet:
If you are planning to travel outside of the United States, be prepared for new costs, policies, and requirements for traveler’s medical coverage.
Some countries may require you to pay a fee for their country’s coverage and some will require comprehensive travel insurance. However, it is very important to ask questions and read the fine print about coverage, limitations, and exclusions.
Many travel insurance plans now specify that they will provide medical coverage for travelers who become sick with COVID. However, unless you add a “cancel for any reason rider”, you may lose out if you cancel due to fear of travel or government travel restrictions.
“Cancel for any reason” riders also come with their own limitations and restrictions, and the cost to add these riders can be costly. Keep in mind that many of these riders require cancellation at least 48 to 72 hours prior to departure, and may only reimburse about half of the cost.
When booking airline tickets, consider purchasing refundable fares, and check with hotels and other accommodations about cancellation policies.
If you plan to travel, make sure that you continue to stay up to date about new travel policies and restrictions.