Whether you’re a digital nomad or an expat, a vacationer or a remote worker, no matter where you go in the world, you’ll want someone to back you up. Why? Safety, reassurance, peace of mind, and practicality.
Your personal insurance likely won’t cover you when you’re out of the country. That means no protection for your health, medical emergencies, your personal items, or your expenses on the travel itself. It’s like one of those bad dreams where you’re naked in front of the class, poorly reciting a Shakespeare sonnet. You are completely exposed.
Who wants to get caught unprepared like that in another country?
Travel and global health insurance can be your best travel buddies without being a drain on your budget. To determine what you need, though, there are a few basic questions to answer first.
Answer These Questions Before Seeking Travel Coverage
- Are you going solo, with family, or with a group?
Different plans are designed for these specific needs, and of course, the number of people in your party can affect costs.
- How old are you?
There’s no getting around it. Your age affects the cost of your insurance in just about any type of insurance you purchase, regardless of the quality of your health.
Insurance is simply risk redistribution. The reason older people pay more is that they are much more likely to have pre-existing health conditions and a higher likelihood of needing medical attention when traveling, especially during extended periods. For young children, however, the risk isn’t the same. Many travel insurance companies will insure children at a discounted rate or even free.
- How long will you be traveling?
Travel Insurance, such as that provided by Insured Nomads, covers shorter-term trips, typically under six months. Global Health Insurance or international private medical insurance (IPMI) protects you for more extended periods of time. When you travel for shorter periods of time, emergency coverage is more applicable to you; whereas, if you’re staying for over a year as an expat, you will benefit from coverage that assists with routine medical check-ups and support as well as emergency coverage.
- Are there any special circumstances that may require additional coverage?
- Will your travels include adventure or marine sports that put you at a higher risk of injury?
- Are you bringing pets that may need coverage?
- Are you concerned about flight delays and unexpected cancellations that cost you time and money?
- What about your stuff, like your phone, laptop, and jewelry?
Insurance can cover any situation, so it would help to think through and create a list of what you’d like covered before seeking coverage.
Typical Travel Insurance Coverage Costs
You can get a quick quote to peek inside what insurance may cost you simply by answering the first three questions above. Here are a few typical cost scenarios:
Figure 1: Typical Coverage Costs for Short-Term Travel Insurance with Insured Nomads
Figure 2: Typical Coverage Costs for Long-Term Global Health Insurance from Insured Nomads
What Travel Insurance & Global Health Insurance Cover
TRAVEL INSURANCE
As a traveler with Insured Nomads travel medical insurance, you’ll have access to quality health coverage and a multilingual support team, no matter where you find yourself. Their World Explorer travel insurance covers you from emergencies that might occur at any point during your trip in the country you are visiting. It’s ideal for single trips from 1-364 days to multiple trips in a year for individuals, couples, and families.
You can choose from optional adventure sports and marine coverage and pet insurance and trip cancellation.
If you’re alone and need help, you can access emergency medical evacuation at no cost.
Your emergency medical expenses are insured for up to $2 million through your insurance benefits, so you’ll be able to be reimbursed for any covered healthcare costs you accrue during your trip.
If you are a victim of theft, you can even be reimbursed for that under your travel insurance plan.
GLOBAL HEALTH INSURANCE
This covers you for emergency as well as routine, preventative and chronic care in the country or countries for which you select your plan. It provides ongoing medical coverage for the entire duration of your plan, typically for one year, and is renewable.
It’s ideal for extended trips or relocation for individuals, couples, or families, and it provides medical emergency and COVID-19 coverage.
It also provides trip interruption/cancellation/delay insurance.
Trip interruption insurance is used if you need to leave during your trip for a covered reason, such as a local emergency or illness. Trip interruption coverage can reimburse you for your unused prepaid expenses for the cost it takes you to get back home as well.
Trip cancellation insurance is used to cancel your trip due to a natural disaster or medical condition that has prevented you from traveling. It’s only applicable before you leave for your trip, and it covers prepaid expenses, such as a rental car, airfare, or hotel rooms.
Trip delay insurance is used if your trip is delayed for any reason outside of your control, and you end up with additional expenses for more nights in a hotel or more meals as a result.
Additional Value-Added Services
One differentiating factor about Insured Nomads is that when you purchase their travel insurance, you get exclusive access to the INC Membership app. A few of the value-added benefits include
- mental health counseling
- travel alerts, and an
- Urgent Response button.
The app also has quick access to tax information, which includes a resident tax risk assessment and tipping courtesies in the country to which you’re traveling.
These value-added services come at no cost and are available for 12 months, even after your coverage has ended.
Travel Insurance & Tax Benefits
Buying Travel insurance doesn’t come with any tax benefits. However, Andrew Jernigan, CEO of Insured Nomads, advises, “Tax liabilities are incurred when you spend specific amounts of time in certain countries. Working with a knowledgeable tax professional gives you the advantage of having a pro on your side as you wade through these waters.”
So, we hope you learned a bit more about how to select the right insurance for your next travel adventure. It’s an additional expense, no doubt, but one that you should consider as part of your overall journey so you or your family are never stranded without backup. No one wants to return home with those kinds of unplanned travel stories.