Credit cards that offer travel medical insurance may differ considerably in coverage limits, exclusions and requirements before signing up for them. It’s essential that you do your homework when applying for these benefits before making your decision.
Credit card travel insurance usually offers protection for an array of expenses, from emergency medical evacuation and transportation services, to primary/secondary rental car coverage.
Coverage
Credit card travel protection benefits may be useful, but their scope is generally limited. Most cards offer flight accident and limited trip cancellation insurance coverage only; while only certain policies offer medical coverage which often falls far short of what would be covered under a standalone policy.
Credit card travel protection generally protects both cardholders and their immediate family members for up to a certain dollar amount should any injuries or losses occur during an eligible trip, typically around $3,000-5,000 depending on which cardholder has it.
Medical coverage is usually the centerpiece of credit card travel protection plans, but its extent varies between cards. Travelers with serious health concerns might prefer purchasing an independent travel medical policy that offers greater coverage; such policies might cover preexisting conditions, cancellation due to medical reasons and more – some even provide rental car collision damage protection beyond what basic coverage offers.
Deductibles
Some credit cards offer additional travel medical insurance coverage. This form of protection typically reimburses for up to $100,000 of medical costs if an injury or sickness arises while using your card on common carriers like planes, cruise ships, trains or buses that you paid with them – unlike travel accident policies which only provide protection in the case of death or dismemberment.
Some credit cards may include trip cancellation and interruption insurance, lost luggage reimbursement and auto rental collision damage waiver as additional perks; these vary by card issuer and product.
Example: Chase Sapphire Preferred offers trip cancellation and interruption insurance, trip delay reimbursement, primary car rental coverage when purchased with this card and primary medical evacuation coverage if necessary for extended stays abroad. It’s essential that before applying, one researches each card’s specific features carefully in order to make an informed decision.
Exclusions
Be sure to review your credit card’s insurance benefits thoroughly before using it. While policies differ by issuer and card type, many cards provide emergency medical and evacuation benefits as well as rental car coverage as well as trip cancellation/interruption protection.
Typically, this coverage can provide you with medical expenses should anyone in your immediate family become sick or injured while traveling over 100 miles from home. Furthermore, it reimburses for non-refundable expenses, like pre-paid tour packages and airline tickets should your trip need to be cancelled unexpectedly.
Some credit cards provide roadside assistance benefits such as towing, jump starting, lockout service and fuel delivery up to one ton capacity of any vehicle in their tow or being pulled behind it. Who is covered varies by card; typically cardholder and immediate family are covered. Certain activities, such as travel to high-risk destinations or countries experiencing emergency states of affairs are excluded from coverage by certain cards.
Requirements
Some cards require you to pay travel-related expenses with the card before filing a reimbursement claim. You will likely need receipts, key documentation such as letters from travel providers denying or delaying refunds, doctors’ notes or police reports as well as other details depending on your policy.
Credit card travel medical insurance provides emergency coverage in case of severe illness or injury, along with trip cancellation, interruption, rental car loss/damage coverage and trip interruption/cancellation services. In exchange for an annual fee on their card, these benefits could possibly offset some costs related to these benefits.
Before selecting a credit card with travel medical insurance, carefully evaluate its annual fee and features such as coverage limits, deductible amounts and add-ons. Compare each card’s offerings against others until you find one that best meets your travel goals and needs; for more comprehensive protection consider supplementing it with additional plans.
