The pandemic has made it necessary to get a travel insurance plan to shelter the seasoned jet setters. Many insurance providers and brokers offer a myriad of travel insurance options you can opt for. However, before looking at some of the best ones, let’s delve into why you need these types of coverage in the first place.
Travel Insurance: Which Provides Coverage For Covid-19?
Travelers are now planning for the possibility of the pandemic derailing them, but it hasn’t always been that way. Many insurance providers didn’t consider covering for epidemics, let alone the pandemic, as they were historically excluded from travel insurance. Today, we’re telling a different story.
Many insurance companies are evolving and have started providing travel insurance with Covid-19 coverage in Singapore. However, most regard Covid-19 just like any other illness and would only cover medical expenses or trip cancellations after you’re diagnosed with Covid-19 before the trip. Other travel insurance plans will only cover the cost of quarantine.
The quarantine insurance plan may cover a set of meals, transportation, and lodging. Therefore, travelers must be careful when purchasing a particular plan.
Fine Line Print
It’s important to note that self-administered Covid-19 tests alone won’t get you the travel plan coverage. A doctor must diagnose and confirm you have Covid-19 to be eligible for the coverage. Therefore, when you find out you have Covid-19 through a self-administered test, it is highly recommended to visit a physician to have it diagnosed and recorded efficiently.
It is crucial to read the fine print, which is the terms and conditions of a policy. This ensures you comply with the policy to take effect. Some providers use the traditional travel insurance plan and make changes to the policy to accommodate Covid-19 coverage. Others have incorporated a new whole insurance plan optimised for Covid-19 coverage.
The Importance of Travel Insurance
Many countries have set stringent measures for incoming travelers to enter a particular country. For example, it is a requirement for travelers to purchase travel insurance that covers Covid-19 that their National Government offers before travelling. Other countries require travelers to get travel insurance if they’re not vaccinated.
For instance, Singapore requires incoming travelers who aren’t vaccinated to carry travel insurance. The coverage should have a minimum of $20,000. Vaccinated travelers are encouraged to get one, but it isn’t a requirement.
Know the Requirements and Check for Updates
The regulations for Covid-19 often change, making it hard to keep up. As a result, some countries say they’re implementing travel measures only to revert and remove them altogether. Moreover, some countries have officially removed this policy but still have border agents asking for it.
Therefore, checking the requirements of the country you travel to is important. You don’t want to be in a situation abroad where the only thing limiting you from getting quarantine or medical services is your travel insurance.
Things to Look Out for While Trying to Purchase a Travel Insurance from MoneySmart
• Finding the right policy for where you’d like to go: Is the policy covering people aged 65 and above? Do you want an annual or one-off policy? These questions can help you select the right travel insurance.
• Do the research and read the fine print: It has never been more crucial to read the terms of the agreement before settling on particular travel insurance. Make sure that it clearly states that it has Covid-19 coverage or an option to add-on.
• Disruption comprehensive cover is essential: Most travel insurance would cover emergencies, but the best one will have a comprehensive disruption cover. It doesn’t just cover illness but also delays, missed departures, and enforced stays.
• ‘Cancelling for any reason’ insurance plan: If you want the utmost flexibility on your travel insurance plan, consider those with cancellation options for any reason.
MoneySmart offers various travel insurances with multiple policies to cater to all.