|Medipac Travel Insurance Deductibles
A policy Deductible is the dollar amount of covered expenses that a client will be responsible for paying in the event of a claim. For any insured claim, covered expenses are first applied to the extra-provincial health care benefits as provided for by the client's provincial health insurance plan. The Deductible amount, as specified in the client's travel insurance policy, must then be paid by the client (usually by credit card) before any remaining covered expenses are paid under the Medipac Travel Emergency Medical Insurance policy.
An easy way to decrease your travel insurance premium is to choose a higher Deductible. Insurance premiums are lower with higher Deductibles because you will bear more of the claim cost with a higher Deductible.
The Medipac Travel Emergency Medical Insurance Plan offers a number of Deductible options depending upon the rate category in which you qualify. Deductibles available include:
- $99 U.S.,
- $1,000 U.S.,
- $5,000 U.S.,
- $10,000 U.S.
All Deductibles are in U.S. funds and are assessed on a per trip basis (i.e. only once for a 6-month policy, regardless of the number of claims made, and for each trip taken under the coverage of the Annual Add-on, if this optional coverage is selected).
Tips for choosing a Deductible:
Choose a Deductible that you can afford. When purchasing travel insurance you are purchasing "peace of mind" (read your policy before travelling). In the event of a medical emergency, your focus should be on your health only, not on whether you can afford the policy Deductible.
However, if any of the higher Deductibles are within your budget, significant policy premium reductions (between 10%-50%) can be achieved. Simply select the Deductible that is affordable in the event of a medical emergency.
Also, quite often a higher Deductible makes sense if you have existing travel insurance coverage with a Lifetime Maximum benefit or low Co-insurance level which will reimburse all or some of your Deductible.
Existing Insurance (Lifetime Maximum or Co-insurance)