Many health care plans don't cover policyholders when traveling especially when leaving the United States.
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These days, it seems as if people are insuring everything they own. Many companies offer insurance for just about anything, including the family pet. Amateur athletes have even been known to insure a particular body part (for instance, a college quarterback insuring his throwing arm), for fear of injuring that body part in amateur play and possibly costing himself millions of professional dollars down the road.
As insurance-happy as some people are, many more fail to realize the value of insurance, particularly when traveling. Newlyweds, for instance, after several hectic months of planning a wedding, might forget to get travel insurance for their honeymoon, an oversight that could end up costing them thousands of dollars.
For those about to hit the honeymoon trail, many insurance options are available:
-Trip cancellation insurance. A honeymoon, like a wedding, often is booked well in advance. Trip cancellation insurance covers potential honeymooners in the event they've chosen a cruise or other tour that goes out of business before they set sail.
In addition, this insurance can cover travelers in the case of a death in the family that might lead to a trip being canceled. Also, trip cancellation insurance might cover the unfortunate instance where a wedding is called off.
Travelers should beware that trip cancellation insurance is not the same thing as a cancellation waiver, a common offer from cruise and tour operators that comes at a fraction of the cost of actual insurance.
Oftentimes, cancellation waivers only cover travelers who cancel their trip well in advance. In addition, cancellation waivers often don't cover a cancellation during the trip, when some people might need to cancel due to illness.
-Emergency medical insurance. Many health care plans don't cover policyholders when traveling, especially when leaving the United States, leaving them open to all sorts of negative repercussions should they fall ill or injure themselves while on a trip.
If your honeymoon is on the ski slopes of Aspen, Colo., for instance, and you fall and break your leg, you could be responsible for all medical costs. If you're overseas and become ill requiring a hospital stay, your health care plan likely won't cover that stay, which could leave you to pay a bill costing thousands of dollars.
Before signing for this insurance, however, consult your current health care provider and see just what is covered and what isn't. In particular, if you'll be honeymooning in a less-industrialized country, ask if your plan would cover a flight to a country with better medical care.
-Baggage insurance. Every traveler fears losing their luggage. Honeymooners, in particular, don't want their special trip ruined by airlines that lose their luggage. Some homeowners' or renters' insurance policies actually cover off-premises theft of your belongings, so this insurance might not even be necessary.
However, it could be a good idea to add coverage anyway, particularly if you'll be packing along expensive equipment, like a nice camera to capture memories of the trip. Airlines, as well, often offer additional insurance coverage, but read the fine print first to assure that you're getting a worthwhile deal.
-Accidental death insurance. No one likes to think that they might die while traveling, but for newlyweds, particularly those who recently purchased a home together, accidental death insurance can be a way to ensure that your spouse is taken care of should your trip meet with unexpected results.
A life-insurance plan might make accidental death insurance moot, but look into it just to be safe.
— Metro Editorial Services
