Travel Insurance is slowly gaining importance as people tend to travel a lot more for both work related and personal reasons. Travel Insurance is a great help in the case of unexpected emergencies especially medical emergencies. Below are some common questions you might have regarding travel insurance.
Why is Travel Insurance Necessary?
Travel Insurance is of use in case of emergencies such as a medical emergency. Imagine falling sick on your vacation and running out of funds for your treatment. But if you have travel insurance, such issues will be catered to by the insurance firm so you can relax and travel without worry.
What is a TPA?
TPA or Third Party Administrator is a service provider hired by an insurance firm that takes care of all your queries while filing claims or even for general enquiries. TPA’s are a boon when you travel abroad since most insurance providers have TPA’s in foreign countries who will assist you in case you need to file a claim. TPA’s can be thought of as an outsource firm hired by the main insurance company that looks after its customers in foreign locales.
In case of hospitalisation, is approval required?
For OPD and simple consultations, you can always file a reimbursement later on but if you need to avail of cashless facility, then you would need to contact the relevant TPA who will guide you about the procedure.
When will I receive my policy?
After you have purchased a policy, most insurance providers will ship it to you within a period of seven days. If you have purchases a policy online, you can also take a print out of the same which is treated as a valid document in case of claims.
Cancellation of Policy and refunds
You are free to cancel your policy anytime, no matter which insurance firm you may hired. In case of cancellations, the amount of premium paid will be refunded as per the insurance provider’s guidelines which differ depending on the firm hired by you.
How to check which hospital is covered by a service provider?
Most insurance providers have TPA’s in almost all countries but you should check with the service provider prior to purchasing a policy to be on the safe side. For example, ICICI offers TPA’s in most foreign locales as they have a tie up with Europe Assistance that includes all major hospitals.
Extension of policy
You are free to extend your policy as many times as you may require. There is no limit on the same.
Does Travel Insurance cover a pre existing illness?
Usually, pre existing illnesses are not provided for in case of travel insurance unless the situation is life threatening. For example, if you suffer from diabetes, medical expenses would be reimbursed only if the situation is life threatening, else not.
Is Passport loss, baggage loss covered for in the policy?
Yes. Most insurance providers include such issues in their policies. Reimbursement is even given in case your baggage is delayed for more than 24 hours and you need to purchase emergency items.
