Last week we reminded all travellers, and especially snowbirds, that now is the time to finalize your choices for emergency medical travel insurance. As I hoped, we had a tremendous response from readers with suggestions, tips and the odd horror story.
First off, let's re-establish that it is very dangerous to leave Canada without comprehensive travel medical insurance. Financial devastation could be the result of a sudden illness or accident in another country, especially if you are travelling in the U.S. Health care costs there far exceed those of most other countries.
The most dramatic story passed on to me this week (admittedly unverified) was that a young fellow in a motorcycle accident was admitted to an American hospital, underwent extensive emergency surgery, but still passed away the next morning. The hospital presented the family with a bill for $104,000 US.
A real shock (for me) came as I was editing this column. A client's daughter called to say our client was in intensive care at a hospital in Europe while on vacation.
Clearly, travel health insurance is necessary. Trip cancellation and baggage-loss protection can be considered optional, as those occurrences are less likely to be financially devastating than getting sick while travelling.
Remember to read the fine print of any insurance contract. Be clear on exclusions, limitations and deductibles. Pay special attention to comments about pre-existing medical conditions and general definitions.
Many people (like me) depend on their group insurance coverage from their employer or protection provided by the gold credit card they use to book the trip. That may be OK, but be sure to read the contracts carefully (and even ask an expert's opinion) to make sure there is protection for your particular needs.
Several additional organizations were recommended who are specialists in travel insurance. One is Snowbird Medi-Quote Inc. (www.mediquote.ca) with offices in Winnipeg and Calgary. They are independent brokers representing a number of insurance suppliers. They can be reached at 1-800-661-3098.
Another way to find travel agents and insurance brokers with travel insurance expertise is to search TIC Travel Insurance Coordinators Inc. (www.travelinsurance.ca) This site lists agents by province and city.
Both websites provide useful general travel advice, as well as tips on medical insurance, so they are good places to surf.
For being real independent specialists with value-added services for travellers, Snowbird Medi-Quote particularly impressed me. They have experience with which insurance companies handle claims quickly and fairly, and will advocate for clients who are having problems with claims, where they have done everything right. They represent that they have read the fine print and can help recommend the most appropriate policy for each situations.
Owner Lori Yorke made a number of good suggestions to me. These included shopping on more than just price, as differences between insurance company policies could mean a medical condition is covered under some, and excluded under others.
Another suggestion is to secure your insurance prior to the end of August, as most companies' early-bird pricing was based on a Canadian dollar at par. With a roughly six per cent decline in the loonie since then, several insurance companies can be expected to introduce price increases September 1.
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CRA has issued an alert to taxpayers that someone is using their name and logo to phish for your personal and banking information. An official-looking letter was mailed to a number of taxpayers asking for this information.
To view more detail and a copy of the letter, go to www.knowledgebureau.com, who passed on this alert.
Is nothing sacred, when you can't even trust that it is really Big Brother trying to take your money?
Have a great weekend.
David Christianson is a fee-only financial planner and investment counsel with Wellington West Total Wealth Management Inc. His column appears Fridays. You can e-mail him at dchristianson@wellwest.ca.
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