For many of us, it may be time to resume some normalcy with regard to traveling professionally or personally after a challenging year.
COVID-19 vaccines may be helping to increase our confidence, but there are still lingering risks and uncertainties in traveling today compared with traveling in the pre-pandemic years. For example, not all travel destinations are equal when it comes to potential COVID risks as some countries are still behind the United States in containing the virus. Additionally, no current vaccine is 100% effective, especially because some newer virus variants continue to evolve. And finally, if you are traveling with younger children, they may not yet be vaccinated.
If you expect to travel more in the coming months, travel insurance could potentially provide some peace of mind and reassurance in these still-uncertain times. Below we provide some food for thought as you decide whether travel insurance makes sense for you.
Evaluate Your Medical Coverage Before Traveling Abroad
Many domestic health insurance plans, including Medicare, do not cover you if you are traveling in a foreign country. A travel insurance policy may offer reimbursement for certain out-of-pocket costs related to emergency medical and dental care while traveling abroad.
Here are some steps to take to help you determine if travel insurance, in addition to your current medical insurance, is needed:
Expect the Unexpected
Remember, things did not always go according to plan when traveling before the pandemic. You therefore need to be prepared for the unexpected.
For example, if you must cancel a trip unexpectedly, a travel insurance plan can potentially reimburse you for non-refundable prepaid costs. If covered, these costs might include expenses such as non-refundable airline tickets, hotels, vacation rentals, or transportation reservations.
Even if your travel plans are not cancelled, schedule delays are certainly a possibility and can be a significant and costly inconvenience. A travel insurance policy may cover expenses related to these delays, such as airline rebooking fees, and any meals, accommodations, and transportation needed should overnight stays be necessary.
Finally, if you have traveled a lot in the past, you may have experienced that dreaded moment when your luggage did not show up at the terminal. Travel insurance may also cover expenses related to lost or stolen luggage during your trip.
Talk to Modera Before You Plan Your Next Trip
At Modera, we support our clients by helping address every aspect of their financial lives, including their insurance situation. As you think about your next trip, get in touch with your Modera team. Not only can we assist with coordinating efforts with various insurance specialists to help ensure you have the level of protection that makes sense for you, but we would also love to hear about your upcoming plans!
Modera Wealth Management, LLC (“Modera”) is an SEC-registered investment advisor with places of business in Massachusetts, New Jersey, Pennsylvania, North Carolina, Georgia and Florida. Modera may only transact business in those states in which it is registered or qualifies for an exemption or exclusion from registration requirements. SEC registration does not imply any level of skill or training. For information pertaining to our registration status, fees and services, please contact us or refer to the Investment Adviser Public Disclosure web site (www.adviserinfo.sec.gov) to obtain a copy of our disclosure statement set forth in Form ADV Part 2A. Please read the disclosure statement carefully before you invest or send money.
This article is limited to the dissemination of general information about Modera’s investment advisory and financial planning services that is not suitable for everyone. Nothing herein should be interpreted or construed as investment advice nor as legal, tax or accounting advice nor as personalized financial planning, tax planning or wealth management advice. For legal, tax and accounting-related matters, we recommend you seek the advice of a qualified attorney or accountant. This article is not a substitute for personalized investment or financial planning from Modera. There is no guarantee that the views and opinions expressed herein will come to pass, and the information herein should not be considered a solicitation to engage in a particular investment or financial planning strategy. The statements, information and opinions expressed in this article are subject to change without notice.
Investing in the markets involves gains and losses and may not be suitable for all investors and should not be considered a solicitation to buy or sell any security or to engage in a particular investment or financial planning strategy. Individual client asset allocations and investment strategies differ based on varying degrees of diversification and other factors. Diversification does not guarantee a profit or guarantee against a loss.