11 ways international travel insurance saves you during long-term stays

People travel abroad for various reasons: business trips, higher-study programs, humanitarian work, or recreational travel. However, certain circumstances may compel an individual to stay overseas for an extended period. In such cases, international travel insurance becomes a crucial safeguard against various emergencies.

Long-term international travel insurance is a specific type of coverage designed for people staying abroad for several months or longer. Unlike typical travel insurance, which primarily covers brief trips and sudden emergencies, this type offers more extensive protection, similar to health insurance, combined with travel benefits.

This article will detail the benefits of travel insurance for a long-term stay.

How does travel insurance benefit extended stays?

For an extended stay abroad, international travel insurance plays a pivotal role in mitigating potential obstacles during your journey. The following are 11 benefits of travel insurance during an extended stay:

1. Extended coverage periods: Travel insurance plans are created explicitly for a few months to several years, providing flexibility for expats, students, bleisure tourists, and frequent travellers.
2. Hospitalisation and surgery: Coverage includes inpatient and outpatient medical treatments.
3. Doctor visits and prescriptions: Reimbursement is provided for consultations and essential medications.
4. Emergency medical evacuation: This benefit provides for critical medical emergencies requiring transport to an appropriate medical facility or back to the home country.
5. Waiting period modification: Some innovative travel insurance policies waive waiting periods for certain pre-existing conditions. Additionally, policyholders may be able to reduce the waiting periods for slow-growing illnesses. However, these benefits often come with specific riders or higher premiums.
6. Mental health support:
   Many insurance plans now offer coverage for mental health consultations and therapy.
7. Trip interruption/cancellation: Travel insurance plan covers non-refundable expenses if a trip is shortened or cancelled because of unexpected events.
8. Baggage loss/delay: The travel insurance plan also reimburses for lost, stolen, or delayed luggage.
9. Travel delay: Many comprehensive travel insurance plans compensate for additional expenses incurred due to a significant travel delay.
10. Personal liability: Protection against legal liability for accidental injury to others or damage to their property.
11. Repatriation of remains:
    In the unfortunate event of death abroad, coverage will be provided for returning to the home country.

The travel insurance benefits mentioned above are helpful in case of a long-term stay abroad. As a wise traveller, you must carefully consider these benefits and opt for them while buying a travel insurance policy.

Who requires travel insurance for extended stays?

Although extended stays can occur with anyone travelling abroad, a few groups will likely face such a scenario. Here are specific groups that might face a scenario of an extended stay and thus require travel insurance coverage:

• Digital nomads: Individuals who work remotely and travel continuously across different countries are called ‘digital nomads’. Because they often move between countries, digital nomads require comprehensive travel insurance coverage for multiple regions, adapting to their mobile lifestyle.
• Expats: People living and working in a foreign country for an extended period are termed expats. Work stays often extend due to unforeseen circumstances, so expats need a comprehensive travel insurance coverage to cover such extended stays.
• Long-term tourists/sabbaticals: Those taking extended leisure trips or sabbaticals require student travel insurance coverage in case of an extended stay due to an examination or recruitment program.
• Students Abroad: Students enrolled in long-term academic programs in another country require international travelinsurance.
• Missionaries/volunteers: Individuals undertaking long-term humanitarian or volunteer work abroad need travel insurance to cover unexpected medical and non-medical emergencies.

These groups require extensive travel insurance that covers multiple regions and adapts to their mobility lifestyle.

What should you consider when choosing a plan?

Given below are specific key considerations that you should never forget when choosing a travel insurance plan for an extended stay:

• Coverage limits: Ensure the medical coverage limits are sufficient for the healthcare costs in the destination country/countries.
• Geographical coverage: Confirm that the policy covers all intended destinations. Some policies exclude specific regions or countries.
• Deductibles and co-payments: Understand the out-of-pocket expenses required before the insurance coverage kicks in.
• Exclusions: Always carefully review what the policy does not cover, such as adventure sports, certain pre-existing conditions, or specific types of treatment.
• Renewability: Check if the policy can be renewed abroad, which is essential for indefinite stays.
• Network of providers: Some insurers have a network of preferred hospitals and doctors abroad, which can simplify direct billing.
• Customer service: Access to 24/7 emergency assistance is vital when in a foreign country.
• Cost: Compare premiums across different providers for similar levels of coverage.

How to adapt your travel insurance plan for an extended stay?

Here are a few important tips to optimising your long-term international travel insurance

• Assess your needs: Tailor the policy to your specific health requirements, travel plans, and activities. If you plan extreme sports, ensure they are covered.
• Research healthcare costs: Understand the typical medical expenses in your destination to choose an adequate sum insured.
• Read the policy documents carefully: Consider the policy wording, especially concerning waiting periods, exclusions, and claim procedures.
• Maintain home country insurance (if applicable): Some individuals choose to maintain a basic health insurance policy in their home country for continuity or when they return, alongside their international policy.

Wrapping up!

Investing in long-term international travel insurance is crucial for anyone planning an extended stay overseas. It offers vital financial security against unforeseen medical crises and travel interruptions, allowing you to experience and reside in a new country with confidence and without unnecessary financial worry.

Disclaimer: Verifying the policy details and coverage with the official policy documents is essential. Also, kindly consult a professional medical expert to verify the details of your health concerns.