Here's a few strategies to consider...
Insure the Deposit NOW...
To maximize all the benefits of your insurance policy the wise traveler does the following:
By starting a policy immediately, he lowers his daily cost for insurance by dividing the premium over a greater number of days. Example: $400 insurance premium divided by 180 days = $2.22 a day for insurance. If you know you are going to protect your trip, start the insurance now!
If all you have deposited is a minimal amount, you might ask why purchase now? The final premium is often greater than the initial deposit. The wise traveler wants to lock in the time sensitive benefits which are extremely beneficial!
Time Sensitive Benefits
If you start a policy (insure your initial trip deposit within 20 days of the deposit date and then add to the policy as you add to your trip cost) the following will be offered:
Waiver of pre-existing condition exclusion - If you have a medical situation causing you to cancel your trip, you need to begin a policy within the time sensitive period.
Financial Default - Cruise Lines can go bankrupt…ask Crystal Cruise travelers who are glad they had this benefit and got reimbursed!
Travel Ban - Check out below the reason to cancel if a country you are traveling to is raised to a Level 4 (“do not travel”) by the State Department and the CDC.
Calculate your premium for the deposit and start your insurance protection now!
Medical ONLY option…
When traveling overseas, Medicare and your domestic health insurance plan will not adequately cover you for a unexpected medical expense. Even if your plan says it will cover overseas, it would probably be for “emergency” (who decides what is an emergency?) expenses and on an “out-of-network” benefit.
If you do not want to insure for trip cancellation of your “non-refundable” trip cost (recommended), you should insure for the medical and medical evacuation benefits at a minimum to avoid a “bank breaking” event like a medical repatriation of being flown home after an expensive medical stay.
Use the Trip Cost of $1-$500 (SE or LX) and calculate your “post departure” insurance premium. When you click the button to apply, and you are asked what your trip cost is is…you will enter $500 (same price if you enter $1). By doing so you create a trip interruption benefit (pay extra travel expenses) of $750 (150% of the trip cost of $500) which may come in handy if your trip is interrupted or delayed due to an eligible reason.