The results of a recent study have shown that travelers are not purchasing medical coverage before they leave.
According to the results of a recent study on summer vacations, only half of Canadians who head out of the country during the summer purchase travel insurance to cover themselves in case of a medical emergency.
This includes those who are headed to the United States or abroad on their vacations.
The travel insurance study was conducted by BMO Insurance. What it determined was that among the 83 percent of Canadians who intended to take a vacation of some form during the summertime, the most popular destinations were the United States, as well as countries in Europe, and in Central and South America. On average, they expected to spend $3,073 each on their vacations.
At the same time, among the items purchased before leaving, travel insurance was bought by only half.
Failure to purchase travel insurance coverage by these vacationers is potentially leaving them – and their families – in a financially vulnerable position if they should be required to pay the high costs of medical coverage if they should fall ill or have an accident while they are out of the country.
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According to the BMO Insurance vice president and chief operating officer, Julie Barker- Merz, “While it’s great news that so many Canadians will be taking advantage of the great weather to hit the road and get some rest and relaxation this summer, it’s a concern that so few will be protecting themselves against the unexpected by purchasing travel medical insurance.”
Falling ill while outside of the country can be a very costly event. In the United States, a Canadian could have to pay up to $20,000 to pay for care following a broken leg. Requiring an air ambulance from Florida to Ontario could cost a traveler $15,000.
Travel insurance may also need to be purchased by Canadians who are traveling within the country – a fact of which many people are unaware. When traveling to another province, they may not be covered for all forms of medical care that would be available to them if they were inside their province of residence.