We’ve covered several topics associated with travel insurance. One area we haven’t touched on is the unfortunate price of travel insurance if you actually happen to be sick, to begin with. Specifically, travelers with cancer are subjected to some drastically high premiums when it comes to purchasing travel insurance.
What’s crazy is that a patient doesn’t even have to actively be receiving treatments to be subjected to the high costs. Even patients that have already been treated for the illness are going to be staring down some ridiculous prices. Unfortunately, this is preventing a large number of people from being able to travel. The good news is that the Financial Conduct Authority is working with the travel insurance industry to address the issue. Hopefully, the intervention by the FCA will help more than 15 million people travel who have previously been sidelined by the travel insurance industry.
The issues that patients have faced when trying to get reasonable insurance rates can really be boiled down to a lack of understanding and effort. Once companies found out that a traveler was a current or past cancer treatment patient, they would provide an expensive premium quote and then wash their hands of the conversation. People weren’t given any alternative coverage options and the insurance companies really weren’t making any efforts to understand their potential customers’ illnesses and the risks associated with traveling.
Ultimately, this led cancer patients to adopt the mentality that they were completely uninsurable when it came to traveling. With the help of the FCA, these people will soon be able to shop around for some reasonable alternatives when it comes to coverage.
Some representatives in the travel insurance industry have made attempts to justify the disparity in premiums by saying that some customers weren’t honest about pre-existing conditions, and the medical costs for receiving treatments in foreign countries can cost tens of thousands of dollars. However, many of these same companies also acknowledge that more efforts could be made to learn more about their potential customers’ health issues, and more reasonable packages and alternative coverages could be offered.