Why Is Coverage of Pre-existing Conditions So Important for Travel Insurance?
This post was written in collaboration with MSIG Insurance (Singapore). While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best recommendations and advice in order for you to make personal financial decisions with confidence. You can view our Editorial Guidelines here.
Singaporeans’ love for travelling is certainly no secret to anyone, but as MoneySmart’s recent Travel Insurance Survey 2018 showed, a large proportion of Singaporeans don’t actually pay much attention when it comes to buying travel insurance.
Sure, some of us may get it for peace of mind when we’re travelling, and we’ve definitely heard from people who say that when it comes to shorter haul trips, they might not be so worried about not being covered because they won’t be overseas for that long.
That’s not to say that travel insurance isn’t important, but one of the key problems that people have faced previously is the fact that many policies in the market don’t cover pre-existing conditions. How does this really impact you? Let’s take a look here:
How does coverage for pre-existing conditions work?
As with every insurance policy, there are certain terms, conditions and exclusions under which the policy coverage works. In the case of people with pre-existing conditions, MSIG’s TravelEasy Pre-Ex policy covers persons whose pre-existing medical conditions are stable and controlled.
To make the application process seamless, an applicant is first pre-qualified using a set of questions to determine their coverage eligibility. The applicant must meet all the conditions in order to be eligible for cover.
The cover is activated upon the acute onset of a pre-existing medical condition while the policyholder is travelling out of Singapore. TravelEasy Pre-Ex helps to cover expenses resulting in overseas emergency medical care needed, such as in-patient treatment and hospitalisation charges, and/or emergency medical evacuation and repatriation.
What are some common conditions that are covered? These might be conditions such as strokes, high cholesterol, diabetes, cancer and high blood pressure, and even asthma, among others.
Why is this so important?
Many travellers might not see the importance of this coverage for themselves at this point in time, but as our population ages and the high cost of medical treatment overseas, this is something that is critical for consideration for those who want to continue their love for travel. Health problems do not only hit the aging population in Singapore, and there is a growing trend of health issues affecting our younger cohort as well.
Singaporeans love to travel regardless of their age and it can be a challenge. But the worry that their condition will act up when they are overseas and not having any cover for it might continue to hang at the back of their minds.
With insurers such as MSIG coming into the market now with TravelEasy Pre-Ex to cover pre-existing conditions, people who do fall under this category can travel with greater peace of mind.
The worst thing that can happen would be to go on a holiday without any coverage. It’s important to note that while your travel insurance premium might be higher, this should not be the consideration as it is only a fraction compared to what you have to fork out of your own pocket when medical emergencies happen during your trip due to your pre-existing medical condition. Remind yourself, if you can afford to travel, you want to travel worry free.
What are some key things to take note of?
Anyone who is 18 years old and above with pre-existing medical conditions can apply so long as their condition is stable and controlled. If they are aged above one month and below 18 years, their parents or legal guardian may apply for the insurance on their behalf for child coverage.
The medical-related conditions that you need to meet in order to qualify are:
- Following your treating doctor’s advice on medication, medical tests, treatment or surgery
- No medical condition or symptom which you have not consulted a doctor or pending medical test, diagnosis, treatment or surgery.
- Not required to receive treatment at a hospital’s Accident & Emergency Department more than once in the last 12 months
- Not required to stay in a hospital as an inpatient for more than once, or for a duration which is not more than 3 days in a row over the last 12 months.
That being said, you can see that actually if your pre-existing medical condition really is stable and controlled, these conditions won’t be hard to meet. Just take note that terminal illnesses, sexually transmitted diseases, as well as pregnancy and its related conditions are not covered.
MSIG Insurance’s TravelEasy Pre-Ex policy now allows you to get coverage for pre-existing medical conditions. Consisting of 52 benefits of which 1 to 51 are similar to their existing TravelEasy plan, benefit 52 covers claims arising from a pre-existing medical condition requiring hospitalisation when you are overseas. To find out more, click here.
You can easily apply here or click on the banner.
What are your thoughts on coverage for pre-existing conditions? Have you experienced a situation where you couldn’t claim insurance because of this? Share them with us here!