Tsvetanka Krumova on Channel 3’s Every Afternoon with Chrissy
How do we insure our summer vacation overseas?
The Executive Director of Armeec Insurance JSC, Mrs. Tsvetanka Krumova talked about insurance products that will give us peace of mind during our vacation on Channel 3’s Every Afternoon with Chrissy explaining some of the finer points regarding placement, prices, and covered risks, should an insurance event occur.
According to Mrs. Krumova, the best way to protect our summer vacations abroad is to purchase Overseas Travel Assistance Insurance as it will allow us to enjoy ourselves at ease. The policies our tour operators offer in their packages usually have very low insurance limits in case of insurance event. This means that if something happens, the insurance amounts will not be sufficient to cover our costs and we may end up paying the difference. Mrs. Krumova’s advice is to place the insurance ourselves because it is not expensive at all. The recommended coverage limit for travels in Europe is EUR 25 000 while in America it is about EUR 30 000.
Having a European Health Insurance Card does not make the Overseas Travel Assistance Insurance redundant because the former can be used only for emergency and urgent medical conditions and its coverage is determined based on the applicable legislation of the particular member state you were in. In other words, if the law says patients must pay of their medical bills themselves, Bulgarians traveling in that particular country will also be required pay. It is also worth knowing that some EU member states such as France and Belgium require patients to provide full cash payments for the medical services they have received and this can potentially cause a great deal of inconvenience.
Unlike the European Health Insurance Card whose coverage depends on local legislation, the Overseas Travel Assistance Insurance provides full coverage within the negotiated insurance amount limits. Besides the standard medical costs for doctor’s exams and hospital treatment, the insurance covers non-medical risks such as theft, lost or delayed luggage and so forth. Should an insurance event take place, you will be able to get help from the operators of the 24/7 assistance center who will direct you to a hospital and a medical specialist. Furthermore, payments are usually made directly so the insured individuals do not have to pay cash. Also, if you travel to Turkey, Macedonia, the United States or any other state outside the EU, your European Health Insurance Card will not do you any good.
In conclusion, Mrs. Krumova talked about insurance covering the risk of us not being able to travel. It is a product called Travel Cancelation Insurance. It provides coverage for the instances where your trip has been canceled for medical or nonmedical reasons. What you should know about this product is that it will get you back your travel arrangement costs you incurred prior to your trip which are otherwise non-refundable such as plane tickets and hotel reservations, should your trip get canceled, interrupted, cut short, or prolonged.
Click here to watch the entire show.
Every Afternoon with Chrissy, April 29, 2015.