Thoughts On Purchase Of Annual Medical vs Trip Insurance

[Bo1953]

Hello all,

 

My question is: I Am considering purchasing an Annual Medical policy, what do those who have this type of policy do for trip cancellation or related issues?

 

Are there policies which only cover the trip and not medical and I have missed this somehow?

 

I Am finding that it is very economical for us to purchase the annual for its' coverage since we travel within the U.S. for leisure, too as opposed to purchasing on a per travel basis...

 

OR am I not thinking of this in the correct way or with a correct approach?

 

We are both on Medicare.

 

TIA - bo1953

[Bo1953]

I also need to add, that I do not need a 'high end' credit card... so any other options, including a separate policy would be good input.

 

Thank you again - bo1953

[Jersey42]

11 hours ago, Bo1953 said:

My question is: I Am considering purchasing an Annual Medical policy, what do those who have this type of policy do for trip cancellation or related issues?

We have a GeoBlue Trekker policy which is an annual medical policy.  It also offers medical evacuation benefits that we find acceptable for our needs.  For Trip Cancellation/Interruption and other issues, it depends.  We have a Chase card that offers some coverage, and in almost all cases, the limits on the coverage are ok for us.  However there is a 60 day look back for pre-existing conditions.  While this is not currently an issue for us, it can be for non traveling family members.  For many trips, especially short trips from our home state of Florida, we usually rely on whatever we can get from the credit card.  If we had to cancel/interrupt and it was not covered due to a family member's pre-existing condition, we are often willing to self insure that risk.  For other trips, depending on the location, cost and current condition of family members, we may purchase a comprehensive policy that offers a waiver of pre-existing conditions.  For an upcoming Panama Canal cruise we elected to go with the Nationwide Essential plan.  It was inexpensive and it offers a waiver of pre-existing conditions. 

 

By the way, Chase Sapphire Reserve is expensive, but take a look at Chase Sapphire Preferred.  It does not offer all of the benefits of the Reserve card, but the travel insurance benefits may work for you.  Annual fee is currently $95.

[Bo1953]

15 hours ago, Jersey42 said:

We have a GeoBlue Trekker policy which is an annual medical policy.  It also offers medical evacuation benefits that we find acceptable for our needs.  For Trip Cancellation/Interruption and other issues, it depends.  We have a Chase card that offers some coverage, and in almost all cases, the limits on the coverage are ok for us.  However there is a 60 day look back for pre-existing conditions.  While this is not currently an issue for us, it can be for non traveling family members.  For many trips, especially short trips from our home state of Florida, we usually rely on whatever we can get from the credit card.  If we had to cancel/interrupt and it was not covered due to a family member's pre-existing condition, we are often willing to self insure that risk.  For other trips, depending on the location, cost and current condition of family members, we may purchase a comprehensive policy that offers a waiver of pre-existing conditions.  For an upcoming Panama Canal cruise we elected to go with the Nationwide Essential plan.  It was inexpensive and it offers a waiver of pre-existing conditions. 

 

By the way, Chase Sapphire Reserve is expensive, but take a look at Chase Sapphire Preferred.  It does not offer all of the benefits of the Reserve card, but the travel insurance benefits may work for you.  Annual fee is currently $95.

j - perchance, do you (or anyone else reading here) know if the 'total vacation' or only at least one (1) payment needs to be made on the Chase card in order to have full coverage?

 

Thank you and bon voyage

[Suzanne123]

Click on Trip Cancellation/ Trip Interruption.  You could call their number on the attached, but I believe they will only reimburse what has been charged to the card.

https://www.chase.com/card-benefits/sapphirepreferred/travel.

 

[Jersey42]

39 minutes ago, Bo1953 said:

j - perchance, do you (or anyone else reading here) know if the 'total vacation' or only at least one (1) payment needs to be made on the Chase card in order to have full coverage?

 

Thank you and bon voyage

With my card (no longer available) and I believe all of the Chase cards you only need to charge some of your trip in order to be covered for cancellation and interruption benefits. Here is the wording for Sapphire Preferred.  Confirming with Chase is never a bad idea, in case something has changed recently.

 

Covered Trip means any pre-paid tour, trip or vacation when some portion of the cost for such travel arrangements less any redeemable frequent flyer miles, points, coupons or certificates, or other types of redeemable Rewards has been charged to your Account:
• while the insurance is in effect
• to a destination of greater than one (1) mile from your primary residence
• and is for a time period that doesn’t exceed sixty (60) days in duration

[Jersey42]

The info I quoted was from the 5/2018 benefits booklet.  The current booklet is a lot different, and the wording is a bit confusing IMHO. So I am not sure what they will cover.  Here is a link to the full benefits booklet for Chase Sapphire Preferred.

https://www.chasebenefits.com/sapphirepreferred

 

Here is an excerpt from page 30.  Bold red is my emphasis.

 

Trip Cancellation /Interruption Insurance

 

The Trip Cancellation and Trip Interruption benefit provides
reimbursement for Eligible Travel Expenses charged to the
Cardholder’s Account up to ten thousand ($10,000.00) dollars
per Covered Person and up to twenty thousand ($20,000.00)
dollars per Trip, if a loss results in cancellation or interruption of the
travel arrangements.
The Cardholder and Immediate Family Members are covered when
the Cardholder’s name is embossed on an eligible Card issued in
the United States, and the Cardholder charges all or a portion of
a Trip to his or her Credit Card Account and/or Rewards programs
associated with the Account.

[Suzanne123]

So, I’m thinking that you would be covered for the part of the trip that is charged to your Chase card up to their limit.  I can’t imagine that, for example, if you charged $100 of your cruise cost to Chase and put the $5000 balance on Am Ex, that Chase would cover you for the amount you put on Am Ex.  
I could be wrong, but I’ve never known a bank to be that generous. 😄
 

[wrk2cruise]

My interpretation is that this has changed to be that only the things charged on the Chase Card.   It clearly stated in the past that only some portion needed to be on the card, but now it certainly doesn't state "portion".

 

Like others here I use a combo of Geo Blue annual policy for medical and Chase Sapphire Reserve for cancellation/interruption.  The reserve card does go up to $550 next year but the first $300 of travel charged against the card is applied as a credit (Have already had this credit on my January statement).  Given the other benefits of 3x points on travel/dining as well as being able to transfer points to airline loyalty programs that I use I find it a good fit for me.

 

When we return to traveling overseas again I will probably add medjet as well.

Edited February 15, 2020 by wrk2cruise

[Jersey42]

57 minutes ago, wrk2cruise said:

My interpretation is that this has changed to be that only the things charged on the Chase Card.   It clearly stated in the past that only some portion needed to be on the card, but now it certainly doesn't state "portion".

OK, I made some calls and got an updated guide to benefits for my older Chase Marriott card that I still use. In December 2019 they changed the terms so now Chase only covers the portion of the trip charged to the card.  I don't recall having been informed of the changes, but I may have missed it. The good news, is this change does not impact me. But, now I want to find out what else has changed.  Unfortunately the guide to benefits has been completed revised, so it is not easy to directly compare the old and new documents.

[greatestvalue]

I just spoke to Chase regarding my upcoming trip with Chase Sapphire Reserve and was informed, if any part of the trip is paid for with the CSR card the travel insurance will be in place. 

 

 

[LDVinNC]

12 hours ago, greatestvalue said:

I just spoke to Chase regarding my upcoming trip with Chase Sapphire Reserve and was informed, if any part of the trip is paid for with the CSR card the travel insurance will be in place. 

 

 

But for how much?  The entire cost of the trip, or only the amount that was charged on the card, if less than the whole trip cost was charged to the card?

[greatestvalue]

hi @ LDVinNC 

 

From the specific example provided, on the phone, by the benefits administrator, it would be the entire cost of the trip. 

 

From what I read in the guide she sent me, under evacuation (as an example) it says any portion of your trip charged you would be covered up to $100,000. I have not read the entire guide yet. 

 

This should be the most up to date guide, as I just received it via email on Feb 11, 2020.

 

Here is the link to the guide she sent https://www.chasebenefits.com/sapphirereserve2

 

Hope its ok that I have attached it here as well. 

 

Hope this helps 

Roberta 

 

 

Sapphire_Reserve 2-20-2020 Benefits Guide.pdf

[greatestvalue]

Whatever Chase covers: For me, it will be buy a GeoBlue Plan, purchase the Worldwide Trip Protector Plus plan and use the card for a piece of the trip.   For approx $122.00, that should cover it and is worth the next level of piece of mind. 

 

Thank you to everyone on the forums who share, as I had no idea how to go about getting insurance, what was needed and where to start looking.   ---

 

So thank you, thank you, thank you for making others lives much easier by sharing your experiences!!