Insurers restore travel medical coverage for COVID-19

When the coronavirus pandemic escalated, insurers made it clear that travel insurance policies would not cover COVID-19-related treatments or hospital admissions. This created a conundrum for wealthy Canadians—especially older snowbirds—with homes in the U.S. or overseas, who found themselves grounded not only by non-essential travel restrictions, but also insurance policy exclusions.

Now, good news. As reported by the Globe and Mail, insurers Medipac Travel Insurance and the Canadian Association of Blue Cross have both reinstated coronavirus medical coverage in their travel insurance policies. Other insurers have said they’ll follow suit once Ottawa lifts COVID-related travel advisories.

“We are aware of the high number of COVID cases in certain regions, but we do not think the risks will impact the particular demographic of our clients,” Christopher Davidge, vice-president of marketing for Medipac, explained in the Globe article. “These individuals tend to be more mature, are more aware of the virus and the preventative measures that should be taken while travelling.”

No word yet on whether insurers will charge a COVID-19 premium, but the availability of out-of-country medical coverage is a step forward for high net-worth travellers, in particular those with residences abroad.

You can read the full article here.