With summer fast approaching, many individuals and families are preparing for international travel. Whether that involves a short-haul break to Europe or extended time abroad. While much of the focus is understandably on destinations, accommodation, and logistics, it is equally important to review one area that often gets overlooked: insurance.
For high net worth individuals, travel insurance plays a crucial role in ensuring a smooth experience when things don’t go to plan. Rather than being an optional extra, the right policies provide access to medical care, support, and financial protection that can prove essential in a crisis.
Does your Private medical cover operate abroad: what to consider
Even for those with comprehensive private medical insurance at home, international travel introduces different variables. Many domestic health plans do not cover emergency treatment abroad or offer only limited support for overseas claims.
Medical costs in certain regions, particularly North America, parts of Asia, and remote locations, can be substantial. For example, treatment for a serious illness or injury in the United States can run into six figures, especially when hospital stays and specialist care are required. Fixing a broken leg can cost up to $7,500 and a short 3-day hospital stay is on average $30,000. You can see how the costs can quickly add up.
We have seen cases where travellers required air ambulance repatriation following an accident. Without suitable travel insurance or private medical cover, it is possible to incur medical expenses of six figure sums with one claim reported by Forbes coming in at more than £250,000. A well-structured private medical policy with global reach can remove those barriers, ensuring rapid access to care and a coordinated return home if necessary.
Key features to look for include:
- Emergency hospital treatment abroad
- Medical evacuation and repatriation
- Access to private healthcare networks worldwide
- 24/7 support from medical assistance teams
Travel Insurance: Beyond the Basics
Standard travel insurance often falls short when applied to more complex or higher-value travel plans. Comprehensive travel cover should extend well beyond lost luggage or flight delays, particularly when travelling with valuable items or to remote locations.
High net worth travellers should consider:
- Trip cancellation or curtailment due to illness or emergency
- Delays or missed connections impacting onward travel
- Medical expenses for emergencies when a Private Medical Policy doesn’t operate
- Cover for political unrest or natural disasters in the destination country
Travel insurance should also reflect the way you travel. Those who take multiple trips each year may benefit from annual multi-trip policies, while more complex or high-risk itineraries may require specialist underwriting.
An Individualised Approach
There is no one-size-fits-all solution for private medical or travel insurance, particularly for individuals with bespoke needs. The best protection comes from policies tailored to your lifestyle, whether you are spending a month abroad, travelling with dependents, or engaging in specific activities.
If you already have private medical insurance, it is worth checking what international elements are included and whether any exclusions could apply while you are away. Likewise, travel insurance should be reviewed regularly, especially if your plans or circumstances have changed.
Planning Ahead
The best time to review your insurance is well in advance of your departure. By approaching insurance as an essential part of your travel planning, you reduce risk and increase confidence. It allows you to focus on the purpose of your trip, knowing you have reliable support in the background should anything unexpected occur.
Get in touch
If you have any concerns or queries on your insurance cover please don’t hesitate to speak to us.
You can call any of the team on 0203 002 9859 or email pcl@jameshallam.co.uk.