According to a government website, there are approximately 900,000 Australians living and working overseas at any one time. Australians are renowned for their globetrotting – how often have you come across an Aussie serving behind a bar in even the most remote of places around the world?
There are a number of reasons you might be working overseas: maybe you’re heading off to work in your company’s overseas office; perhaps you’re an independent contractor whose skills are in demand all over the globe; you could be studying overseas and need a part-time job; or maybe you’re just young and filled with wanderlust but need to fund your travels.
Whether you’re a backpacker with a holiday job or an expatriate working in New York you’ll need some decent travel insurance. The risk of becoming a casualty of illness or a serious accident increases exponentially with the length of time you live away from home. The potential costs arising from unexpected incidents such as these, could leave you financially burdened for a very long time. For example, hospitalisation in some European hospitals can cost upwards of $1,000 a day. A travel insurance policy will go a long way towards minimising the possibility of monetary losses.
Here’s a few things to look out for…
¥ Check to see that your particular occupation is covered.
¥ Be mindful of the fact that your policy may not extend to public liability cover whilst you’re at work. Have a chat to your prospective employers – there’s a very good chance that you’ll automatically have access to public liability insurance through your employment contract.
¥ Please note that it is unlikely that any insurer would cover you at all for any work involving the use of mechanical or industrial machinery. However, if you are, ask them if they can extend cover for you.
¥ Typically, “light” or “non-manual” work such as bar and restaurant work, office work, nursing and even fruit picking would be covered but you will need to check with your insurance supplier.
Don’t forget to ensure that you have all your relevant employment documentation with you and check to see if you need a special working visa! You might like to take a look at the Australian Government DFAT website http://www.smartraveller.gov.au that will give you excellent guidance and information on working overseas.
By: Josh Harrison
Archive for November, 2009
Working Overseas Travel Insurance
November 30th, 2009Travel Accident Insurance Should Be A Necessity
November 26th, 2009
Travel Accident Insurance Programs usually cater to those individuals who want some kind of insurance for themselves while traveling both inland as well as out of the country, to try and secure their financial risks in case of an accident or any untoward incident.
Travel medical insurance protects your health and covers most health risks while you are traveling. The coverage covers you ‘Travel Medical’ and’ Evacuation’ that insures you in case of an emergency during traveling. Short term plans to immediate ones, from even 5 days to a year and it generally covers accident, illness and emergencies.
Insurance provides accidental death and dismemberment for eligible individuals traveling on business and pleasure. One of course has to be eligible for insurance coverage. In case of business travel coverage, it is usually the company he/she is working for which acts as a guarantor for the individual.
Insurance coverage is always a matter of concern for most travelers.
All eligible individuals are covered for 24 hours a day, through out the world against accidental death and dismemberment. Most coverage spans start from the time an eligible person leaves his/her residence or work place or whichever is the place of origin of the travel.
The continuity of a trip apart from what has been specified will not be covered by the insurance. An insurance coverage does not include any loss, which occurs during that particular time period other than what has been specified. All travel procedures and conditions must be in accordance with what has already been agreed upon by both parties.
At times the travel accidental insurance does not cover certain activities, which might be designated as dangerous or hazardous by the insurance companies.
There are certain conditions under which the travel accident insurance does not cover, these being, both fatal and non-fatal incidents, incidents like suicide, attempt at self-destruction, and disease of any kind, bacterial infections except those which occur through accidents or wounds.
Most of the Travel Accident Insurance Plans pay according to the amount agreed upon to the beneficiary you have chosen for yourself. In case of an accidental death during traveling or unforeseen accidental circumstances, the sum will be paid to you or your benefactor depending on the circumstances.
After completing the insurance formalities and naming your beneficiary, you may change it whenever you want to with prior notice period. Usually accidental death reimbursements are normally compensated in a lump sum amount of cash.
Though if, your beneficiary chooses he or she may deposit the entire amount or fraction of the death benefit to any personal account established by the insurance carrier. Funds may be withdrawn as and when necessary by checks written against this account.
There are of course several benefits of an insurance coverage for travelers, more so if the nature of travel is unfamiliar or unknown. In such cases all hazards and inconveniences may be duly provided for by the insurance companies depending on the type of insurance coverage one has applied or opted for.
By: Will Moore
Medication Changes and Travel Insurance – Pre-Existing Medical Conditions Coverage
November 26th, 2009
Medication changes or adjustments can cause a stable medical condition to be classified as a pre-existing medical condition under many travel insurance companies plans. Now, I don’t mean to say that all travel insurance plans throughout the world work exactly like I’m going to explain it. I only work with 6 trip cancellation travel insurance companies mainly because I don’t think it’s possible to know the details of scores of different plans.
Also, before I go further into this subject I just need to say that what’s commonly known as travel insurance really has two different categories:
- travel health / medical insurance
- trip cancellation / interruption travel insurance
While nearly everybody thinks that these kinds of plans are the same, in reality they’re not for a few different reasons. So, with the purpose of trying to help you avoid likely claim problems with “travel health / medical insurance plans”, here is what we say:
“Pre-existing conditions are not covered. A pre-existing condition is defined as any injury, illness, sickness, disease, or other physical, medical, mental or nervous condition, disorder or ailment that, with reasonable medical certainty, existed at the time of application or at any time during the three years prior to the effective date of the insurance, whether or not previously manifested or symptomatic, diagnosed, treated, or disclosed prior to the effective date, including any subsequent, chronic or recurring complications or consequences related thereto or arising therefrom.”
I won’t bore you with all the other differences between these types of plans, since I am only addressing changes of medications and pre-existing medical conditions.
Back to the trip cancellation travel insurance plans. Typically, these plans have a Lookback Period of 60 – 180 days prior to the date the travel insurance is purchased. If the person’s medical condition has been diagnosed, treated, received advisement on, had symptoms of or changes or adjustments in their prescribed medication during that Lookback Period then most companies will define that medical condition as a pre-existing medical condition.
Having a pre-existing medical condition doesn’t mean you can’t get travel insurance. It just means that order to get coverage for that pre-existing condition with a trip cancellation travel insurance plan, you have to purchase the insurance within the specified deadline to receive the waiver of the pre-existing medical conditions exclusion. Here are the four rules that you need to follow:
- With a few exceptions, you have to insure at least your trip’s full prepaid, non-refundable cost (you can’t round it down). If you don’t know your final trip cost, estimate it high to be safe. You can always lower to the correct trip cost prior to your departure date. If it drops you to a lower trip cost range, you’ll get a partial refund. and
- The person (including non-traveling family members) with the medical condition has to be medically stable when you get your insurance and
- You must get your travel insurance in the first 14 or 21 days after your first trip payment date or no later than 24 Hours after you make your final Trip payment and
- You have to cover your trip’s full length.
By: Steve Dasseos
