Dáil Éireann Debate, Wednesday - 14 February 2024
108. Deputy Matt Carthy asked the Minister for Finance if travel insurance policies are obliged to provide for the costs associated with medical care in the event that a person is in a critical condition in a medical facility in another jurisdiction covered by the policy, beyond the dates covered by the policy itself; and if he will make a statement on the matter. [6972/24]
View answerAs the Minister for Finance overseeing the legal framework governing financial services regulation, including the insurance sector, I must emphasise that the provision of insurance cover, particularly in the area of travel insurance, is primarily a commercial matter determined by insurers. Accordingly, the EU Solvency II Directive dictates that neither the Government nor the Central Bank can mandate insurers to extend coverage beyond the terms specified in the policy. However, it is imperative for individuals to understand the coverage provided by their travel insurance policies, particularly regarding medical care abroad.
Travel insurance serves as a vital safeguard against unforeseen circumstances while abroad, encompassing essential provisions such as emergency medical repatriation and coverage for personal emergencies. It is incumbent upon travellers to secure policies tailored to their specific needs, including adequate coverage for medical expenses, which can escalate significantly in critical situations. Hospital bills and medical evacuations can incur substantial costs, underlining the importance of selecting an appropriate insurance policy.
It is strongly advised that consumers familiarise themselves with the conditions as set by the provider, including provisions relating to pre-existing conditions, medical coverage and travel contrary to official advice. Moreover, individuals should be aware of the exclusions and restrictions stipulated in their policies, and seek clarification from insurers if uncertainties arise regarding specific risks or circumstances
In conclusion, while Ministerial oversight extends to the regulatory framework governing insurers, the responsibility for understanding and selecting suitable travel insurance policies ultimately rests with the consumer. As such, preparation, including thorough policy review and adherence to terms and conditions is important to ensure adequate coverage while travelling.
