By Aimée Lloyd, CFP®, CDFA®, CFA | Founding Partner, Keel Financial Partners
There are few things I love more than time near the water. A Cape Cod beach, a boat on Puget Sound, anywhere the pace slows down and the view opens up. Travel, for me, is one of life’s genuine pleasures. And after years of helping clients plan their financial lives, I have also come to appreciate that a little preparation before a trip makes the enjoyment of it that much easier.
Not because something is likely to go wrong. But because knowing you are covered if it does allows you to be fully present when it doesn’t.
Below are several general planning considerations to review before a meaningful trip, whether you are heading to Europe for three weeks or Hawaii for ten days.
Travel Insurance: What It Actually Covers
Travel insurance is one of those things people either overlook entirely or buy without fully understanding what they have purchased. It is worth a few minutes to get it right.
A comprehensive travel insurance policy typically covers trip cancellation and interruption, emergency medical expenses, medical evacuation, lost or delayed baggage, and travel delays. The most important of these for international travel is usually emergency medical and evacuation coverage.
Most domestic health insurance plans provide limited or no coverage outside the United States. Medicare does not cover care abroad at all. If you or a traveling companion has a medical emergency overseas, the out-of-pocket cost without coverage can be substantial. Medical evacuation alone can run into the tens of thousands of dollars.
When evaluating a policy, consider whether the medical coverage limit appears appropriate for your destination, whether pre-existing conditions are addressed if relevant, and whether the policy includes 24-hour assistance services that can help coordinate care in an emergency. It may also be worth reviewing any travel-related benefits available through your credit cards, as some premium cards include meaningful protections.
Medical Preparedness Before You Go
Carry a written summary of your medical history, current medications, and any allergies. Include the generic names of medications since brand names vary internationally. If you take prescription medications, bring more than you think you need and keep them in their original labeled containers to avoid issues at customs.
If you have a significant health condition, consider scheduling a brief check-in with your doctor before a long trip. For destinations with specific health risks, the CDC travel health website is a useful resource for recommended vaccinations or precautions.
Know in advance how to access emergency medical care at your destination. A quick search before you leave, or a note from your travel insurance provider, can tell you which hospitals or clinics are recommended for visitors in major cities on your itinerary.
Financial Access While Traveling
Notify your bank and credit card companies before you leave. Many institutions still flag international transactions as potential fraud, and having your card declined at a hotel check-in is an avoidable inconvenience.
Carry more than one form of payment and keep them in separate places. If a wallet is lost or a card is compromised, having a backup card and some local currency on hand keeps things manageable.
For longer trips, consider a dedicated travel card or a bank account with no foreign transaction fees and ATM fee reimbursement. Be thoughtful about using public Wi-Fi for any financial transactions. A VPN adds a layer of security if you need to access accounts while traveling.
Before You Leave: A Planning Checklist
Insurance and documents
- Travel insurance purchased and policy details accessible
- Passport valid for at least six months beyond your return date
- Copies of important documents stored separately from originals and accessible digitally
Medical
- Medications packed with extras, in original containers
- Medical summary prepared and accessible
- Emergency medical contact for your destination identified
Financial
- Bank and credit card companies notified
- Backup payment method packed separately
- Local currency obtained for immediate needs upon arrival
- VPN available for secure financial access if needed
Legal and planning
- Trusted contact or emergency contact informed of your itinerary
- Estate documents current before an extended trip
- Durable power of attorney in place for someone to manage affairs if needed
The Bigger Picture
Travel is one of the most rewarding things we do with the lives and resources we have worked hard to build. A small amount of preparation before you go protects that investment and lets you be fully present for the experience itself.
Because travel planning can intersect with broader financial, insurance, estate, and health-related considerations, readers may wish to consult their own financial, legal, insurance, and medical professionals before making decisions.
Enjoy the journey.
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Disclosures: The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Financial planning is a tool intended to review your current financial situation, investment objectives, and goals, and to suggest potential planning ideas and concepts that may be of benefit. There is no guarantee that financial planning will help you reach your goals.
Artificial intelligence (“AI”) tools have been used to assist with drafting, formatting, summarization, or editing this material. Any AI-assisted content has been reviewed by Winthrop Wealth prior to use. AI tools are not used to provide personalized investment advice, recommendations, or individualized financial planning analysis.
