TORONTO, ONTARIO -- (Marketwire) -- 05/24/12 -- As part of BMO Financial Group's ongoing commitment to financial literacy and 'Making Money Make Sense' for Canadians, BMO is releasing a financial tip every week in 2012.
BMO's Financial Tip of the Week: Take advantage of credit cards that offer affordable emergency medical travel insurance to save hundreds of dollars and have peace of mind when you travel out-of-country.
Summer is a popular travel time for Canadians. But if they're travelling without emergency travel insurance and require medical attention, they are personally liable for any charges that exceed their government-plan limits. Hospital stays in some popular U.S. vacation spots can cost up to $10,000 per day, well beyond the coverage limits of most provincial plans. The Ontario Health Insurance Plan (OHIP), for example, limits daily out-of-province emergency medical care to just $400 a day.
If you're travelling outside of Canada, don't forget to budget for insurance and potential emergency medical costs. Consider paying for your trip with a credit card that offers medical travel insurance.
"Always check with your credit card company in advance of your trip to confirm that your credit card offers you the emergency medical travel insurance you think you need," says Rebecca Tascona, Director, Credit Card Products, BMO Bank of Montreal. "Some cards, like the BMO World Elite MasterCard, offer excellent coverage that can save cardholders hundreds of dollars on the cost of coverage and potentially thousands if a serious and immediate medical care situation arises while you're travelling."
BMO World Elite MasterCard, which is available for an annual fee of $150, provides 21 days out-of-country travel medical coverage (for up to $2 million in eligible expenses), as well as trip cancellation and trip interruption insurance, car rental insurance, Priority Pass membership, which includes access to more than 600 VIP airport lounges worldwide, and BMO ELITE Rewards, with a 15,000 points welcome bonus -- equivalent to a $285 travel credit that can be used right away.
Check www.bmo.com/worldelite for more details. Some restrictions may apply, so always check with your credit card issuer to review the details of your coverage before heading off on your trip.
For more tips on how to reduce debt and save, please visit www.bmo.com/smartsteps. If you have questions about the best financial product and service options for your specific needs, stop by a BMO branch to speak with someone who can help you.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $525 billion as at April 30, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.