You ask yourself if it is worth buying travel insurance or not after looking at the prices. Travel insurance from worldnomads.com costs about 80-85 euros a month. I wrote in an earlier post that I sprained my ankle and needed medical treatment in Bangkok and this is so much cheaper in third world countries than in western countries. The super luxury hospital Bumrungrad with superior treatment to any Swedish hospital I have been to cost me about 180 euros. This means that it will be cheaper to not have a travel insurance even if I a sprain my ankle and need new crutches every 3 months.
I have discussed this in Digital Nomad Academy and one fellow student’s said that he have never bought it during the years he has been traveling and that have saved him a ton of money. He also posted a link to a blog post written by Leo Babauta where he discuss reasons why it most likely is throwing your money away to pay for it. That I am quite healthy, I exercise and I can stay away from the most dangerous activities, like driving a motorcycle in South East Asia, will mean that travel insurance is a bad bet.
Putting these money away in a “personal medical fund” would mean that it would grow about 1000 euro a year. That would most likely mean 1000 euros a year that I will have later.
Even thinking about not buying travel insurance is unthinkable in Sweden. Every precaution is taken by Swedes to plan and be prepared for the worst. We don’t have to think about this back home because medical care is included in the tax you pay so this is a bit new to me.
There are obvious problems by doing it this way though. It can still get very expensive if something would happen, I don’t want to think about what surgery and a couple of months at the hospital would cost even if I am in a cheap third world country.
Another thing that might be hard to get your head around is what if the worst-case scenario could happen. I would probably worry about this every day and just that could be a reason to buy it.
So will I buy travel insurance or not? I haven’t really decided yet, but that I can afford it without any real problem will weigh over and I will buy it.
What do you think? Am i stupid even thinking about not having insurance? Please leave a comment.