Travel Insurance Buying Tips for Senior Citizens
You have finally made it to retirement and are now ready to explore the world. Whether you prefer a cruise to the Caribbean, an RV trip through America’s national parks, or a European wine tour, travel is bouncing back after a long COVID lull.
Travel insurance can give you peace of mind as you embark on these adventures by safeguarding your financial and physical health. But as you may have noticed, policies can get more expensive with age. Travel insurance plans are calculated based on risk, and seniors generally have more health issues than younger people.
So which senior travel insurance policies are worth the extra cost? Let’s look at travel insurance options for seniors and tips for making the most of your policy.
Types of Travel Insurance Coverage for Seniors
When purchasing travel insurance, you should consider your health, activity level, planned activities, and the length of your trip in order to determine what coverage you need.
Emergency Medical Insurance
Emergency medical insurance is essential for seniors. It can cover treatment for everything from a broken ankle suffered in a fall to a life-threatening heart attack or stroke.
Emergency medical insurance is especially important when traveling abroad because many foreign medical facilities do not accept U.S. insurance plans, including Medicare. In fact, you may even have to pay for medical care upfront, which can cause unnecessary stress and quickly drain your bank account.
It’s important to remember that your travel insurance provider may not cover treatment for pre-existing medical condition(s). For the purposes of travel insurance, a pre-existing condition is defined as any illness, disease, injury, or other condition that happens prior to a plan’s effective date and for which you experienced symptoms or sought treatment. Your policy will state a pre-determined period (e.g., 120 days before your trip) that defines a pre-existing condition.
However, suppose your pre-existing condition has always required prescription medication to treat, or it’s not present before your trip. In that case, the health concern will likely be covered under your emergency medical policy.
If you want full coverage, consider applying for a pre-existing medical condition exclusion waiver. The waiver will cover pre-existing medical conditions during travel, but you may need to fulfill certain requirements, such as the following:
- You are a U.S. resident
- You purchased a medical travel policy within 14 days of your first trip deposit (and insure the total cost of your trip)
- You were medically able to travel when purchasing the policy
- You insured 100% of your prepaid and non-refundable trip costs
Tip: Medical conditions that are not eligible for a waiver include anxiety, depression, dementia, Alzheimer’s disease, and illness or injury related to alcohol or drug abuse.
Emergency Medical Evacuation
If you fail to purchase trip insurance with medical evacuation coverage, you may receive a huge bill if you are injured or become sick while away and need to be transported to a medical facility.
This coverage is particularly important if your trip involves potentially risky activities, like skiing in the French Alps or trekking through the Amazon rainforest. It is also relevant if you are traveling to a place without a sophisticated health care system.
Before adding an emergency medical evacuation policy, review the benefit amount and any exclusions. For example, your policy may have hospital restrictions or decline to cover travel costs for companions in the event of an emergency medical evaluation. If these options are crucial, read the policy carefully to ensure you are fully covered.
Trip Delay, Trip Cancellation, Cancel For Any Reason (CFAR)
Trip delay insurance can cover the cost of essentials like meals and accommodations (up to a daily maximum) when your trip has an unexpected delay. In extreme cases, it can pay for transportation to help you catch up to a connecting flight or reach your cruise at port. This insurance usually kicks in when the delay exceeds 3 – 12 hours, though, so don’t expect reimbursement for a 15-minute delay!
Trip cancellation can help you recoup non-refundable expenses such as hotel reservations, plane fares, and cruise tickets if you are forced to cancel your trip before departure. Valid reasons for a refund typically include:
- An injury or illness
- Death in the immediate family
- Serious weather event that prevents you from starting your trip
Cancel For Any Reason Coverage (CFAR) stays true to its name, but it will cost you more to purchase. You will need to insure 100% of your pre-paid and non-refundable trip costs and buy it within a set period of your initial trip payment (usually 21 days or less). Expect to pay about 50% more to add CFAR to your travel policy and note that it will typically cover 75% of your at risk trip costs that you insure.
Baggage Loss
Baggage loss insurance reimburses you for any luggage or eligible personal items that are lost or stolen on your trip. Baggage loss is commonly covered through credit card providers, so it’s wise to double-check with your credit card company before buying a separate policy.
An additional policy, baggage delay, can help you purchase new clothing or personal items while waiting for the bags to arrive. It takes effect after 12 – 24 hours and is usually only offered on the outbound part of your vacation.
Annual Travel Insurance
If you are a frequent traveler, annual travel or multi-trip insurance can provide coverage for more than one getaway. Most annual travel insurance plans for seniors cover trip delay, trip interruption, medical expenses, and medical evacuation costs. Some even provide coverage for pre-existing conditions.
Most annual travel insurance plans do not have trip cancellation, but a comprehensive multi-trip travel policy may include it. Annual travel plans may cost less than insuring individual trips that are taken within 365 days. You will also benefit from having a travel insurance policy already in place if you like to take last-minute trips.
It’s important to note that eligible trips are often capped at 30 – 90 days each.
Travel Insurance Tips for Seniors
Purchase Travel Insurance Early
When you are ready to book your trip, consider buying travel insurance simultaneously. The quicker you purchase insurance, the more time you will have to use it. You may also save money by buying a policy sooner than later, and you could be eligible for upgrades that must be purchased soon after your trip deposit.
Take Advantage of Existing Coverage
Check your health insurance policy and credit card travel benefits. If you have baggage loss or rental car insurance coverage through a credit card provider, for example, evaluate these benefits to save money on a travel insurance plan.
Tip: To use existing coverage from a credit card, you must pay for your trip using that credit card. Using a credit card that offers points for purchases could help pay for your travel expenses.
Shop Around
Some trips warrant travel insurance more than others. For example, if you are taking a short train ride within the country, you may not need additional travel insurance. But if you are going on a month-long safari in Keyna, travel insurance can save you tens of thousands of dollars if you face unforeseen injuries or complications.
After deciding what type of insurance you need for your next trip, use a site like TravelInsurance.com to compare policies and help find the best price for the benefits you need.
Read the Fine Print
Not all travel insurance companies are the same. Before purchasing the cheapest insurance policy, always read the fine print.
While it may look like your policy covers everything you need, specific exclusions may apply that could void your claim.
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