Elderly Travel Insurance – What to Look for in a Policy
Elderly travel insurance is a hot topic in this day and age, and for good reason. As more and more seniors continue to get the chance to travel and enjoy what they’ve worked so hard to accomplish, the importance of getting travel insurance for seniors becomes paramount. Designed to ensure that your emergencies are met while away from home, senior travel insurance can give you financial reimbursement when your trip gets cancelled, medical coverage when you get ill, and 24-hour assistance when you need help during emergencies.
Because of the uncertainty of travel and being of an older age, obtaining a travel insurance policy when you’re 50, 60, or older becomes even more important than ever.
Keep in mind, however, that obtaining travel insurance for the elderly is not as easy as it was when you were younger. There are certain things that you need to consider in order to find a policy that’s right for you. In that regard, here are a few guidelines that you can follow to ensure that you get the most comprehensive senior citizen travel insurance coverage possible regardless of where you plan to go.
Elderly Travel Insurance and Pre-Existing Conditions
Always read the fine print to ensure that there is no ‘pre-existing condition’ exclusion in your elderly travel insurance policy. Finding a policy that does not cover any pre-existing condition you may have is potentially disadvantageous on your part in the event that you do get sick during your trip. While almost all travel insurance policies will have some form of ‘pre-existing condition’ exclusion, there are some select travel insurance plans that will cover any diseases you may already have, provided that you have Medicare coverage.
The reason why you should avoid getting elderly travel insurance with a ‘pre-existing condition’ exclusion is because most of the time, the pre-existing condition is not only interpreted to mean the medical condition itself but any other illness related to it as well. This clause could also be interpreted more broadly. For example, if you did not realize at the time of your application that you had a heart condition, but doctors ruled that you had that prior to obtaining your policy, then that could be considered a ‘pre-existing condition’ and your claim could be denied.
Senior Travel Insurance Advice – Medical Evacuations
Most elderly travel insurance policies will cover transport to the nearest medical facility should you get sick or find yourself in an accident. However, it would be worthwhile to find a policy that extends this benefit to providing a medical evacuation back to the United States in the event that the medical facilities wherever you happen to be in are inadequate. This is important since transporting you back home in the event of a medical emergency could cost you $25,000 or more. Unless you have this kind of money, any travel insurance for the elderly should state this provision explicitly.
Where to Buy Medical Travel Insurance for Seniors
Make sure that any travel insurance you purchase comes from a company that operates legally and is fully-backed by your state. In case you have problems with your claim, you can always take your case to the insurance department of your state. Research has shown that most insurance companies that are not state regulated are often the same companies that give you problems with your claims. To be on the safe side, stick with elderly travel insurance coverage from state-backed and regulated carriers.
Benefits of Annual Elderly Travel Insurance Policies
If you’re planning on enjoying your retirement by traveling the world, you can save on travel insurance costs by getting an annual travel insurance policy. In addition to the savings you’ll receive, you won’t have to worry about going through the whole process of applying for coverage all over again. With an annual multi-trip policy, all you need to do is pack your bags and go!
Seniors Travel Insurance Comparison – Cost vs. Coverage
Travel insurance for seniors can cost anywhere from 4% to 8% of your total travel cost. How much your travel insurance premium ultimate is will depend on a variety of factors, which include, among others, how long your trip is going to be, the place where you are going, any pre-existing conditions you may have, and how old you are. Generally, the older you get, the more expensive your premiums are going to be. With a little research, you can still find travel insurance for senior citizens which offers discounts and freebies.
However, in your quest to save on your premiums, make sure that you don’t sacrifice the coverage you receive. Instead of getting only trip cancellation insurance or medical travel insurance, you’re better off obtaining comprehensive travel insurance coverage. You usually pay more for better elderly travel insurance coverage so don’t assume that a cheaper policy is always better.
Senior Citizen Travel Insurance for Adventure & Sports-Related Injuries
If you’re planning an adventure trip, don’t automatically assume that a regular travel insurance policy will do. In fact, most of these won’t cover injuries that you might sustain from these adventures. If you’re planning a trip that includes whitewater rafting and mountain climbing adventure, for example, be sure that the elderly travel insurance policy you purchase will give you coverage for sports-related injuries.
Elderly Travel Insurance Tip: Always Read the Entire Policy Before You Buy
When it comes to medical travel insurance for seniors, it can be exhausting to scrutinize the fine print of a policy. The small letters on the page do not help aging eyes either.
As a result, most seniors often rely on the explanation given to them by their insurance agent. While we do not want to give the impression that insurance agents deliberately highlight the good aspects of the policy and downplay what won’t be covered (e.g. a pre-existing conditions exclusion), it will always work to your advantage to examine the fine print of any insurance policy you buy.
By making sure that you examine the contents of the entire policy, you’ll be able to ask pertinent questions and make the necessary clarifications before signing on the dotted line. There’s still a good chance that you will not have to use your policy during the entire trip, but in the event that you do, being fully knowledgeable about the terms and conditions of your elderly travel insurance coverage always works to your advantage.
