Do you travel a lot? Do you think that travel insurance is essential when planning your trips? You may have read that travel insurance isn’t worth the cost. This might be personal preference for some younger travelers, but for people our age, senior travel insurance can provide peace of mind and assistance when we need it most.
So, what kind of senior travel insurance do you need?
Travel Insurance Over 65: The Basics
First, keep in mind that if your health insurance does not cover medical expenses you incur when you are away from home, you should seriously consider buying travel medical insurance, at a minimum, every time you travel. Otherwise, you could be stuck paying large medical bills.
Most travel insurance policies include an array of coverages, but no two travel insurance policies are alike. Be sure you understand what is covered and whether your needs match the coverage offered.
It’s also important to carefully read the entire policy certificate before you buy. Be sure travelers of your age are covered. If you don’t understand the certificate, ask a friend for help or call the insurance company.
Remember that you will normally have 14 days to change your mind after you buy travel insurance coverage. Use this time to read through the certificate again, look over your travel arrangements, and determine whether or not you have bought a policy that meets your needs.
Buy Travel Insurance at the Right Time
As you plan your trip, consider your travel insurance needs. You will need to buy a policy within a week or two of making your first trip deposit if you want coverage for pre-existing medical conditions, cancellations due to named storms or natural events (volcanic ash events, for example), or cancel for any reason coverage.
Single-Trip Policies
Most travelers choose a policy that covers one trip. Single-trip travel insurance policies are priced according to your age, the types of coverage you want, the cost and duration of your trip, and the places you plan to visit.
Per-Trip Vs. Annual Policies
If you travel frequently, you may be able to save money by purchasing an annual travel insurance policy. As you would with a policy for a single trip, take the time to read the entire certificate so that you know what is covered, what is excluded, and how much the insurance company will pay, in total, for claims throughout the coverage year.
Ok, now that we’ve covered the basics, let’s take a look at some of the types of travel insurance coverage that may be available to you.
What Types of Travel Insurance Should You Consider
Travel Medical Insurance
Travel medical insurance pays for medical treatment during your trip. If you are from the United States and are on Medicare, you will need to purchase this coverage for trips outside the country, as Medicare does not pay for treatment provided outside the U.S.
Be aware that some insurance companies limit payments to $50,000 or $100,000, particularly for older travelers. This could be a problem if you are traveling to countries where medical costs are high.
Pre-existing Conditions Coverage for Travel Insurance Over 65
This coverage does two things. First, pre-existing conditions coverage pays for treatment related to medical conditions you had before your trip began. Second, this coverage can reimburse you for some of your trip costs if you must cancel or cut short your trip because a family member or traveling companion’s pre-existing medical condition triggers an illness before your trip begins or while you are away.
Requirements for pre-existing conditions coverage vary. Be sure you understand whether or not you are eligible for this coverage before you purchase your policy. In order to qualify for coverage under pre-existing conditions, you must usually purchase your policy within 10 to 14 days of paying your initial trip deposit.
IMPORTANT: Failure to disclose a pre-existing condition will invalidate coverage for all medical treatment incurred during your trip. If you develop a new medical condition during your coverage period, you must inform your insurance company immediately.
Medical Evacuation
Medical evacuation insurance allows you to travel back home in a safe manner if you become ill or injured during your trip.
Lost Baggage
Lost baggage coverage reimburses you for items lost in transit. Be sure to read your policy certificate carefully; many items, including eyeglasses, jewelry, money, dentures, and other valuables, are usually excluded from coverage, and you will probably have a per-item reimbursement limit and a per-person reimbursement limit.
Trip Cancellation/Delay
Trip cancellation coverage pays for the cost of your trip if you must cancel due to a covered reason. Covered reasons usually include your death, the death of a family member, your illness, and the illness of a family member or traveling companion, but each policy is different. Again, read the policy certificate carefully before you buy so that you know which cancellation reasons are covered.
Trip delay coverage reimburses you for lodging and meals if your trip is delayed for a covered reason.
24/7 Assistance / Concierge Services
24/7 assistance can help coordinate medical care in case you need it during your travels. It can also provide translation or help with a lost passport, for example. Concierge service insurance can handle many issues you may encounter during your travels.
Other Considerations
If you are over 60, you may not be able to buy travel insurance except as an individual, even though you were able to purchase couples or family insurance on prior trips.
You may be asked to answer questions about your health or go through a medical screening before you are offered travel insurance.
Your age and destination are the primary factors used in calculating the cost of your travel insurance.
How Do You Find Travel Insurance After 60
So, now that we’ve covered the different types of coverage that you may want to consider, it’s time to turn our attention to a few tips for finding travel insurance after 60.
Shop Around
The best way to save money on travel insurance is to do a lot of research. You can use insurance comparison sites (see list below) or you can contact insurance companies that offer coverage for mature travelers, such as Saga, JD Travel Insurance Consultants, and Freedom Travel Insurance in the UK, and Generali Travel Protection, Travelex, and Travel Guard in the U.S.
Consider Credit Cards
Your credit card company may offer travel insurance benefits. Some Visa cards, for example, offer lost luggage coverage and travel accident insurance. Consult your credit card agreement documentation or contact your credit card company for details.
Compare Costs and Benefits Online
The easiest and fastest way to compare senior travel insurance policies is to do an online search for the coverage you need and compare benefits, prices, and exclusions.
There are several websites you can use to do this:
You will be asked to enter some information about yourself and your upcoming trip. You can select the coverage you need as part of this process; the search results will include only policies that include all of your choices.
Weigh Costs and Benefits
Once you have a list of policies and prices, it’s time to decide whether the policy benefits outweigh the cost. Unless your health insurance covers treatment in all places under all conditions, travel medical insurance with pre-existing conditions coverage is probably worth buying.
If you are going on a cruise or tour and your contract indicates that your trip costs are nonrefundable after a certain date, trip cancellation insurance can help you recoup your costs. Trip cancellation coverage can also be useful if you have purchased nonrefundable airline tickets.
Apply this analysis to each type of coverage. Ask yourself what you have paid, how much you will lose if you cannot go on the trip, and whether you can afford to lose that much or pay for additional services, such as medical evacuation, if problems arise.
Read the Entire Policy Certificate
Don’t read the summary of benefits or the comparison chart. Read the policy certificate and find out whether you, at your age and with your health issues, are covered, and under what conditions. Pay special attention to exclusions and pre-existing conditions information. The policy certificate is the legal document that spells out coverage, dollar limits, and exclusions. You need to understand what it says.
Finally, let’s look at some potential alternative sources of insurance.
It’s relatively easy, if time-consuming, to get travel insurance quotes online, but you should also explore other ways to insure at least part of your trip.
Review Your Homeowner’s or Renter’s Insurance
You may be able to purchase travel insurance through your homeowners’ or renters’ insurance provider. It’s worth a two-minute telephone call to find out.
Consult with Travel Agents
A travel agent may be able to sell you a travel insurance policy that meets your needs. Travel agents often sell travel insurance policies on commission, but you should not let that information stop you from trying to find your best deal.
What Questions to Ask Insurers
Here is a short checklist of questions you should ask insurance companies before purchasing travel insurance.
- Is there an age cutoff?
- Are there limits for specific conditions (cardiac, stroke, cancer flare-ups)?
- Does evacuation include repatriation to my home country?
- Is coverage primary or secondary to other insurance?
- What is the cancellation window for adding a pre-existing condition waiver?
- Are there coverage gaps (for example, if you are hospitalized beyond a certain number of days)?
Read more: Flying with Ease After 60: Travel Tips for Cane, Walker, or Wheelchair Users.
Let’s Have a Conversation:
Have you had difficulty finding travel insurance, or have you found an insurance company that offers affordable coverage for travelers over 60? Do you always buy travel insurance when you travel, or do you skip it? Do you have any other tips to share with our readers? Share your experiences in the comments below.