TravelInsurance.com outlines top points retirees should consider when planning a trip to ensure unexpected expenses are covered.
NEW YORK, Jan. 11, 2018 — TravelInsurance.com today outlined five key points retirees should consider in regard to travel insurance before they hit the road in the coming year.
“While travel can be complicated at any age, retirees are faced with additional considerations, especially when it comes to medical coverage,” said Stan Sandberg, co-founder of TravelInsurance.com. “There are not only ways to save on your next travel insurance policy, but also things to keep in mind to ensure you are taken care of under unforeseen circumstances.”
Here are five things retirees should consider when purchasing travel insurance:
Medicare doesn’t provide coverage outside the United States.
Health care received outside the U.S. is generally not covered under standard Medicare plans. Travel insurance can provide emergency travel medical coverage with limits that can reach $250,000 per person or more. For extreme situations where an overseas hospital can’t handle the emergency, most travel insurance plans offer Emergency Evacuation coverage with limits up to $1.0 million per person. Retirees planning to travel overseas multiple times a year should consider purchasing Medicare supplement insurance or a Medigap plan. However, since Medigap plans can have deductibles, lifetime coverage limits up to $50,000, and limits on the length of trip, most retiree travelers may find single-trip travel insurance a better option.
Purchase travel insurance early to qualify for a pre-existing condition waiver.
Most travel insurance plans will exclude coverage for losses that stem from a pre-existing condition. However, many plans offer a Pre-Existing Condition Exclusion Waiver (meaning pre-existing conditions will be covered). To qualify, one must meet certain requirements, the most important being to purchase the travel insurance plan within a strict time window – usually 7-21 days – from when the initial payment was made. Also, travelers typically need to insure 100% of their pre-paid and non-refundable trip costs. For travelers with pre-existing conditions, this is one of the most important considerations in purchasing a plan, as prior injuries, illnesses, diseases or other types of medical conditions in which any treatment or care was sought in the 6-12 month period prior to the policy effective date all fall into this category. We highly recommend travelers speak to a licensed agent to see if they qualify for a Pre-Existing Condition Waiver or read full coverage details prior to buying.
If you’re traveling with a group, you can save money with Group Travel Plans.
Some Group Travel Plans do not factor in traveler ages when pricing the cost of travel insurance, which can make plans more affordable to older travelers. Typically, to qualify for this coverage, the group must include at least 10 individuals all traveling on the same itinerary on similar dates. Group plans are also designed for easy administration by a group leader who can manage sign-ups and changes on behalf of each individual.
Trip Cancellation provides greater flexibility for those who need it.
Unlike Medigap coverage, travel insurance can offer trip cancellation and interruption coverage. This coverage can cover the reimbursement of trip costs due to a range of unexpected circumstances, from last-minute illnesses to severe weather and natural disasters. For the most flexibility, travelers may consider purchasing a plan with a Cancel for Any Reason (CFAR) upgrade, which provides reimbursement for up to 75% of the total trip costs for a cancellation for any reason, as long as the cancellation occurs more than 48 hours prior to the trip departure date. This benefit is usually only available if the policy is purchased within 7-21 days of the initial trip payment and 100% of pre-paid and non-refundable trip costs are insured.
You can buy travel insurance for your activities, too.
Just because travelers are retired doesn’t mean they aren’t adventurous. For the active or adventure traveler, we recommend plans that offer Hazardous or Adventure Sports coverage, which provide coverage for higher risk activities, such as heli-skiing, off-trail snowboarding, bungee jumping, rock climbing or SCUBA diving below a certain depth. If travel entails any of those activities, travelers will need travel insurance plans that offers coverage for those specific activities.