Tips for buying travel insurance

You have finally reached retirement age and are ready to travel. Travel is on the rise again after a long COVID slump. You can take a cruise to the Caribbean, drive an RV through America's national parks, or go on a wine tour in Europe.

When you go on these trips, travel insurance can give you peace of mind by protecting your health and finances. But, as you may have noticed, insurance costs can go up as you get older. Plans for travel insurance are based on the risk, and older people tend to have more health problems than younger people.

So, which plans for people over 65 are worth the extra money? Let's look at the different kinds of travel insurance for seniors and how to get the most out of your plan.

Different kinds of travel insurance for seniors

When you buy travel insurance, you should think about your health, how active you are, what you plan to do, and how long your trip will be to figure out what coverage you need.

Insurance in case of an emergency

Seniors need to have emergency medical insurance. It can pay for care for anything from a broken ankle from a fall to a heart attack or stroke that could kill you.

When traveling outside of the United States, emergency medical insurance is especially important because many foreign hospitals do not accept U.S. insurance plans, including Medicare. In fact, you might have to pay for medical care before you get it, which can be stressful and can quickly drain your bank account.

It's important to remember that your travel insurance company may not pay for treatment for a medical condition that was already there before you left (s). For the purposes of travel insurance, a "pre-existing condition" is any illness, disease, injury, or other condition for which you had symptoms or treatment before a plan took effect. Your policy will have a set amount of time (like 120 days before your trip) that defines a condition that was already there.

But let's say that you've always needed prescription medicine to treat your pre-existing condition, or that it wasn't there before your trip. In that case, it's likely that your emergency medical policy will cover the health problem.

If you want full coverage, you might want to apply for a pre-existing medical condition exclusion waiver. The waiver will cover pre-existing medical conditions while you are traveling, but you may have to meet some requirements, such as:

You are a U.S. resident

You bought a medical travel insurance policy 14 days after putting down your first trip deposit (and insure the total cost of your trip)

When you bought the policy, you were healthy enough to travel.

You bought insurance that covered all of your paid-for, non-refundable trip costs.

Tip: Anxiety, depression, dementia, Alzheimer's disease, and any illness or injury that is caused by alcohol or drug abuse are not eligible for a waiver.

Medical Evacuation in a Hurry

If you don't buy trip insurance that covers medical evacuation, you could get a huge bill if you get hurt or sick while you're away and need to be taken to a hospital.

This coverage is especially important if you plan to ski in the French Alps or hike through the Amazon rainforest, both of which can be dangerous. It is also important if you are going somewhere that doesn't have a very good health care system.

Before adding a policy for emergency medical evacuation, check the amount of the benefit and if there are any exceptions. For example, your policy might limit the hospitals you can go to, or it might not pay for your friends' travel costs if you need an emergency medical evaluation. If these options are important to you, read the policy carefully to make sure you're covered for everything.

Trip Delay, Trip Cancellation, Cancel For Any Reason (CFAR): If your trip is unexpectedly delayed, trip delay insurance can cover the cost of necessities like meals and lodging (up to a daily maximum). In the worst case, it can pay for a ride to help you catch a connecting flight or get to the port where your cruise is docked. This insurance usually only pays out when the delay is longer than 3–12 hours, so don't expect to get paid for a 15-minute delay!

If you have to cancel your trip before it starts, trip cancellation can help you get your money back for things like hotel reservations, plane tickets, and cruise tickets that you can't get back. Typical valid reasons for a refund are:

A wound or sickness

When someone close to them dies

Severe weather that keeps you from leaving on your trip

Cancel For Any Reason Coverage (CFAR) does exactly what its name says, but it costs more to buy. You must buy insurance for 100% of your pre-paid, non-refundable trip costs within a certain amount of time after making your first trip payment (usually 21 days or less). Expect to pay about 50% more for your travel policy if you add CFAR, and keep in mind that it will usually cover 75% of the costs of your trip that are at risk and that you insure.

Baggage Loss

Baggage loss insurance will pay you back for any lost or stolen luggage or personal items that are covered by the policy. Most credit card companies cover lost luggage, so you should check with your credit card company before buying a separate policy.

A separate policy called "baggage delay" can help you buy new clothes or personal items while you wait for your bags. It usually only works after 12 to 24 hours and is usually only available on the first day of your trip.

Annual Insurance for Travel

If you travel often, annual travel insurance or insurance for more than one trip can cover more than one trip. Most annual plans for seniors cover trip delays, trip interruptions, medical costs, and the cost of medical evacuation. Some even cover conditions that were already there.

Most annual travel insurance plans don't cover trip cancellation, but a multi-trip policy that covers a lot of trips might. Plans for a year's worth of trips may cost less than insurance for each trip taken within a year. You will also be better off if you already have travel insurance if you like to take trips at the last minute.

It's important to remember that each eligible trip is usually limited to 30–90 days.

Tips for Older People About Travel Insurance

Buy travel insurance as soon as you can.

When you're ready to book your trip, you might want to think about getting travel insurance at the same time. If you buy insurance right away, you will have more time to use it. You might also save money if you buy a policy sooner rather than later, and you might be able to get upgrades that you have to buy soon after putting down a deposit for your trip.

Use the coverage you already have

Check your health insurance plan and the travel benefits of your credit card. If you have coverage for lost luggage or rental cars through your credit card company, for example, you can save money on a travel insurance plan by looking into these benefits.

Tip: If you want to use coverage that comes with a credit card, you have to pay for your trip with that credit card. Using a credit card that gives you points when you make purchases could help you pay for your trip.

Go shopping

Some trips are more likely to require travel insurance than others. For example, you might not need extra travel insurance if you are only taking a short train ride within the country. But if you are going on a month-long safari in Kenya, travel insurance can save you tens of thousands of dollars if you get hurt or have problems that you didn't expect.

After you decide what kind of insurance you need for your next trip, you can use a site like TravelInsurance.com to compare policies and find the best price for the benefits you need.

Also Read : How to buy trip insurance

Check the small print.

Not every company that sells travel insurance is the same. Read all the small print before you buy the cheapest insurance policy.

Even if it seems like your policy covers everything you need, there may be exceptions that mean your claim won't be paid.