Travel Insurance For Seniors
Think about the last time you purchased an airplane ticket. Did you click to buy the offered flight insurance policy? While this type of insurance may cover your flight, if you are over 65 and on Medicare, you might need a different kind of insurance when traveling.
When planning a trip abroad, older travelers need to prioritize travel insurance coverage. Senior travelers and retirees face unique concerns and risks whenever they venture far from home. These risks amplify the necessity for travel health insurance, emergency medical coverage, and emergency evacuation. So, which travel insurance options are most suitable for seniors? There are numerous travel insurance plans designed with retirees in mind. When considering travel insurance, here are some options that you want to see included:
- Trip cancellation and interruption
- Emergency medical and evacuation
- Emergency medical evacuation
- Baggage loss and delay
- Travel delay coverage (covering missed connections)
- Rental car damage and theft
Travel insurance policies have different coverage limits, exceptions, and qualifications.
Medicare Coverage: Although Medicare rarely pays medical bills out of the country, some travel insurance policies require applicants to qualify for and be enrolled in Medicare.
Pre-Existing Conditions: If you have an existing health condition, be sure the policy covers any related incidents. You don't want to be surprised by a denial of coverage when you're in an emergency situation 5,000 miles from home.
Length of Travel: Most travel insurance policies cover trips of 30-45 days, even if the covered period is 365 days. Meaning you can use the policy any time within one year, but if you stay out of the country for more than a month or so, you might need long-stay coverage, which is generally for trips up to 18 months.
Your Age: Age 80 is a magic number for some insurance carriers. If you are over that age, additional limitations like length of trip and coverage dollar limits may apply.
High-Risk Activities: Extreme adventurists might find exclusions to insurance coverage for activities like skydiving, caving, scuba diving, race car driving, or mountain climbing.
If you are a retiree who enjoys traveling, this type of insurance policy offers peace of mind during your trip and safeguards you from any unexpected circumstances. If you need help reading the fine print and evaluating insurance coverage, contact one of the advisors at Hurlow Wealth Management Group. For over two decades, our financial advisors have acted as fiduciaries, helping our clients evaluate insurance policies as part of their financial plans. Click here to schedule a call with a fiduciary today.