Seniors should consider travel insurance since they may experience a medical emergency and need a medical evacuation. When choosing travel insurance, be sure to research each plan's medical coverage, including preexisting conditions, emergency assistance, evacuations, and non-medical coverage, such as lost luggage and trip cancellations.
Discover and compare three of the best travel insurance companies offering seniors standard and tailored coverage for your needs.
Key Takeaways
- Travel insurance can be particularly valuable to seniors, who generally experience more health issues than younger travelers.
- When preparing for a trip, consider the best travel insurance plans that cover medical emergencies and potential transportation costs.
- Other coverages to consider are transportation for potential evacuation and toll-free calls for medical advice back home.
When preparing for a trip, individuals should consider the best travel insurance plans that cover medical emergencies, plus these offerings:
- Trip cancellations: Besides personal reasons, a trip may be canceled due to weather disturbances and other unforeseen circ*mstances that can leave travelers on the financial hook.
- Stolen luggage: In addition to clothing, luggage may contain medicines and other valuable items that travel insurance should cover.
- Preexisting conditions: Those with preexisting medical conditions may need to purchase waivers if their basic travel insurance doesn’t provide holistic coverage.
- Medical emergencies: Because seniors are more subject to medical emergencies than younger travelers, they should secure full medical coverage that pays for potential transportation costs.
- Medical evacuations: Medical coverage might not automatically pay for transportation in the event an evacuation necessitates an emergency trip back home.
- Travel advice/emergency assistance:In the event of a language barrier, senior travelers may need to make toll-free calls to obtain medical advice in their native tongues.
Typically, travel insurance costs 4% to 10% of the total cost for the trip, meaning a $10,000 trip could cost you $400 to $1,000 for travel insurance.
Focus on the Fine Print
It is vital to thoroughly scrutinize policies, which often mandate the purchase of coverage at least10 to 14 days before starting travel dates. Ensure there is a free look period, with an option to cancel and receive a full refund. Other important fine print items include:
- Exceptions. No single insurance policy covers all expenses, so it’s wise to examine the exceptions listed in the fine print to learn about hidden additional costs.
- Exclusions. Exclusions restrict coverage in certain situations, such as self-inflicted injuries, trauma from extreme sports like bungee jumping, or losses incurred due to intoxication or criminal activity.
- Incomplete Documentation. When filing a claim, be sure to fill out the paperwork thoroughly and accurately. Failure to do so may result in delayed or canceled coverage.
If a U.S. citizen becomes ill or seriously injured abroad, the U.S. State Department can help locate medical services, contact family, and transfer money. Contact the U.S. embassy within the country you're visiting if you need a list of medical providers, but the State Department will not pay overseas medical bills.
Online Brokers
Online brokers offer advantages over travel agents or booking sites when purchasing travel insurance because the former lets you compare various plans and choose the most suitable one. Online brokers also feature sales reps who can present sample policies and answer individual coverage questions.
Brokers to Consider
The following four popular online brokers top the list:
- InsureMyTrip: This site lets users compare hundreds of policies from 20 carriers.
- TripInsuranceStore: This site offers side-by-side policy comparisons from ten different insurers.
- QuoteWright: Quotewright screens insurance companies before listing them to provide an additional quality control layer. The site lists 12 insurance companies.
- Squaremouth: This site offers more than 90 policies from 32 providers and features thousands of customer reviews.
Top Insurers
The following companies consistently offer highly-rated travel insurance offerings:
- Travel Guard Travel Insurance: In addition to offering standard cancellation coverage, this company features plans that cover preexisting conditions and full medical expenses. Users may tailor plans to meet their individual needs. This provider’s underwriter is National Union Fire Insurance Company, which boasts an AM Best rating of A, which is considered excellent.
- Travelsafe Travel Insurance: Travelsafe offers basic, classic, and classic plus full-featured plans, all of which offer both trip and medical coverage, with a full menu of options. This insurer has a BBB rating of A+.
- Allianz Travel Insurance: This provider covers domestic and international travel, including cruises. Coverage options include medical emergencies, trip cancellation, lost baggage, rental cars, and change fees. The company is underwritten by BCS Insurance Company, which has an A rating. Allianz has a BBB rating of A+.
Should Seniors Buy Travel Insurance?
Seniors should consider travel insurance since they are more likely to experience a medical emergency and need a medical evacuation versus younger travelers. However, comparing plans, coverages and limits is essential before buying travel insurance.
What Are the Three Top-Rated Travel Insurance Companies?
- Travel Guard Travel Insurance offers tailored plans for your needs, plus coverage for preexisting conditions and full medical expenses.
- Travelsafe Travel Insurance provides plans with trip and medical coverage within their basic, classic, and classic plus, as well as full-featured plans.
- Allianz Travel Insurance provides coverage for medical emergencies, trip cancellations, rental cars, and lost baggage for domestic and international travel, including cruises.
What Coverage Should Be Included in Travel Insurance for Seniors?
When choosing travel insurance, seniors should consider plans that cover medical costs, including preexisting conditions, medical emergencies, emergency assistance, evacuations, transportation costs, and non-medical expenses, such as travel advice, trip cancellations, and stolen luggage.
The Bottom Line
Travel insurance costs typically range from 4% to 10% of a trip’s total cost. It’s important to remember that Medicare generally does not provide coverage outside the U.S. Finally, online brokers can help source the most suitable insurance for seniors.
