ST. PETERSBURG, Fla. April 24, 2019 — The number of senior travelers insuring their trips is at an all-time high, increasing by 28% in the past year, according to data from travel insurance comparison site, Squaremouth. With more travelers choosing to spend their golden years abroad, Squaremouth shares 4 travel insurance buying tips for seniors.
Determine Your Coverage Needs
When shopping for a policy, travelers should first decide how much coverage they need for their trip. Medicare does not provide coverage outside the U.S., so for many seniors, the most important travel insurance benefits are Emergency Medical, which can pay travelers back for their medical costs while abroad, and Medical Evacuation and Repatriation, which can transport travelers to the hospital in an emergency or transport remains home.
Travelers can also get their trip costs back if they need to cancel or end a trip early due to a sickness, injury, or if a family member passes away unexpectedly.
Pick The Least Expensive Policy
Unlike many other types of insurance, when it comes to travel insurance, a higher price tag doesn’t necessarily mean better service or better benefits. Policy premiums are based on the traveler’s age, trip length, and trip cost, and insurance providers price their products to be appealing to the demographic the particular product is aiming for.
For example, some policies are designed to appeal to seniors and may be less expensive for that age group, while other policies may be marketed toward students and will be lower in price for younger travelers. The best way for travelers to find the least expensive policy that fits their needs is by shopping around and using a third-party comparison site, such as Squaremouth.com, to compare premiums and coverages.
Consider A Pre-Existing Condition Waiver
Senior travelers should pay attention to Pre-Existing Condition coverage. Pre-existing medical conditions are always excluded by travel insurance, unless travelers get the Pre-Existing Condition waiver. This waiver is not an additional cost, however, it’s only available during the first 14-21 days after the traveler made their first trip deposit, depending on the policy. Additionally, some policies require travelers to insure 100% of the trip cost to be eligible for the waiver.
Purchase Coverage Early
Travel insurance can be purchased up to a day before you leave for your trip, but a policy will only cover unexpected situations and travelers who are fit to travel. Squaremouth recommends getting a policy as early as possible in order to have coverage in case something happens before the trip begins.
For example, if a doctor advises against travel before a policy is purchased, a new travel insurance policy will not cover you. However, if the traveler already had a policy in place, their claim can be paid in full.
Travelers who purchase a policy within the first two weeks of their trip deposit date may also be eligible for additional, time-sensitive benefits, such as Cancel For Any Reason, Pre-Existing Condition and Financial Default.