Why senior travel insurance? Because we live in a risky world. No doubt about that. As an indicator of these nervous times, the number of people who purchase travel insurance has tripled over the last three years.
Of course no insurance will protect against natural disasters, illness, accidents, or other hazards. If any such event should occur – heaven forbid – insurance is a very good commodity to have.
Many travel insurance plans will cover things like baggage that is lost or delayed, changes in dates of the trip, and trip cancellations.
But what if something happens to you yourself? Do you have a travel insurance plan that will pay for emergency medical treatment and air evacuation back home or to the nearest good hospital? Such a plan can be a real life saver.
Tour companies do not usually include any sort of medical coverage in their basic package price, though they do, for an additional charge, have policies that cover trip cancellation and limited medical emergencies.
Prices for senior travel insurance policies are often bases on two factors: 1) the person’s age, and 2) the cost of the trip. A good rule of thumb for figuring the cost of travel insurance is to plan on about 5 to 7 percent of the cost of the trip.
To factor out the cost of the trip, you might be better off going directly to your agent or shop online.
About cost. We already know that increasing age brings with it increasing insurance cost. But there is a way to lessen that reality. The deductible can be increased.
The deductible is the amount you pay out of pocket before the insurance company becomes financially responsible for the medical bill. If you are willing to increase your risk by increasing your deductible, you can reduce your premium.
Consider, for a moment, the worst case medical scenario. How much could you afford to pay out of your pocket? The greater that amount, or the more you can afford to pay out of your pocket – increase the deductible – the less your premium will tend to be. In other words, the more you can “self-insure”, the less you will pay in insurance premiums
Another factor to consider: preexisting conditions. At our age we tend to have them. It is VERY important to fully explain each condition, even if it is currently controlled by medication.
If the policy asks about how long it has been since the condition was diagnosed, count back in time from the CURRENT date, not from the date your travel begins.
Insurance claims have been denied because of such innocent mistakes, so please be very careful when completing the application.
Senior travel insurance does give you peace of mind.