Travel Advice: Top 5 Considerations For Retirees Purchasing Travel Insurance
"While travel can be complicated at any age, retirees are faced with additional considerations, especially when it comes to medical coverage," said
Here are five things retirees should consider when purchasing travel insurance:
Medicare doesn't provide coverage outside
Purchase travel insurance early to qualify for a pre-existing condition waiver. Most travel insurance plans will exclude coverage for losses that stem from a pre-existing condition. However, many plans offer a Pre-Existing Condition Exclusion Waiver (meaning pre-existing conditions will be covered). To qualify, one must meet certain requirements, the most important being to purchase the travel insurance plan within a strict time window – usually 7-21 days – from when the initial payment was made. Also, travelers typically need to insure 100% of their pre-paid and non-refundable trip costs. For travelers with pre-existing conditions, this is one of the most important considerations in purchasing a plan, as prior injuries, illnesses, diseases or other types of medical conditions in which any treatment or care was sought in the 6-12 month period prior to the policy effective date all fall into this category. We highly recommend travelers speak to a licensed agent to see if they qualify for a Pre-Existing Condition Waiver or read full coverage details prior to buying.
If you're traveling with a group, you can save money with Group Travel Plans. Some Group Travel Plans do not factor in traveler ages when pricing the cost of travel insurance, which can make plans more affordable to older travelers. Typically, to qualify for this coverage, the group must include at least 10 individuals all traveling on the same itinerary on similar dates. Group plans are also designed for easy administration by a group leader who can manage sign-ups and changes on behalf of each individual.
Trip Cancellation provides greater flexibility for those who need it. Unlike Medigap coverage, travel insurance can offer trip cancellation and interruption coverage. This coverage can cover the reimbursement of trip costs due to a range of unexpected circumstances, from last-minute illnesses to severe weather and natural disasters. For the most flexibility, travelers may consider purchasing a plan with a Cancel for Any Reason (CFAR) upgrade, which provides reimbursement for up to 75% of the total trip costs for a cancellation for any reason, as long as the cancellation occurs more than 48 hours prior to the trip departure date. This benefit is usually only available if the policy is purchased within 7-21 days of the initial trip payment and 100% of pre-paid and non-refundable trip costs are insured.
You can buy travel insurance for your activities, too. Just because travelers are retired doesn't mean they aren't adventurous. For the active or adventure traveler, we recommend plans that offer Hazardous or
For more information, visit TravelInsurance.com.
About TravelInsurance.com
TravelInsurance.com helps simplify the complicated world of travel insurance by providing consumers with the easiest way to compare and buy trip insurance coverage online. A member company of the
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SOURCE TravelInsurance.com
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