I believe that travel insurance has always been important. I’ve never traveled without it, and as we age, it becomes even more critical. Travel insurance for seniors is not just beneficial; it’s a necessity.
Recently, I received an email from a reader that I believe is important to share.
“You recommend travel insurance. Please ensure your travelers understand the fine print.”
“They might not realize, as I didn’t, that some travel insurance policies do not cover trip cancellations due to illness. Unfortunately, I bought such a policy and ended up losing nearly $5,000 because I had to cancel my trip to Norway after an emergency appendectomy. The insurance company kept me waiting for months before letting me know I had no valid claim.”
“Please use my experience as a cautionary tale.”
As I emphasize repeatedly, it is crucial to read the fine print.
The aim of this article is to clarify what can often be a convoluted process. While I can’t control the rates or policies offered by travel insurance companies to seniors, I can offer some simple guidelines to help you find insurance that suits your needs without overspending.
If you are under the age of 70 (65 in Canada), please check out Travel Insurance for Solo Travelers: How to Make Sure You’re Protected.
If you’re looking into travel insurance, you’re likely planning a trip. You may want to click here for your travel planning checklist.
One quick note: This article includes affiliate links, which means if you make a purchase, we earn a small commission. This does not impact our analysis or your costs, but it does support Solo Traveler in our mission to research, analyze, and present this information to you.
The Cost of Travel Insurance for Seniors vs. the Coverage
While the cost of travel insurance for seniors has not drastically increased, the coverage has changed significantly. Below, I’ve compared different quotes from TravelInsurance.com, which allows me to compare various offers easily. Let’s take a look at a specific scenario.
Traveler Details: My hypothetical traveler is a 70-year-old who purchased a $6,000, two-week trip to France.
September 2024
Cost of comprehensive insurance: $350 or 5.8% of the trip
Coverage:
- Trip cancellation: $6,000
- Trip interruption: $6,000
- Medical evacuation: $250,000
- Emergency medical: $25,000
- Baggage loss: $500
- Flight accident: No coverage
- Accidental death: $10,000
January 2022
Cost of comprehensive insurance: $339.30 or 5.5%
Coverage:
- Trip cancellation: $6,000
- Trip interruption: $9,000
- Medical evacuation: $500,000
- Emergency medical: $150,000
- Baggage loss: $1,500
- Flight accident: $75,000
- Accidental death: $25,000
Why It’s Important to Shop Around for Travel Insurance for Seniors
As highlighted in the previous section, comparing insurance rates and coverage is more critical than ever. I recommend using TravelInsurance.com, as it simplifies the process of shopping around.
In the same scenario mentioned earlier, several other options were available. Here’s what stood out in the second option:
- The second policy was just $7.52 more but offered significantly different coverage:
- Trip interruption provided an additional $2,500.
- Emergency medical coverage doubled to $50,000 without a $100 deductible.
- Baggage loss increased to $1,000.
- Flight accident coverage was $50,000 instead of none.
- Notably, this option lacked accidental death coverage, unlike the first, which offered $10,000.
The third option was $32.33 more and provided even more comprehensive coverage. The fourth option, although $47.13 costlier, offered less coverage than the third option.
Travel insurance for seniors can vary widely, making price and coverage comparison essential.
Is Self-Insuring an Option for Travel Insurance?
You can choose to self-insure. This means not purchasing travel insurance and instead covering any expenses or losses out of your own pocket.
As travel insurance costs increase with age, self-insuring may seem like an appealing option.
For instance, I’m traveling to my nephew’s wedding in December, which will cost CA$1,800 for a week in Mexico. I decided to self-insure for everything except medical coverage. I’m willing to risk losing the $1,800 if I must cancel, but I won’t take the chance of facing a medical emergency without coverage.
Ultimately, if the potential costs of a travel problem could impact your home life or future travel plans, I recommend purchasing travel insurance. It’s a small price for safeguarding your financial future.
Seniors with Pre-existing Conditions Can Get Travel Insurance
The term “pre-existing condition” is often misunderstood in the realm of travel insurance. Here’s what you should know:
- What constitutes a pre-existing condition? It refers to any medical issue for which you sought treatment or had a consultation with a doctor, regardless of whether the issue was officially diagnosed. This includes any changes in prescribed medication. Important: If a doctor reduces your medication due to improvement, from the insurance perspective, this counts as a new pre-existing condition that lacks stability.
- What is the stability period? Insurers usually cover pre-existing conditions only if they are stable. The stability or “look-back” period typically ranges from 60 to 180 days. This is the timeframe insurers review to confirm if the condition has remained stable, meaning no changes in medication or doctor visits have occurred.
- Are you covered for a pre-existing condition? To answer this, look back six months to assess your treatment of the condition. If there have been no changes, read the fine print and then contact the insurance company to confirm that a pre-existing condition will be covered. If you find yourself uninsured, you may have the option to purchase a pre-existing condition waiver, which Christopher Elliott discusses here.
- Will you be covered for other medical emergencies? Generally, you are covered for medical emergencies that are not related to your pre-existing condition.
In the United States, the specifics surrounding coverage for pre-existing conditions are detailed in the fine print. There is no health questionnaire to fill out at the time of purchase, which might lead to a lack of awareness on this issue. However, that does not imply you’re covered for pre-existing conditions. Always read the fine print.
In Canada, a medical questionnaire is often required. The details provided will determine your pre-existing conditions, which will dictate your coverage and the cost of your insurance.
Why is this significant? In case you file a claim, the insurance company will scrutinize pre-existing conditions closely. If any are found to be related to your claim, coverage may be denied.
Tips on Buying Travel Insurance for Seniors
Travel insurance is not a one-size-fits-all purchase for seniors. Here are some tips to ensure you find the right coverage at a fair price.
- Shop around. As travel insurance costs tend to increase with age, it’s worth your time to do some research, especially if you’re relatively healthy. Price comparison sites can be useful; for Americans, we recommend travelinsurance.com for comparing prices and policies.
- Purchase travel insurance as soon as you pay for your trip. If you need to cancel before you secure insurance, you’re likely out of luck.
- Request a deductible. Ask for quotes at various deductible levels. A deductible is the amount you’ll pay out of pocket before the insurance kicks in. Higher deductibles generally mean lower premiums.
- Consider an annual plan. If you travel frequently, an annual plan could save you money.
- Understand pre-existing conditions. If your pre-existing condition is stable as per your policy’s terms, you’re typically covered. If not, you might consider a pre-existing medical conditions waiver, available for certain conditions.
- Review your insurance before departure. Health statuses can change between the time you purchase your insurance and your departure. If anything changes, reassess your coverage regarding pre-existing conditions.
- Be aware of age limits. Some policies may exclude travelers over a certain age from coverage for specific pre-existing conditions (e.g., asthma may not be covered if you’re over 60). However, travel insurance is available for people of all ages.
- Review individual policy limits. Different insurers offer various coverage levels. You may reduce the premium by selecting a plan with lower coverage limits.
- Consider additional coverage. Most providers have optional add-ons available, like cruise-specific coverage, to tailor your policy to your needs. However, don’t pay for options you won’t use.
- Get your questions answered. If you’re uncertain about travel insurance for seniors, don’t hesitate to call and get clear responses from either the insurance company or a licensed travel insurance broker. While travel agents, tour companies, and airlines can sell insurance, they cannot offer advice. The phone number for TravelInsurance.com is 1-877-906-3950.
Specific Tips for Americans
- Pricing. In the U.S., travel insurance prices vary based on age and trip costs. While there is no medical questionnaire needed at the time of purchase, you must answer questions about pre-existing conditions during the claims process. Carefully read the fine print to grasp the definitions of pre-existing conditions, look-back periods, etc.
- Pre-existing conditions. No medical questionnaire is required; however, these conditions are critical when assessing a claim. Always read the fine print to ensure you have the coverage you need.
- Status of pre-existing conditions. Insurers typically have a look-back period of 60 to 180 days, depending on the plan and provider. This retrospective period is used to assess the stability of pre-existing conditions. If the condition was stable during this time (no changes in prescriptions, doctor visits, etc.), the pre-existing condition clause may not be applicable.
- Medical coverage. Remember that Medicare does not provide coverage when you travel outside of the U.S. I suggest looking for at least $250,000 for emergency medical expenses (including dental) and $500,000 for emergency evacuation coverage, along with 24/7 access to medical staff for assistance and translation services in non-English-speaking countries.
Specific Tips for Canadians
- Pricing. In Canada, travel insurance premiums are set based on the traveler’s age, trip length, and responses to a medical questionnaire (if applicable).
- Medical coverage. In Canada, typical medical coverage amounts to $5 million.
- Pre-existing conditions. Canadian providers identify pre-existing conditions through the medical questionnaire at the point of purchase. The insured must inform the insurer of any health changes before their trip.
- Status of pre-existing conditions. Canadian insurers look for stability in pre-existing conditions and will cover them if they remain unchanged throughout the specified stability period.
- Top-up insurance. If you already have travel insurance through a group plan but plan a longer trip than covered, you can purchase additional top-up insurance for the remainder of your trip.
The best-case scenario is that you’ll never need to make a claim on your insurance—and we sincerely hope that’s the case for you. But please don’t travel without it.
You may also find this article helpful: How to Prevent or Deal with Getting Sick While Traveling Solo.
Last updated: October 2, 2024
