Seniors Travel Insurance - 2/2 - Travel Insurance Review

Baby Boomers have special travel insurance considerations

January 8, 2007 By Damian 3 Comments

Boomers are finally retiring, and with the extra time and cash will come more travel. Even though health care is better than ever, it is important for the over 65 group to make sure they are insured when they travel. There are a few reasons it is especially important for travelers in this age group to buy insurance.

Medicare provides no coverage outside the US

First, if you are depending on Medicare and plan on traveling abroad, you need to understand there is no Medicare coverage outside of the United States. Medicare will just does not provide any coverage abroad, and even a private plan will most likely not work outside the US. This is why is it important to purchase a travel insurance plan to cover you.

Over 65s have special medical coverage needs

Second, even though they are more active than any retiring generation in history, over 65s simply have greater medical needs than younger travelers. They are also more active and willing to get out and travel. Travel insurance is designed to give travelers from the US the same type of coverage they receive here at home. Don’t get stuck in a foreign country with the right kind of medical coverage.

Trip cancellation coverage protects your vacation investment

Finally, many things can go wrong before leaving for your trip, any one of them can cause you to cancel and lose your non-refundable trip payments. This can easily cost thousands of dollars, unless you purchase trip cancellation coverages. This insurance can cover cancellation due to an illness, accident, death in the family, or even a home fire. Trip cancellation coverage costs more than just medical coverage, but the extra premium can save you thousands of dollars.

Boomers have special considerations when shopping for travel insurance

Shop online and compare different companies. Use a comparison site (see How to Compare Quotes with a Travel Insurance Comparison Site) where you can look at quotes from all insurance companies at once without visiting a dozen different sites.
Travel insurance companies limit the amount of coverage depending on the travelers age. This lets the over 65 traveler get some level of coverage, and for a reasonable price.
Pre-existing medical conditions can effect the policy coverage. Call the insurance company with specific questions if you have pre-existing medical conditions.

Are you prepared for the worst-case scenerio?

December 4, 2006 By Damian Leave a Comment

This story from The Electric New Paper Singapore details an horrific set of circumstances.

A young woman traveling with a group slipped and fell down some stairs at a train station. Since she was towards the rear of the group, it was not discovered until they were on the train and realized she was not with them.

The group was able to exit the train in time and find their friend. She was taken to a hospital for treatment, where she remained for two months.

Her distraught family flew to Japan to take care of her, where she remained unstable in a coma. After two months, the family paid $90,000 for a medical evacuation flight to take her home for further care.

After two additional months of care, she died last Wednesday. She had just turned 33 years old.

Even though money is of no importance to the family after such a tragedy, there is also no need for the additional stress. Their thoughts should be with each other in this difficult time. In the end, that is what is important.

This story truly illustrates that anything can happen.

Refund policy lets travelers buy with confidence

November 10, 2006 By Damian Leave a Comment

Can I return my policy for a refund?

So you are planning your trip and researching travel insurance. After browsing a dozen plans, you think you’ve found the right one and are ready to buy. At the last minute though, you get that little hint of hesitation.

It’s natural to have a little anxiety; you want the right policy that will protect your trip, you don’t want to make any mistakes.

Free-look period allows travelers to check out the policy and return for a refund

Package plans from many different companies offer a free-look period. This means you can purchase the plan, get the actual policy and read through it, and return it for any reason for a full refund (minus a small admin fee, usually only 3-5 dollars)

The free-look refund only applies if you have not departed on your trip, and if you have not filed a claim.

The free-look period is usually 10-15 days

Buy the plan and read all the small print. Take your time because most companies offer the free-look period for 10-15 days. This allows plenty of time to look at all the details and make your final decisions.

Check out the free-look policy before buying

Most policies will clearly state the length of the free-look period. Also look for exceptions and fees, such as the small administrative fee stated earlier.

Pre-existing conditions can be covered, but check with the travel insurance company before you buy

October 28, 2006 By Damian 3 Comments

Reading a travel forum recently, I came across someone asking about travel insurance. Specifically, where to find a policy and more importantly, one that will cover pre-existing medical conditions.

This is a very common question. Even travel insurance novices have heard that pre-existing conditions are one of the most common reasons for a claim being denied.

Imagine you’re enjoying your trip aboard a cruise ship, enjoying the ports of call, sightseeing, and relaxation. Out of nowhere, an old condition acts up and puts you in the hospital. You need to cut the trip short, receive medical treatment in a foreign country, and eventually be flown home on a special medical evacuation flight.

Sounds expensive right? It is, and if the expenses are not covered by your travel insurance policy, there is a serious bill to pay. You have travel insurance, but will it cover the expense, even though it was from a pre-existing condition?

Some policies will cover pre-existing conditions

The key is to do some research and ask some questions first. Check out one of the comparison sites (listed at end of post) and see how the different products stack up against each other.

To cover pre-existing conditions, a travel insurance policy must be purchased at the right time

You will see some that have pre-ex coverage, but only if the policy was purchased within a certain time frame. Usually, this time frame is within a couple weeks of the initial trip deposit date.

In other words, once you started planning and paying for the trip, buy your travel insurance and get covered

Once you have compared some policies online, call the company and ask specific questions. Have them go over the actual policy wording with you so you understand what is covered, and what is not.

Be honest about pre-existing conditions. If a claim is made, the insurance company will research your medical history. The best policy is to be honest upfront, and avoid a bad situation later

Cancel For Any Reason Coverage

August 23, 2006 By Damian 1 Comment

Most travel insurance policies have coverage for trip cancellation. The catch, however, is the reason for cancellation.

In order for the benefits to be paid, the reason for cancellation must be outlined in the policy; deaths in the family, personal injury before departing, loss of home to fire, loss of employment, etc.

In other words, if you just decide a week before your vacation that you don’t want to go anymore, you will not me covered. A good example would be the thwarted terror plot earlier this month. There were certainly travelers who did not want to fly after the incident, but their standard travel insurance policy would not cover it.

There are two companies, however, that do offer “cancel for any reason” options on the trip protection policies. This allows the insured traveler to literally cancel for any reason, up to 2 days before the trip.

TravelSafe Insurance and M.H. Ross Insurance broker (which operates tripinsurance.com) offer “cancel for any reason” options for some of their policies, offered at InsureMyTrip.com. The “cancel for any reason” aspect in an option you can elect to add to their existing products.

“Cancel for any reason” covers 75% of the non-refundable trip cost, and requires that:
* The plan be purchased within 15 days of trip deposit;
* “Cancel For Any Reason” option must be selected by the purchaser;
* All pre-paid, non-refundable trip costs are insured;
* Your trip is cancelled two (2) or more days before the departure date.

In other words, you need to buy it close to when you start planning the trip, be sure to check the “cancel for any reason” box, insure for the full trip cost, and make your decision 2 or more days ahead of time.

“Cancel for any reason” can add a significant amount to your policy premium. Also keep in mind that the paid benefits are not full reimbersment, but 75% of the total trip cost. If it still makes sense to you, buy it and rest easy knowing you can back out from the trip and not suffer a total trip cost loss.