How to save some serious money on boomers’ travel insurance

Boomers love and want to travel. They have money, they have time, and although they generally look after their health often a lot better than younger people do, many over 50s have probably got or have had some sort of medical condition, from high blood pressure to high cholesterol.

Premiums are generally higher because statistics show that baby boomers and seniors are more likely to make a claim while abroad, or cancel a holiday because of poor health.

You can however find a good deal and save some serious money on your boomers travel insurance.

Health

With well over 20 travel insurance companies to choose from, don’t look for cheap here, look for comprehensive value. Tip…if you like to drink alcohol, don’t assume you are automatically covered should you have an accident after consuming. Just one glass of table wine with dinner can exempt you – check inclusions.

Should you unfortunately need specialist attention make sure that you are covered to be airlifted and flown back to your own doctor and hospital in your country or other advanced western hospital. If you plan on visiting distant third world countries, this is a must.

Activities and tours

If you participate in adventure activities, check that your health insurance covers you for misadventure.

Particularly in activities with a distinct risk such as scuba diving, rock climbing, don’t ever assume the tour organiser or tour company has a good cover.

Another area often overlooked is a tour or event cancellation due to bad weather, or in my case the company went out of business and the group had paid in advance. All these areas need the ‘t’ crossed and the ‘i’ dotted.

Travel agents

However, travel insurance can often be an important, and profitable, area of their portfolio, so it is a good idea to get a few quotes.

Boomers’ travel insurance policies can be checked online and some product-comparison websites have several insurance brands listed.

You can also alter the excesses to be paid on travel insurance claims if you’re looking to save some money, and many insurers offer different levels of cover for different prices.

The product disclosure statement

Baby boomers often travel several times a year, so buying a multi-trip or annual policy can deliver better value than taking out travel insurance for each trip.

Several insurers will cover pre-existing medical conditions automatically, while a growing number are abolishing caps on age limits and removing the need for doctors’ assessments.

Older travellers love cruising but many travel insurance policies don’t cover cruise ship holidays as standard, so do your research.

Don’t assume that you’ll be automatically covered by Medicare if you’re doing a cruise around Australia.

As mentioned the cheapest travel insurance will not be the best boomers’ travel insurance. Spend time choosing the right policy for you based on your specific travel needs.

Disclose any pre-existing medical conditions because if you don’t, your policy may not be valid and a health setback could cost you a fortune.

If you suffer chest pain while holidaying in the US, the average time you’ll spend in hospital to monitor and treat the condition is 1.9 days. If you’re in California, the average cost of this treatment is $31,345.

Travel insurance should not be limited to overseas holidays. Many seniors and boomers travel interstate to visit family and friends, and travel insurance can make your car hire costs a lot cheaper.

Originally published here

Have you had to claim on travel insurance? What did you find out the hard way?