In my opinion, travel insurance has always been important. I have never traveled without it. As we age it is even more important. Travel insurance for seniors is a must.
Here's an email I received recently. The writer asked me to share it.
You recommend travel insurance. Please please caution your travelers to read the fine print.
They might not realize as I did not that there is travel insurance that doesn't cover trip cancellation because of illness. But it does exist and I unknowingly bought it and am out close to $5000 because an emergency appendectomy caused me to cancel my trip to Norway. Sadly the insurance company dangled me for months making submissions to my claim before they bothered to inform me that I had no claim.
Please use my story as an example of what not to do
As I indicate a number of times below, please read the fine print.
My purpose with this post is to simplify what can be a complicated purchase. While I can't change the rates or policies that travel insurance companies have for seniors, I can share with you some straightforward language to help you buy travel insurance according to your needs without overspending.
If you are under 70 years of age (65 in Canada) please read Travel Insurance for Solo Travelers: How to Make Sure You’re Protected.
If you're exploring travel insurance you're likely in trip planning mode. You may want to click here for your travel planning checklist.
One quick note. This article contains affiliate links which means that if you make a purchase we'll earn a small commission. This doesn't affect our analysis or your costs, but you will support Solo Traveler to do the work of researching, analysing, and bringing this information to you.
The Cost of Travel Insurance for Seniors vs. the Coverage
While the cost for travel insurance for seniors that is being quoted has not gone up a lot, the amount of coverage for the same prices has changed dramatically. In both cases, I took the first quote that came up on TravelInsurance.com. I like them because I can compare different offers. Look at this scenario.
Traveler details. My theoretical traveler is 70 years old and 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 you will have noticed by the comparison in the previous section, comparing insurance rates and coverage is more important than ever. I recommend TravelInsurance.com because it is easy to shop around.
In the same scenario as above, there were a number of other options. Here's what was most noticeable in option 2.
- The second policy in the list of options was $7.52 more. The coverage was significantly different.
- Trip interruption offered an additional $2,500 in coverage.
- Medical emergency coverage was doubled to $50,000 without a deductible of $100.
- Baggage loss was doubled to $1,000.
- Flight accident was $50,000 rather than zero.
- Of note, there was no coverage for accidental death while the first option had coverage of $10,000.
The third option was $32.33 more and had significantly more coverage again.
The fourth option was $47.13 more but offered less coverage than option three.
Travel insurance for seniors can vary greatly. Price and coverage comparison shopping is essential.
Is Self-insuring an Option for Travel Insurance?
You do have the choice to self-insure. This is the option of not purchasing travel insurance and covering any expenses or losses that arise out of your own pocket.
As you age and travel insurance becomes more expensive, the notion of self-ensuring becomes more attractive.
I'm going on a trip for my nephew's wedding in December. It's a week in Mexico and the entire trip cost CA$1,800. I decided to self-insure for everything except medical coverage. In my mind, I'll take the risk of not going and losing the $1,800 but I won't take the risk of a medical emergency without any support.
Essentially, if the cost of having to cover a travel problem would affect your life at home and/or your chance for future travels, I would get insurance. The cost of travel insurance is a small price to pay for protecting your financial future.
Seniors with Pre-existing Conditions Can Get Travel Insurance
The term “pre-existing condition” is probably the most misunderstood aspect of travel insurance. Here's what you need to know.
- What is a pre-existing condition? It is a medical issue that required you to seek treatment or consultation with a doctor, whether the issue was diagnosed or not. It can also be a change of prescription. Please note, that should a doctor reduce a prescribed medication because you are doing better, from a travel insurance perspective, this is a new pre-existing condition and is not stable.
- What is a stability period? Insurers will usually cover your pre-existing condition if it is stable. The stability or “look-back” period is typically from 60 to 180 days. This is the number of days they look back to see if the pre-existing condition has been stable. If during the look-back period the pre-existing condition has been stable–i.e., there has been no change in prescription, no physician visits, etc.–as per the insurer’s definition, the pre-existing condition exclusion won’t apply.
- Are you covered for a pre-existing condition? To know the answer to this question, look back six months to see how you have been treated for the condition. If there has been no change in treatment, symptoms, or tests, read the fine print and then contact the insurance company to clarify that you will be covered for your pre-existing condition. If you are not covered, you may be able to purchase a pre-existing condition waiver. Christopher Elliott explains the waiver here.
- Will you be covered for other medical emergencies? Unless your medical emergency is created or affected by your pre-existing condition, you will be covered for a medical emergency.
In the United States, the factors affecting pre-existing conditions are in the fine print. There is no medical questionnaire required before purchasing travel insurance so your attention is not brought to the matter. However, this does not mean that you are covered for pre-existing conditions. As always, read the fine print.
In Canada, there is typically a medical questionnaire. The information gathered will be used to identify your pre-existing conditions and determine what you are covered for and the cost of your insurance.
Why is this important? If you make a claim, the insurance company will look into the possibility of pre-existing conditions carefully and any found that relate to your claim could nullify your coverage.
Tips on Buying Travel Insurance for Seniors
Travel insurance is not an off-the-shelf purchase for seniors. Here are tips to help you get the right coverage at the right price.
- Shop around. Because the cost of travel insurance tends to get higher as you get older, it absolutely pays to do your research, particularly if you are relatively fit and healthy. Price comparison sites can be helpful for this. For Americans, we recommend travelinsurance.com for price and policy comparisons.
- Purchase travel insurance as soon as you put money down on a trip. If you need to cancel a trip before you buy travel insurance, you're out of luck.
- Ask for a deductible. Ask for quotes with different deductible options. A deductible is the portion of an expense that you will pay yourself. The higher the deductible, the lower the insurance cost.
- Consider an annual plan. If you travel frequently, an annual plan may save you money.
- Understand pre-existing conditions. If your pre-existing condition is stable according to the terms of your policy, you will typically be covered. If you are not, you can look into buying a pre-existing medical conditions waiver. It is available for some (but not all) conditions.
- Review your insurance before departure. It's possible that your health situation could change between the time you purchase your insurance and the time you leave for your trip. If anything has changed, review your coverage relating to pre-existing conditions.
- Be aware of age limits. Some policies may not cover travelers over a certain age for specific pre-existing medical conditions (for example, asthma may not be covered if you're over 60). However, travel insurance is available for all ages.
- Look at the individual policy limits. Different insurance providers offer different levels of coverage. You can lower the price of your premium by taking out a policy with a reduced amount of coverage.
- Consider additional coverage. Most travel insurers offer a range of optional add-ons, such as cruise-specific coverage, to help tailor your policy to your needs. However, don’t pay for things if you know you won’t need them.
- Get your questions answered. If you have questions about travel insurance for seniors, pick up the phone and get them answered clearly by either the insuring company or a licensed travel insurance broker. While travel agents, tour companies, and airlines can sell travel insurance, they are not allowed to give advice. The phone number of TravelInsurance.com is 1-877-906-3950
Specific Tips for Americans
- Pricing. In the US, travel insurance prices are determined by age and the cost of the trip. While there is no medical questionnaire to complete at the purchase point, in the claims process you will have to answer questions about pre-existing conditions. Read the fine print to know the definitions of pre-existing, look-back period, etc.
- Pre-existing conditions. No medical questionnaire is needed, however, pre-existing conditions are a factor when determining the payout of a claim. The fine print must be read to ensure that you have the coverage you want.
- Status of pre-existing conditions. Insurers have a look-back period, typically from 60 to 180 days, depending on the plan and provider. This is the number of days they look back to see if the pre-existing condition has been stable. If during the look-back period the pre-existing condition has been stable—i.e. no change in prescription, no physician visits, etc. as per the insurer’s definition, the pre-existing condition exclusion won’t apply.
- Medical coverage. Medicare does not cover you when traveling outside the United States. Medical travel insurance coverage can start at $25,000, however I suggest that you look for:
- at least $250,000 in coverage for emergency medical expenses, including dental
- $500,000 in emergency evacuation coverage
- medical staff available by phone 24/7 to help you get the care you need
- translation services should you be traveling in a country where you don't speak the language
Specific Tips for Canadians
- Pricing. In Canada, the premium is determined by the traveler’s age, trip length, and responses to a medical questionnaire (when applicable).
- Medical coverage. In Canada, medical coverage is typically $5 million.
- Pre-existing conditions. In Canada, pre-existing conditions are identified in the medical questionnaire when travel insurance is purchased. The insured must inform the insurer if there are any health changes before departure.
- Status of pre-existing conditions. In Canada, insurers have a stability period where they are looking for no changes to the pre-existing condition. If you meet the stability period as determined by the insurer’s criteria in their definition of stable, your pre-existing condition is covered.
- Top-up insurance. If you have travel insurance through a group plan but are taking a trip longer than the plan covers, you can buy top-up insurance for the remaining portion of your trip.
The very best thing that can happen is that you will never need to make a claim on your insurance–and we hope you never will. But please don't leave home without it.
You'll also find this article helpful: How to Prevent or Deal with Getting Sick Traveling Solo.
