A Guide to Travel Insurance for Seniors

When You Might Need Travel Insurance

Travel insurance might be a good idea for older adults who have health conditions or plan to travel overseas for a longer duration of time. For instance, if you’re planning a strenuous hike or high-risk activity, travel insurance can be helpful.

Depending on the type of travel insurance that you purchase, you might want to opt for a travel medical plan if you’re going to participate in high-risk activities or water sports such as surfing or paragliding. This type of insurance can cover emergency medical treatment and save you potentially thousands of dollars in case you need immediate help and need to be evacuated, airlifted, or sent to the hospital.

In some cases, just like life insurance for seniors, you’ll have the option of adding more benefits such as 24-hour travel assistance and rental car coverage.

What Does Travel Insurance Cover?

In general, travel insurance can cover emergency medical expenses, stolen or lost baggage, last-minute trip cancellations, and other unexpected situations that may cause financial loss or other inconveniences. Keep in mind that there may be exceptions to what your provider can cover. For instance, some travel insurance policies might cover COVID-19 claims and tests, while others might not be able to cover trip cancellations or other medical expenses related to COVID-19.

In general, most travel insurance can cover the following items, but check with your provider and specific policy to see what’s included and excluded:

• Medical expenses/health insurance
• Trip cancellation
• Evacuation and emergency transportation
• Life insurance
• Loss of baggage or stolen personal items

Types of Travel Insurance

There are several different types of travel insurance that you can purchase during your travels. I’ll explain in detail why these might be especially helpful for seniors who need extra assistance, coverage for medical expenses, or reimbursement for a canceled trip or lost luggage.

Travel Medical Insurance

This type of insurance helps cover the cost of medical expenses when you’re traveling abroad or domestically. It includes both travel insurance and medical insurance and provides peace of mind in the event that you have a medical emergency when traveling. Unfortunately, most travel medical insurance will not cover high-risk sports, trip cancellations due to unfavorable weather, prenatal care, or routine or preventive services.

Trip Cancellation

If you cancel a trip due to unexpected circumstances, such as a death in the family or sickness/illness, you’ll receive a full refund or reimbursement if you opt for trip cancellation insurance. This type of insurance usually covers non-refundable trips. Usually, travel insurance providers will offer an additional Cancel for Any Reason (CFAR) travel insurance add-on that’s contingent upon eligibility, early cancellation, or full coverage of travel insurance.

Baggage and Belongings

If you opt for baggage and personal belongings insurance during your travels, then you’ll have peace of mind when it comes to lost or stolen baggage. This type of travel insurance can reimburse you for the equivalent or estimated cash value of stolen or lost baggage during your travels. Keep in mind that certain providers might place limits on the number of items or coverage amounts you can claim, as well as have a reimbursement cap for lost or stolen items.

24-Hour Assistance

This type of insurance provides emergency 24-hour assistance, which usually includes medical treatment and transportation, and travel assistance. For instance, Allianz Travel offers a 24-hour assistance hotline for any type of travel-related question or medical emergency.

Accidental Death and Dismemberment Insurance

Some travel insurance policies will offer Accidental death and dismemberment (AD&D) insurance as an optional add-on. Usually, this type of insurance will pay a lump sum to your beneficiaries in the event that you lose a limb or pass away from an accidental death during your travels. You can also purchase similar insurance through a life insurance provider or use this type of supplementary insurance through your travel insurance.

If you were to pass on during your travels with this insurance policy, then your beneficiaries would receive 100 percent of the policy’s death benefits. Keep in mind that there are certain exceptions to this insurance policy and insurance companies will cover the cost of accidental death only. Usually, AD&D insurance will cover accidental death, an insured person losing their vision, or permanent dismemberment.

Rental Car Coverage

This type of travel insurance can be helpful in the event that you get into a rental car accident. With this type of insurance, you can get coverage up to $50,000 as well as roadside assistance and more.

How to Obtain Travel Insurance

Finding travel insurance is usually a simple process; however, it will vary depending on where you obtain it.

Credit Cards

Yes, there are some travel credit cards that may offer certain travel insurance benefits to cover trip delays, stolen or lost baggage, emergency travel assistance, and other unexpected situations that may arise during your travels.

Some examples of travel reward credit cards with travel insurance include Chase Sapphire Preferred, the Platinum Card from American Express, and Bank of America Premium Rewards. The Chase Sapphire Preferred card has an annual fee of $95, and it offers trip cancellation/trip interruption insurance.

This type of travel insurance from this rewards credit card offers a coverage amount of $5,000 per trip, with a limit of $10,000 per occurrence and a maximum of $20,000 every 12 months. Both the cardholder and immediate family members are covered under this travel insurance policy. Additionally, the Chase Sapphire Preferred card also offers baggage delay insurance, which reimburses you for baggage delays up to $100 per day for five days.

Travel Agents and Websites

You can purchase travel insurance through travel agents and certified websites. For example, if you decide to go through a travel agent, they will typically earn a commission for selling a trip package or travel insurance, but they’ll have better insight into deals, promotions, and other offers to help you save on a trip. According to a study by the American Society of Travel Agents, travel agents can save travelers an average of $452 as well as several hours of trip planning time. Costs for booking a trip will vary, and depending on your coverage or medical needs, the type of travel insurance that you need will also vary.

Alternatively, if you don’t mind doing the research yourself, you can visit sites such as booking.com to simply book a trip and pick a travel insurance package from a travel insurance company like Allianz Travel. If you’re going through an agency or travel website, do your research and make sure it’s a legitimate and reputable travel agency or provider. If you’re using a website such as travelinsurance.com, you can enter your information and buy insurance directly from approved insurers through the website.

Travel Insurance Companies

You can get an estimated quote for different types of travel insurance through a reputable travel insurance company. For example, Travel Guard is a leading travel insurance company that provides travel insurance to individuals who are traveling for fun or business purposes. They provide travel medical assistance, emergency travel services, and other types of travel insurance.

Most travel insurance companies will provide free quotes and ask questions about the country of destination and mode of travel, the duration of the trip, and the number of travelers. For instance, I input two travelers through Travel Guard’s online quote system for a three-month trip to Bangladesh, with an estimated total trip cost of $18,000 via airplane.

How Much Does Travel Insurance Cost?

In general, travel insurance varies based on a number of factors, such as preexisting health conditions, age, the number of travelers, the duration of the trip, the destination (domestic or international), and add-on insurance.

In general, a plan can cost from $115 to $1,650 or more depending on how comprehensive the plan is.

Three Tips for Buying Travel Insurance

When you’re buying travel insurance, it’s important to look into the coverage amount, whether you need a travel medical plan, and whether you will be partaking in any high-risk outdoor activities that might require evacuation or other assistance. We’ve compiled a few additional tips below:

Purchase Travel Insurance Early When Possible

Although you can buy travel insurance after your trip has begun, it’s easier to start the process as early as possible to get the best rates and make sure you’re getting all your travel needs taken care of. Especially if you’re planning to book a trip that will last two to three months, it’s best to purchase travel insurance as soon as you book your trip rather than waiting.

Check COVID-19 Policies

When purchasing travel insurance, check to see whether your provider offers additional coverage or reimbursement for COVID-19 or another illness that deems you unfit to travel, or if you get COVID-19 during the trip and need to quarantine.

Credit Card Rewards and Travel Insurance

If you already have an existing credit card with travel rewards, it may likely offer travel insurance benefits. Check with your credit card issuer for more information about whether you can add on additional benefits or other types of travel insurance.

Travel Insurance During the Pandemic

Given the COVID-19 pandemic, many insurers have modified their travel insurance offerings to include COVID-19 coverage, while others have not. For instance, most travel insurance plans that are found via travelinsurance.com or other approved websites might provide everything from trip cancellation to medical evacuation and other types of travel insurance coverage related to a COVID-19 diagnosis. This means you may be reimbursed if you have a COVID-19 diagnosis and are unable to travel, provided you’ve purchased a specific travel insurance plan with COVID-19-related coverage.

Bottom Line

Planning a trip can be stressful but exhilarating. Now that vaccines are readily available to everyone, you might start looking into your next travel destination. It’s important to research the best travel insurance plans for your unique travel needs.

No matter which type of trip you’ll be planning, it’s important to figure out the types of activities you’ll be doing and whether you’ll need comprehensive coverage or simply basic trip cancellation insurance.

To learn more about travel and coverage options, be sure to read our helpful guides:

• Best Life Insurance for Seniors
• Best Travel Insurance for Seniors
• Best Medigap Insurance Plans