The freedom to travel is a benefit many retirees look forward to with anticipation. Travel insurance policies are available that cover trip interruption, baggage loss, and that provide 24-hour telephone assistance. But when traveling internationally it is vitally important that seniors consider unexpected medical emergencies.
With few exceptions, Medicare will not cover medical costs outside the United States, so a travel health insurance plan may be a good option.
Most plans may exclude pre-existing conditions, so it is important to be careful when choosing a policy. Travel insurance is comparatively inexpensive, and can offer financial peace of mind in the event of a medical emergency.
Factors in choosing the right senior international travel health insurance policy include:
1. What type of coverage is needed? Basic coverage can include emergency medical treatment and medical evacuation. Be sure to check the benefits and exclusions in any policy to be sure they meet your needs.
2. Of critical importance to seniors - are pre-existing medical conditions covered? Plans may require that the senior traveler have Medicare coverage in the U.S., or require the policy be purchased within certain time limits. Watch the wording -- broad or ambiguous definitions can result in your claim being denied if, for instance, a condition were identified for which no prior symptoms existed.
Should pre-existing medical issues exist, having a doctor's statement of the condition and medications is a good practice. If you must carry medications, keep them in clearly labeled, original containers, and check to be sure they are not considered illegal in the countries being visited.
3. How much does the Medical Evacuation benefit cover? An emergency medical evacuation can be expensive. The benefit for emergency medical evacuation will cover the expense of transferring you to an appropriate healthcare facility. In some cases, it may be advisable to return to your home country for follow-up treatment and recovery. Due to the high cost of medical evacuation, a separate coverage limit may apply.
4. Are there any age limits, or are benefits reduced because of age? Some plans place a limit on the age of the insured, or will limit coverage over a certain age. Costs of medical care can vary depending on the country visited, so be sure the benefits limits will cover possible costs.
5. Does the policy cover the duration of travel? Be sure to purchase a policy that covers the amount of time you expect to be traveling. Verify the "benefit period" (different than the policy or coverage period) - the maximum period of time the policy will pay benefits for a covered medical condition that was first diagnosed or treated during the policy period.
6. Is the insurance company regulated? It is recommended that you only contract with insurance companies who are registered to conduct business in your state. In the event of any disputes, the State Insurance Commission can only assist if the company is legally registered.
7. Do you understand the policy? It is important to carefully read any policy before purchase and be sure all clauses are understood. If there are questions, do not be afraid to ask for clarification!
Travel can be one of the most satisfying aspects of a long, contented retirement. Working with an experienced insurance agent is important to assure you have the right medical coverage for your needs.
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