Why is travel insurance for senior citizens expensive?

Summary:

Travel insurance is highly essential for every traveller who is travelling to a foreign country. This is essential as they are not entitled to use the country’s healthcare system for being foreigners. Under such circumstances, travel insurance will allow coverage for the treatment costs incurred during the foreign trip.

The second inning of life is the time to fulfil all the unfulfilled dreams and desires that remained postponed for various reasons. Most parents are short of time to fulfil their personal dreams due to family obligations. One such very popular dream is to travel to a foreign country. However, several medical and physical factors become a cause of concern at such an elderly age. Under such circumstances, competent travel insurance is your ideal travel company to take care of your ageing health also in a foreign land.

In this article, we will highlight the crucial aspects of senior citizens’ travel insurance and the reason behind their high costs.

Why is travel insurance important for senior citizens?

Travel insurance is indispensable for senior citizens who are travelling abroad, especially because of the rising health concerns due to advancing age. Travel insurance for senior citizens has been specifically crafted especially for this purpose.

1. It is a well-known fact that potential health risks and hazards usually increase with advancing age. It requires specialized care and protection.

2. Despite the easy availability of convenient transport and communication services, senior citizens require a competent travel insurance plan to take care of unprecedented health hazards during the course of the trip.

3. Apart from this, you must note that healthcare costs usually rise with rising age. In the absence of a steady source of ample income during retirement, they require enough health coverage to treat unprecedented health issues during their trip abroad. A comprehensive travel policy comes as a saviour under such circumstances.

Principal issues that senior citizens face during travelling

Under usual circumstances, senior citizens generally face certain typical issues during foreign travel:

1. Age-related health hazards:

Travelling is strenuous and it is especially so for senior citizens. Age-related health issues may occur suddenly because of this added strain. Such attacks will lead to standard healthcare treatments which require ample funds, especially during emergencies. Advancing age aptly affects specifically certain sense organs such as eyes, ears, smell, and taste. Apart from that decreasing bone density along with stiffened muscles and limited locomotor skills add to the discomfort and risks more.

2. Lacking social excellence:

The sense of hearing and eyesight gradually gets limited due to advancing age. This makes it all the more difficult to understand and interact appropriately in a foreign land. This makes them all the more vulnerable to phishing and scams of several sorts. This is the reason they require strong accompaniment to ensure maintaining proper societal norms and customs. All these issues make it indispensable for older people to acquire travel insurance.

3. Financial risks:

Travelling to a faraway foreign land is quite stressful both physically and emotionally. This may lead to easy forgetfulness, leading to even more serious health issues like dementia, Alzheimer’s disease, etc. This may result in financial vulnerabilities too, baggage loss, or loss of significant travel papers, leading to severe inconvenience. Travel insurance companies are well aware of the degree of financial risks and liabilities involved. An ideal plan will aptly cover not only healthcare costs, but also the loss of baggage or funds, and other related issues.

4. High medical costs:

In the case of a foreign trip, if you unfortunately face any medical contingency like an unforeseen accident or any other health issue, your travel insurance will aptly offer coverage for it. It will duly cater to your requirements if you need an immediate shift to the nearest hospital in a foreign land or need to be brought back immediately to your country according to your best interest. The cost of emergency evacuation due to medical reasons is one of the most highlighted benefits of competent travel insurance for senior citizens.

Why is travel insurance for senior citizens expensive?

Although comprehensive travel insurance aptly offers an all-inclusive package of both healthcare charges and financial risks and liabilities, it will charge a considerable chunk of your savings in the form of a premium. This rate is even higher in the case of senior citizens. The reasons behind the high rate of travel insurance for senior citizens are varied. Some of the most significant ones are discussed below:

1. Pre-existing health issues:

Usually, the travel insurance premium rates for senior citizens are comparatively much higher than general travel plans because of the associated increased risk of health hazards like hypertension, diabetes, heart issues, asthma bouts, etc. All standard insurance providers allow optional coverage for such PEDs, including life-threatening health conditions like asthma, kidney issues, heart issues, etc. in exchange for a higher premium rate. This rate is charged higher for senior citizens as the risk involved is comparatively much higher.

2. Longer stay span:

Under normal circumstances, senior citizens plan to stay for a comparatively longer duration in a foreign land when compared to normal travellers. They usually tend to visit their children who are working there and stay for a considerable period. Under such circumstances, travel plans play a significant role in such a long stay duration. Considering the requirements, it can be further extended for up to an additional 180 days. This allows them to stay for a whole year and make certain crucial memories and milestones.

3. Higher risk involvement:

Advancing age always involves higher health and financial risk. Due to weakening health conditions, they are more prone to both health and financial hazards. On the other hand, the claim chances are also on the higher side with the level of risk and liabilities involved. Apart from this, if you lose your passport or any other travel document, your respective travel insurance provider must offer you hassle-free access to the respective embassy or consulate of your destination country.

4. Sub-limits:

Usually, all comprehensive travel insurance providers come with an easy break-up of the total sum insured amount depending on the coverage span. You must read the policy document well to understand this break-up well and then proceed accordingly.

5. Compulsory health check-up:

Usually, all standard insurance providers make it mandatory for senior citizens to undergo certain specific health checkups before issuing a travel plan for an international trip. This is the case as most senior citizens are more vulnerable to certain health issues. These health checkup costs add up to the coverage cost.

How do I lower the premium rates for travel insurance?

Once you have attained the age of 60 years, it is mandatory that you have to pay a comparatively higher premium. However, if you keep these facts in mind, you can reduce it to a certain extent:

1. Zero sub-limit: In case you have a PED like diabetes, you must seek a travel plan without a sub-limit. This will aid in effectively channelling the premium amount to an enhanced plan with a comparatively higher coverage span.

2. Purchase online: It is preferable to purchase your travel plan online if you want to save. This will save the payable commission charges or hidden costs charged by agents.

3. Choose the best: Research well before you finalise a specific plan. You can understand the scenario well which will help you to choose the best plan at the most affordable cost without compromising on the coverage span.

4. Choose multi-trip: in case you travel abroad frequently, purchasing separate travel insurance for each trip will prove to be very expensive and lengthy. So, it is best to opt for a multi-trip plan spanning for a year. It is also tax-saving.

5. Use the travel insurance premium calculator: Enter the relevant details and use the digital premium calculator tool to calculate your premium payable amount easily. This will make your planning much easier.

Conclusion

We have discussed all the significant aspects related to travel insurance for senior citizens. Ensure to keep these facts in mind before proceeding.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.