As we get older, our golden years can provide exciting opportunities to travel, especially if you’re retired or semi-retired and have more time to explore the world. But the unexpected can happen on even the best-planned trip, making travel insurance for seniors an important part of your holiday.
Key points:
- Travel insurance for seniors should cover you for a range of different situations, as it would for any traveller.
- “Mature Australians” may have to pay more for cover as the older you get, the higher your risk of health issues.
- Be up-front about any pre-existing medical conditions otherwise you may find you’re not covered on your travels.
The leading travel insurance providers don’t have specific travel insurance policies for senior travellers, according to the Insurance Council of Australia (ICA).
Instead, many in the industry offer a range of options to all travellers that you can customise, so that should help most people – including seniors – find cover that best suits their needs. Your age and health though may be a factor when it comes to calculating any premiums.
The Australian Government’s Smartraveller website says “mature Australians” may have to pay more for cover, but it says travel insurance should be as important as your passport if you’re travelling overseas. As a senior you may also need to think about travel insurance for any domestic travel too.
So let’s take a look at what to look for as a senior when seeking any travel insurance cover.
What does travel insurance for seniors cover?
Your travel insurance as a senior should cover you for a range of different situations, as it would for any traveller, depending on the type of policy you’re considering. Generally speaking, your travel insurance should cover you for things such as:
- cover for medical treatment, emergencies and evacuation costs while overseas
- cover for pre-paid travel arrangements if there’s a cancellation
- cover for your luggage if it’s lost, stolen or damaged
- additional accommodation and travel expenses due to severe weather or other events
- cover for accommodation and meals if your scheduled transport is delayed
- a death or disability benefit if you suffer an accident on your trip (death due to illness may not be covered, depending on the policy)
- 24 hour emergency assistance
- cover for other family members, like grandchildren (age restrictions typically apply).
You should look carefully at what else may be included (or excluded) from any travel policy you’re considering as a senior, including any limits.
Canstar’s Group Manager of Research and Insights, Mitch Watson, says seniors, like any other travellers, should consider covering themselves for the range of travel and activities they aim to undertake, both domestically and abroad.
“Seniors may have a greater need for medical cover than younger travellers – not only for potential accidents, but also to cover them for any ill health experienced while travelling,” he says.
When it comes to choosing a suitable policy, Mr Watson says seniors should consider paying close attention to what cover is included for any pre-existing conditions they may have (more on that later), and make sure they disclose them at the time of purchase.
What are the different types of travel insurance for seniors?
Depending on your travel needs and personal situation, you might want to consider a basic or a comprehensive travel insurance policy. You may also want something that covers you for a single trip or a number of trips if you plan on much travel.
Basic cover: Typically covers you for things such as medical emergencies and accidents, loss of luggage and cancellations. The amount you’re covered for may be on the lower end of the scale.
Comprehensive cover: These policies usually cover you for higher amounts and may include additional features and services.
Depending on the provider, any of the policy types below could offer basic or comprehensive cover.
Single trip policy: Cover limited to one trip – typically where you’ve specified the duration of your trip and the country or countries you’re visiting.
Annual/multi-trip policy: This type of policy covers you if you take multiple trips within a year, regardless of the destination – although exclusions could apply for specific destinations. If you’re a regular traveller, this type of policy may be worth considering as it could work out to be a more cost-effective option.
Domestic policy: Applies when you are travelling within Australia. Check for any limits or restrictions, especially if you’re considering a trip close to home. Domestic travel insurance usually doesn’t cover medical expenses – you should be covered by Medicare or your private health insurance – though you may want to check what claims may apply due to COVID-19.
Cruise policy: Cruise cover is typically designed to protect you against the cost of things such as medical treatment and/or evacuation at sea; trip cancellation due to illness, injury or emergency at home; lost luggage and so on.
Smartraveller says some cruise ships won’t let you board without cruise-specific insurance so you might want to check before booking to see what cover you need. Medicare and your private health insurance may not cover you on a cruise, even if you don’t leave Australian waters.
How much does travel insurance for seniors cost?
How much you pay for travel insurance as a senior depends on a range of factors determined by you and your travel plans, and premiums are likely to vary from one provider to another.
As we saw earlier, “mature Australians” can also expect to pay more for cover, so it can be a good idea to shop around before deciding on the level and type of cover that suits your needs.
Some of the factors that typically shape premiums include:
The level of cover: Comprehensive policies with more inclusions usually cost more than basic policies. While it may be tempting to opt for a cheaper level of cover it may not be enough for your travel needs. Some countries may require a level of insurance cover before you can enter so you’d be wise to check with Smartraveller before booking.
Where you’re travelling: Some destinations are considered more dangerous than others by insurers. Smartraveller says most standard policies won’t cover you for ‘Do not travel’ destinations. Again, you’d be wise to check with Smartraveller before booking, and check with your travel insurance provider.
Additional cover chosen: If you want to take part in any particular activities, especially those that involve a higher risk of injury such as skiing or water sports, these may incur a loading, and therefore a higher premium.
Duration of your trip: Typically, the longer the trip, the more expensive the policy.
Your choice of provider: You might want to compare a range of providers, as premiums for similar cover can vary. Canstar can help you compare a number of travel insurance options.
Pre-existing medical conditions: Your insurer may charge a higher premium in return for covering pre-existing medical conditions. We’ll look at this in more detail below.
Are there age limits for travel insurance for seniors ?
Most travel insurance providers may offer insurance to elderly passengers up to the age of 99, an Insurance Council of Australia spokesperson told Canstar. Some providers though may have certain age restrictions for certain types of cover.
For example, WorldCare limits some basic travel policies to those under 75 years of age, Insurance and Go has some policies limited to those up to 79, while 1Cover provides for those up to 80.
Cover-More says it will consider travel insurance for people up to 99, subject to certain conditions including the destination and duration of travel, although this may come at a cost on premiums.
“The older you get the higher your risk of health issues, and your travel insurance premium is influenced by age groups that present a higher risk,” Cover-More says.
“The combination of these factors influences the premium we calculate to cover the risk, which is why you may find seniors travel insurance cover to be more expensive.”
You can search Canstar for travel travel insurance policies for ages 60-69, and 70+ to see what may be available to suit your needs.
Again, you’d need to check carefully any travel policy documents to see what conditions may apply to any cover.
Travel insurance for seniors with a pre-existing medical condition
When you’re looking to book any travel insurance as a senior it’s important you declare up-front any pre-existing medical conditions, also known as existing medical conditions. Talk to any potential provider about what it considers as such a condition.
For example, Medibank divides existing medical conditions into three categories: conditions it automatically includes, conditions it needs to assess, and conditions it cannot cover.
That doesn’t mean you won’t necessarily get cover, as the ICA says there are many such conditions that are covered by leading travel insurance providers, although you may have to pay an additional premium.
If you’re not honest about revealing any pre-existing medical conditions when you take out a policy though you may find you’re not covered in the event of a claim.
Some providers may require you to complete medical screening as part of the assessment process, especially if you’ve declared a pre-existing medical condition. That could be an online or phone questionnaire, or you may need a doctor’s report, or a medical examination.
You may find that cover for your pre-existing medical condition is denied following any assessment during the quote process. That means you won’t be covered for incidents relating to that medical condition.
“The travel insurance would still provide cover for lost luggage, travel documents, or accidents not related to the pre-existing medical condition,” the ICA spokesperson said.
If you have a pre-existing medical condition, Smartraveller says it’s important to research whether any medication you need can be legally taken into the country you plan to visit. Some medications regarded as perfectly acceptable in Australia may be listed as illegal or a controlled substance in other parts of the world.
How to find the best travel insurance for seniors?
As soon as you start your travel plans you should consider your travel insurance options as a senior. You may find your travel options are limited by your personal and insurance needs.
You can use Canstar to help compare your travel insurance options, for age groups from 60 to 69, and 70+. You can also tailor your needs if you plan to travel alone, as a couple or part of a family, and for a range of overseas destinations.
You can further fine-tune your options for travel insurance coverage for features such as repatriation (if you need to leave a destination), travel disruption, emergency accommodation and overseas dental. You can also look at options for coverage of a theft of cash, a laptop and access to a 24 hour helpline.
“If you’re unsure on what cover is included in a policy you can refer to the Product Disclosure Statement (PDS), or for further clarification, speak to a representative from the insurer,” says Canstar’s Mitch Watson.
You might want to check out Canstar’s latest Travel Insurance Star Ratings and Awards to see who’s picked as offering some of the most outstanding value in travel insurance.
Original reporting by Sean Callery.
Image source: Ground Picture/Shutterstock.com
