Travel insurance: What to consider

Traveling is one the great delights of senior retirement, and with more time available, many choose to visit foreign countries. While most travel plans go smoothly, there is undoubtedly a time when you or someone you know has lost a bag, had a trip canceled unexpectedly or gotten sick or injured away from home. In times like these, travel insurance can help get you home and feeling better.

When deciding whether or not to invest in travel insurance, consider where you are going and how accessible healthcare is in that area. If you're planning to go to a remote location where the nearest hospital is hours away, you could be putting yourself at risk of not being able to see a doctor if needed.

Most people invest in travel insurance because it can bring them some peace of mind about traveling, protect them from unexpected disruptions or emergencies and ease concern about the amount of money they spend putting a trip together.

While looking for a quote for travel insurance, remember that things can go wrong and you will be happy you invested if the time comes when you need it. Without some form of protection, personal tragedies or trip disruptions can have an impact on personal finances for seniors. There are many different options for coverage available and picking the right types of coverage will depend on your health conditions and where you plan to travel.

Reasons to get travel insurance

  • You become sick or injured and need to cancel or reschedule your trip – If something unexpected happens to you or someone in your party, having some form of trip protection will ease the financial burden of cancelling. In some instances, you can get a refund or reschedule for another date without incurring any fees.
  • Your trip is canceled – Sometimes cancellations are out of our control, but you can find some peace of mind knowing your travel insurance will help reschedule your trip without costing you hundreds more. If you're away when your plans get canceled or rescheduled, trip protection will help you cover the out-of-pocket expenses of getting a new ticket or staying in a hotel for a delayed flight.
  • You lose your personal items and need replacements fast – Whether it's your bag, wallet, passport or medications, when you lose something while you're traveling, it can leave you in a bad spot. Insurance for lost or stolen items will help you cover the costs of buying new clothes or supplies when you're away. If you lost your passport, insurance coverage will also expedite the process so you can get home sooner.
  • A medical condition requires care while you're away – If you become sick while you're away from home or outside the country, you might have to be evacuated from that area to find senior wellness care. Without insurance, the cost of being airlifted to a hospital is steep and can reach into the tens of thousands of dollars. Travel medical coverage is your best bet for protecting your finances if something goes wrong.
2014-02-27T02:21:16+00:00 November 15th, 2013|Finance & Planning|Comments Off on Travel insurance: What to consider