Just because you’re getting older, it doesn’t mean the adventures have to come to an end – or that you have to limit yourself to short local trips or domestic holidays around Australia. While it can be a little more difficult to find travel insurance for over-65s, rest assured that it’s still possible to find a travel insurance plan that suits your holiday plans and needs.
Whether you’re a frequent traveller, wanting to visit your old favourites or only now finding the time to explore all the corners of the world, seniors travel insurance can help keep your trip smooth sailing.
You can plan your holiday down to the last detail, but that won’t stop things going wrong when you least expect it. The unfortunate reality is that you may have a higher chance of getting sick or injured as you get older, but if you prepare for the possibility, you can continue to travel without worry and enjoy your holiday to the fullest.
Having appropriate travel insurance cover can cost a fraction of what you might pay upfront in medical costs overseas, so taking out a policy might be a good idea not only for your health during your trip, but also for your wallet.
Travel insurance premiums might be a little more expensive for seniors, but finding the right cover for you doesn’t have to be complicated just because you’re over 65. In fact, it can be as easy as enjoying a glass of wine with a beautiful view!
The good news is that travel insurance when you’re over 65 usually covers most things that standard travel insurance covers for under-65s. Although you might find that some travel insurance providers limit certain policies or product offerings to people over particular ages, you’ll generally be able to get cover for:
Depending on your policy, travel insurance can help cover the costs of necessary medical treatment or hospital care if you get sick or injured while overseas. You may also be covered for medical evacuation and repatriation. Australia has a Reciprocal Health Care Agreement (RHCA) with eleven different countries, which can help cover or alleviate some costs of medical emergencies overseas. However, RHCA coverage is still limited, and outside of those countries, you may need to pay up-front to receive medical treatment – unless you have travel insurance with medical cover!
There’s nothing worse than losing your nicest clothes and accessories while on holiday; luckily, travel insurance can also cover the costs of your luggage being stolen or lost. It may also insure your valuables, such as wallets, the credit cards or money inside, cameras, phones or even passport or travel documents if they are stolen, lost or damaged during your travels. In case this occurs, it’s a good idea to know the approximate value of everything you plan to take with you overseas.
Travel insurance can also cover you for flight cancellations or delays that impact your holiday. This means that if something happens that causes you to miss flights, bookings or activities, your cover may be able to reimburse some or all of the costs.
Some travel insurance providers may also offer these features which you can add to your policy for extra cover:
Each insurance provider and policy will differ in what they do and don’t cover. It’s important you read your policy’s Product Disclosure Statement (PDS) before completing the purchase to make sure it has everything you need before you begin your travels.
There are generally two types of travel insurance policy options, which are:
Most providers typically offer three or more levels of cover within their travel policies, each of which offers varying benefits and limits.
This low-level cover is generally the cheapest and most affordable. In most cases, these cheaper policies still offer comprehensive medical cover.
Basic policies generally include:
This mid-level cover usually features all the things found in basic cover as well as further benefits. However, standard cover may still have certain limits, conditions, or excess payments. Some things you might find in a standard policy include:
This high-level cover may cost a bit more, but it’s great for those travellers who want the peace of mind of not worrying about anything while on holiday. The benefit limits of comprehensive cover are normally higher; however, all policies will have conditions, sub-limits and an excess that will usually apply to most claims. A comprehensive travel insurance policy will generally include:
No matter what level of cover you decide best suits your individual circumstances, make sure you understand exactly what is covered. The best way to do this is to read the policy wording, which outlines the full details of your travel insurance.
The price you pay for travel insurance as a senior can vary between providers and is usually based on your individual travel plans, so it’s not easy to give an approximate cost for all people. The cost of travel insurance is normally higher for older travellers due to the higher likelihood of making a claim and the size of those claims. Providers also set premiums based on historical claims trends and their forecasts of future claims.
Premiums will likely also be higher for travellers who include cover for pre-existing medical conditions. Travel insurance for over-65s may cost a bit, but it’s well worth the money to have peace of mind while on holidaying knowing you have travel cover.
While upper age limits can vary between providers, there are still many that offer basic, mid-range and comprehensive cover for people up to 99 years old. Seniors travel insurance can often be more expensive than what younger people may pay, but think of it as an investment in your health and safety while you’re overseas. If you’re concerned about possible age-based exclusions, read the PDS to check for limitations before deciding on a policy and product.
Unfortunately, when you get older, there tends to be a higher likelihood of having a previous injury, illness or other pre-existing medical condition. Taking out cover for your pre-existing condition can cost a bit extra; however, extending your medical cover in your travel policy to include your pre-existing medical conditions is a very smart idea should something go wrong while you’re overseas.
It’s important to check with your insurance provider if your specific condition is covered and to disclose these conditions when signing up for your policy.
If you haven’t added any cover for your pre-existing conditions to your policy (perhaps because you want to save some money), you won’t be able to claim any medical expenses that relate to this condition. However, even if your policy doesn’t cover your pre-existing medical condition, you’ll generally still be covered for any other medical expenses unrelated to your condition.
When it comes to travel insurance, you’re only able to be compensated once per loss. For example, in the event your flight is cancelled, your airline may compensate you for some, or all, of your loss / additional expenses. In this case, you are only entitled to claim what is remaining; if your try to claim more than once, your claim will be rejected.
Comparing travel insurance isn’t as hard as it seems, so getting travel insurance for your holiday when you’re over 65 isn’t something you should forget before you leave. Using our free comparison tool, you can compare prices, benefits, inclusions and more to help you decide on the policy you want.
It pays to compare, so what are you waiting for?
