The processes of aging varies individually, and as such; the age of an individual may not determine such individual’s health condition. Some Individual in their early 70s are exceptionally healthier, adventurous and vibrant than others in their 50s. People within the age group of 60 to 70 years fancy travelling abroad, tourism and less demanding sport exercises. However, majority of the elderly people are fragile and predisposed to various health issues.
Despite the advancement in health technology, most elderly people still struggle with diabetes, oncogenesis, stress, high blood pressure, cardiac arrest, impaired vision, arthritis, digestive dysfunction and etc., and as a consequence of this; they are posed with greater risks while travelling abroad. For instance some elderly people develop poor lung and cardio vascular functions which subject them to risk during long distance flight of high altitudes coupled with low oxygen pressure level.
Cost of obtaining travel insurance for the Elderly
Premiums for elderly travel insurance may vary according to several insurers, age, health status, risk coefficient, trip duration, travel frequency, included options and presence of pre-existing conditions. For instance a risk coefficient of 1.75 to 2.0 is applied for people within the age group of 65-69 years, and a coefficient of 2.25 to 3.0 is applied for people within the age group of 70 to 74 years, and some insurance companies may be reluctant to provide insurance coverage for people above 74 years, due to the frequency of illness and high rate of mortality at that period.
Several specialist Insurance companies offer policies with extensive range of coverage for various medical conditions common among elderly people. They provide coverage for pre-existing conditions at an exorbitant premium. For instance, it is expected that the premium for insuring a cancer patient will be very high compared to the price of insuring someone with back aches.
Types of Elderly Travel Insurance
Insurance companies offer different forms of travel insurance documents, and these travel insurance are not limited to the following below.
Designed to cover the elderly insured for several trips all through the year. If the insured is a type of person that travels frequently, this type of insurance will be suitable.
Provides coverage for a trip and it is affordable for individuals intending to travel once.
Recommended Option inclusion
Purchasing an affordable policy with significant coverage prospect could be tricky to individuals without knowledge and experience in dealing with insurance products. Therefore, while purchasing insurance for elderly people, paying attention to the following tips will be necessary:
- Consult an expert to search and select competent and reputable insurance companies who offer an extensive range of coverage and services for individuals who are 65 years and above.
- Select and purchase the policy that is suitable to the individuals travel requirements, health issues and income. A policy is deemed optimum as long as it:
- Covers the individual health requirements.
- Covers a wide variety of envisaged and unpredicted issues.
- Is highly flexible. Easy to include and remove options.
- Supplement the coverage by choosing and including every option that is applicable and capable of handling other situations that are difficult for the initial policy to guarantee. These options include:
Trip cancellation
Several individuals are accustomed to purchasing travel tickets in advance, due to the exorbitant price associated with purchasing tickets on the scheduled date. For instance, a last minute ticket may be five times expensive than a ticket that is purchased a month in advance. Unfortunately, elderly insured may be diagnosed with a chronic illness, requiring him/her to attend a scheduled medical procedure a day before the scheduled date of departure from country of residence. Or the physician may advise against the scheduled trip until a stabilized condition is attained. In such cases, the trip cancellation will necessitate compensation, provided the insured includes this option, and cancels the trip before the scheduled time of departure. The insured is also advised to maintain transparency by revealing expenses and proof of cancellation during the process of making claims.
Sport
Despite the age and strength of elderly individuals, some of them still partake in some mild exercise during vacations. Some of them may play golf, ride horses, venture in sword exercise, swim in the pool or take a stroll down the street. These activities may cause sprains, muscle cramps, injuries, trauma or cardiac arrests. At times they fall and experience internal bleeding. If these activities are envisaged, and the option is added to the insurance policy, the insurance company will cover the cost associated with such insured event, provided it is included in the list of covered activities.
Baggage Insurance
In most cases this option might not be necessary, but if the insured envisages the risk of losing his/her properties to theft or damages during the trip, then this option will be worth purchasing. For instance, the insured may travel with luggage containing personal medication, toys and electronic gadgets for grand kids, then this option will be worth purchasing. Provided this option is included, it will provide coverage and compensation for the loss of the aforementioned properties to thieves or accidents. The compensation is usually valued at a certain percentage of the properties worth.
Compassionate visit
Provided this option is included, it will insure an event in which an elderly insured’s relative or family member visits him/her due to hospitalization for a severe medical case. This option will take care of the expenses involved in transporting and accommodating the insured’s relative or family member. Such option may require a huge amount of premium.
Emergency Evacuation
This will cover the expenses involved in transporting the elderly insured back to his/her country of residence or the any country that is recommended by the Physician, when the elderly person cannot receive treatments or undergo a surgical procedure in the destination country due to certain constraints.
- Inform the insurer of any pre-existing condition to determine if such conditions are fully covered, by updating the insurers on the development of any health issue, even while the insurance policy is still valid. For instance, if the insured is diagnosed of a high blood pressure or tumor, during the trip or after purchasing the insurance, it will be better to notify the insurer about the development and previous medical reports.
- Some individuals like veterans and other adventurous people prefer to keep fit on a regular bases. If an elderly individual belongs to such category, it will be nice to ensure that the insurers provide coverage for any potential activity that such an individual will partake in, during their stay abroad.
