Seniors generally have more health issues than younger travelers. For those looking to head abroad, this can mean needing to pay higher insurance costs due to the higher risks. But exactly how much is travel insurance for Canadian seniors?
That’s what we’re going to find out here! Of course, travel insurance is required for financial protection and to enjoy your trip without worry, but many factors determine its cost. Here we’ll look at those factors while seeing what you may be expected to say. Let’s take a look.
What Is Senior Travel Insurance?
Senior travel insurance is a specialized type of travel insurance specifically designed to meet the risks that older adults face when traveling on account of their age. While travel insurance within Canada can be wise, this type of insurance is for those who want to travel abroad.
As we age, we have more health considerations, and traveling only increases those risks. Senior travel insurance helps provide financial protection, avoiding huge medical bills that could happen if you needed medical assistance during your trip.
Senior travel insurance typically covers the following:
Medical Expense – It will cover the cost of any emergency medical treatment you receive during your trip. This includes the cost of ambulance services, hospital fees, the cost of diagnostic services, and the cost of prescription drugs.
Evacuation/Repatriation – The insurance usually covers travel costs to return home in the event of a medical emergency.
Missed Connection – Travel insurance can help cover the cost of alternative transport to join up with your trip if covered issues (like airline delays) disrupt your travel plans.
Trip Cancellation – The insurance can reimburse you the cost of your holiday if emergencies cause you to cancel. This is good coverage to have if you’re booking an expensive non-refundable trip.
The Cost of Travel Insurance for Seniors in Canada
The cost of travel insurance for seniors in Canada varies, depending on several factors such as individual age, health status, trip duration, trip cost, and more. It can be up to 20% of the total travel cost.
For a week-long trip, you generally need to pay in the region of $400 to $500, sometimes more, sometimes less. It’s vital to stress that the exact amount you pay can change considerably depending on your circumstances. The only way to know for sure is to get a quote.
Factors Affecting the Cost of Travel Insurance for Seniors
As we mentioned, there are many different factors that go into the exact price you pay. Let’s take a look at what they are here.
Age
As we age, changes occur is our bodies that increase the likelihood of experiencing health issues. Thus, the older an individual, the likelier they are to have medical emergencies and claim on their insurance. And as with any type of insurance, the higher the risk, the higher the premium.
Health status
People with pre-existing conditions are more likely to have health emergencies during trips. Thus, if you have sound health, you can expect a lower insurance premium than someone with an existing condition.
Travel destination
There are several reasons why your travel destination affects how much you pay in travel insurance. One is anticipated healthcare costs. In destinations where healthcare is expensive, the insurance company will need to pay out more, and therefore, will charge more.
Another reason why travel destination affects insurance rate is the risk associated with specific locations. If you are traveling to a place that has a high rate of crime, involves risky activities, or where serious diseases are more common, you will need to pay more.
Trip duration
The longer you are away from home, the more you’re exposed to potential risks and uncertainties. That is, the longer your trip, the more likely you are to experience medical emergencies. Insurance premiums reflect the increased exposure to potential risks.
Trip cost
The more a trip costs, the more the potential financial risk for the insurance company. For example, travel insurance typically covers trip cancellation. So, if unfortunate events make you cancel, a higher trip cost means the company will pay out more to reimburse you.
Coverage options
Generally, the more coverage a travel insurance plan gives you, the more expensive it’ll be. Travel insurance plans range from travel medical insurance plans (that cover only medical expenses) to all-inclusive plans (with coverage for travel disruption, trip cancellation, evacuation, baggage, and more).
What To Look Out for When Buying Travel Insurance
If you’re happy to go ahead and get travel insurance, here are a few key things you need to consider:
Generous coverage limits
Know that for any covered claim, an insurance company will pay you only up to a certain amount. However, you’ll not want a situation where your insurance company is willing to pay only a fraction of what you need or spent.
Thus, when choosing senior travel insurance, always look for generous coverage limits, especially medical expense limit. Ensure the maximum amount of money they’ll pay for emergency medical treatment during your trip can cover what you’ll need in the event of an emergency.
Coverage for pre-existing condition
Many seniors have pre-existing medical condition. If that is you, it only makes sense to choose a company that cover people with pre-existing conditions. If you have a medical emergency due to that condition and haven’t disclosed it, the insurance company may not pay out.
Short waiting periods for delays
No one will want to wait endlessly before being eligible to receive benefits for certain types of delays. Whether it is trip delays or baggage delays, ensure that the waiting period before the coverage kicks in is short.
Final Thoughts
Travel insurance for seniors usually costs around $400 to $500 but that can change depending on the factors above. If you are looking for a quote, then contact Buckler Insurance today. We’ll be happy to look at your options and answer any questions you may have.
