Do You Really Need Travel Insurance?

Nothing puts a damper on travel like an emergency. However, being prepared can go a long way toward reducing the stress and chaos that can accompany an unexpected event, especially when traveling outside of the United States. Travel insurance from a reputable provider can help protect against high-cost health emergencies, trip cancellations, and interruptions. While travel insurance can be more expensive for seniors, it can also be highly cost-effective because:

• Older adults are more likely to encounter medical issues while traveling due to pre-existing conditions and increased vulnerability to infections or accidents
• Medicare generally does not cover health expenses outside the U.S., which can leave travelers with uncovered medical or emergency transportation costs
• It can help protect prepaid, non-refundable expenses for cruises, hotels/resorts or flights

If you’re planning to travel outside the U.S., you may want to buy a policy that includes travel health coverage. While some credit cards and loyalty programs already offer limited coverage for domestic travel, comprehensive travel insurance policies are designed to cover a wide range of risks, from trip cancellation and interruption to travel delay, baggage protection, medical issues, emergency evacuation, and 24-hour assistance. Before purchasing a comprehensive policy, take time to:

• Verify your existing coverage. Review your credit card benefits and personal health insurance. If they offer coverage abroad, you may not need to purchase a separate policy.
• Compare quotes. Websites like Squaremouth, TravelInsurance.com, and InsureMyTrip allow you to compare and evaluate multiple policies and costs at one time.
• Read the fine print. Review limitations and details, including pre-existing condition exclusions, coverage for specific activities (e.g., scuba diving), medical evacuation coverage, and whether the policy acts as primary or secondary insurance.
  
  

While you may not need travel insurance for refundable or low-cost trips, it may be wise for non-refundable, more expensive trips. Like any insurance, it's all about managing risk and increasing your peace of mind in the case of unforeseen, difficult circumstances. If you have questions or would like to discuss, please call the office.