By Bill Bailey, Edwards Insurance
Toronto, ON (May 10, 2017) – As we age, we have more time to travel, but a variety of factors affect our travel plans and experience. Health and age seem to be the main drivers for where we go and how long we stay because they are the main factors determining travel insurance. Generally:
- The condition of our health; if poor enough, insurance may not even be available.
- The poorer the health, the greater the cost for insurance.
- The cost of insurance is directly related to the length of time away.
Many insurance companies band the age in five year increments so clients pay the same from 60-64, 65-69, 70-74 and so on.
Medical questions are asked by most insurance companies when clients reach the age of 60 and beyond. Insurance companies qualify candidates based on the answers to health questions. When it comes to assessing costs, the biggest influences are typically related to the following organs or disorders (others may be included):
- strokes/mini strokes, and
- liver disease.
Rules of Thumb
Here are a few general – usually true – rules of thumb:
- The younger you are, the less it is going to cost.
- The healthier you are, the less it is going to cost.
- The shorter the trip, the less it is going to cost.
The converse, as noted above, is also true.
Things to Consider
- Take care of yourself health wise.
- Smoking is still an extra charge.
- Take a shorter trip to stay within your insurance budget.
- Increase the deductible; this will lower the cost.
Stable Health is Rewarding
Many people are not aware of stability clauses. Regardless of the medication, a reduction or increase in dosage is regarded as the same thing – any increase or decrease in dosage means “not stable”, therefore “not covered.”
Stability clauses can be purchased down with many carriers.
Number of days to be considered stable also varies from company to company; generally the older you are the greater the number of days required to be considered stable with regards to medications and disorders.
Travel in Canada
If travel insurance availability or cost is an issue, an option is to travel within Canada. Each provincial health plan has reciprocal agreements with other provinces; this means that travel medical insurance costs within Canada are quite cost effective. Note that air ambulance and a few other incidentals are not covered between provinces, so it is wise to purchase travel medical insurance for trips even within Canada.
Travel Medical Insurance is Available, Even If …
Did you know that if you are generally healthy, but had a health incident such as a heart attack, you may still be eligible for insurance, provided you qualify? You may still travel south with medical coverage if you have had a single event. Many travelers are not aware of this.
Travel medical is available for seniors, but it is important to shop around for the right coverages at a good price.
The preceding information is offered to help you as you plan for trips.
Wherever you are off to, enjoy, have fun, be safe and be careful when traveling.
About the Author
Bill Bailey, Travel Insurance Specialist, Edwards Insurance is a registered insurance broker who has been working for his clients in Ontario for more than ten years. For travel insurance, get an insurance quote.
Source: Edwards Insurance