Retirees: Watch This Before You Travel
Medicare doesn’t provide coverage outside the U.S. According to travelinsurance.com, unlike Medicare, travel insurance can provide emergency travel medical coverage with limits of up to $250,000 per person. And if you’re in a situation which an overseas hospital can’t handle, most travel insurance offer Emergency Evacuation coverage with limits up to $1 million per person.
Purchase travel insurance early to qualify for a pre-existing condition waiver. While most travel insurance plans exclude coverage for pre-existing conditions, some plans offer a Pre-Existing Condition Exclusion Waiver. To qualify, you must meet certain requirements, one of them being you purchase the plan within a tight time window that’s usually between 7-21 days from when the initial payment was made.
If you're traveling with a group, you can save money with Group Travel Plans. Travelinsurance.com says some group travel plans don’t look at the ages of travelers when pricing plans, which means your insurance may end up costing less than if you had you gone with an individual plan. Most group plans require at least 10 people who are traveling the same itinerary on similar dates.
Trip cancellation provides greater flexibility. Unlike Medigap coverage, travel insurance may offer trip cancellation or interruption coverage. Travelinsurance.com says for the most flexibility, travelers may want to think about buying a plan with a Cancel for Any Reason upgrade, which provides reimbursement for up to 75% of trips costs for any type of cancellation, as long as it happens more than 48 hours before the trip departure date.
You can buy travel insurance tailored to your activities. You can also buy insurance that offer Hazardous or Adventure Sports coverage, which cover high risk activities if you’re into those type of excursions.
We hope this list helps as you explore the world and enjoy your retirement!