Travel Insurance for Elderly with existing medical conditions. Here’s everything you never knew about | Insurance Advice from CompareKaki, Your Compare “Buddy”
When we were younger and our parents would take us for holidays, we wouldn’t even bat an eyelid when it came to expert planning skills.
We would happily go along on the holidays, not aware of the full extent of planning that goes into it.
Now that we’re all grown up and our parents have grown older too, it’s time we turn around and start planning holidays for them.
The one thing we often miss out when planning for holidays is travel insurance. Only those who have experienced bad situations when travelling bother to look at travel insurance.
Need a travel insurance? CompareKaki is here to help!
The rest of us tend to click uncheck on the box that prompts us to buy travel insurance when we’re making our travel bookings.
But travel insurance is indeed one of the most important elements when travelling, especially if you’re travelling with elderly.
However, buying travel insurance for elderly folk might pose as an issue as not all insurance companies will cover those above a certain age.
Or those with pre-existing medical conditions.
The next time you’re travelling with your elderly family members, be sure to keep these points in mind:
1. Most insurers will reduce travel insurance coverage for travellers above age 70
When you’re travelling with elderly above the age of 70, the insurance coverage tends to be lower than if you’re buying insurance for someone below 70.
If the traveller is above the age of 70 (this age can vary between insurers) and buying the same travel insurance policy as a younger traveller, the premiums paid would be the same, but the full sum assured would only be as low as 20% of that of younger travellers.
For eg. If your travel insurance policy offers a $500,000 sum assured, a policy holder above the age of 70 would only be entitled to a $100,000 sum assured for the same policy.
Find the best travel insurance quotation with CompareKaki!
2. There are standard exclusion clauses for those with pre-existing medical conditions
If your parents or elderly family members have a pre-existing medical condition, it doesn’t mean you can’t get travel insurance for them.
You can certainly buy travel insurance for them.
However, most travel insurance policies would have a clause stating that the policy would not cover any expenses related to pre-existing conditions.
If that is a concern for your travelling companions, you could opt to find a travel insurance policy that does cover pre-existing conditions.
You will also need to be aware that such policies will have a much higher premium and also come with a co-insurance payment requirement of as much as 50% of the medical bill.
3. Look for the highest coverage possible for elderly travellers, within your budget
While many might choose to purchase the same travel insurance for the entire group travelling together, this may not the best choice for elderly travellers. It is important to ensure EVERYONE is adequately covered.
Get real and practical advice when you search and compare travel insurance policies from CompareKaki.
This article is kindly contributed by CompareKaki.
CompareKaki is your best buddy for choosing and buying your travel insurance.