If you're retired and a frequent traveler, you need yearly travel insurance. It's easy and affordable: You buy it once and you have coverage for all the trips and travel emergencies you might face in a year. But before you get your policy, you need to ask the right questions. Here are the things you need to think about when buying annual travel insurance over 65.
Some annual travel insurance plans limit the length of covered trips. If you're planning an around-the-world trip or a long stay abroad in a remote area, consider purchasing an Annual Deluxe Plan that covers emergency medical transportation for trips of three, six or even 12 months.
When you're shopping for annual travel insurance over 65, you should look for a plan that includes emergency medical and dental care, as well as coverage in case of a travel accident. But keep in mind that many annual travel insurance plans will not cover your medical care if you sustain injuries from high-risk activities. Examples include skydiving, caving, mountain climbing or participating in any athletic competition.
A special consideration for people buying annual travel insurance over 65 is existing medical conditions, which many plans do not cover. What does that mean? An existing medical condition, as a travel insurance plan may define it, is an illness or injury that you were seeking or receiving treatment for, or had symptoms of, on the day you purchased the plan or at any time in the 120 days before you purchased it. Talk to your travel insurance provider about options for travel insurance with coverage for pre-existing conditions.
In 2012 major U.S. airlines reported nearly 1.8 million pieces of luggage as lost, stolen or damaged on domestic flights. When you're buying annual travel insurance over 65, look for a plan that offers coverage for the contents of lost, damaged or stolen baggage. Check the fine print, too. Does your yearly travel insurance plan cover actual price - the amount it would cost to buy a similar item? Or actual cash value - the item's current market value? Having receipts for your valuable property is essential. Also, some annual travel insurance plans have limits for the total dollar amount covered. So when in doubt, leave the diamonds at home.