Why is Travel Insurance So Expensive for Senior Citizens?
Senior citizens across the world are offered various perks and assistance while travelling. However, for care and benefits beyond those, buying senior citizen travel insurance is a better way to ensure their overall safety. However, costly premiums may often discourage many elders from travelling. Let’s find out why senior citizen travel insurance is so expensive and what can be done about it?
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Why are Senior Citizen Travel Insurance Plans Costlier?
Ageing is among the few eventualities that everyone faces. Many senior travellers are discouraged by the high premium costs that come with travel insurance aimed at them. This is usually because of the increased risks that come with age. To put it simply, as we grow older, our bodies become weaker and we often develop ailments not always under our control.
What's more, the chances of falling sick abroad or facing difficulty are higher than in your home country as you don't have the similar medical, financial and other types of support that are available to you back at home. However, this shouldn't stop anyone from living their lives to the fullest. Take a look at some of the reasons why senior citizen travel insurance is more expensive:
Age Factor
Not all insurers cater to senior citizens. The average age bracket of different kinds of travel insurance plans in India is 18 to 60 years. This means that those beyond 60 years will need to find different plans or insurers who offer wider coverage. There is a shortage of plans for elderly travellers too as not all the insurers offer trip insurance for seniors above 75 years. It is thus obvious that the lack of options will also mean a spike in the prices of the existing plans.
Decrease in Agility and Normal Functioning
Even if you feel fit and fine, there may be a few health issues that are completely natural. From eyesight and hearing-related issues to stiff muscles and bones, it is harder for an older person to travel. Decades of wear and tear coupled with less control over your surroundings while travelling are caused due to ageing.
It may be harder to do the smallest of things such as understanding unfamiliar rules in a foreign language or maintaining balance on uneven terrain. The physical stresses and minor setbacks are enough to cause a lot of setbacks to the plans of old travellers. All these conditions increase the chances of accidents that may lead to a rise in the number of claims.
Underlying Health Conditions
Extremely fortunate people may age and not develop any health complications. Diseases such as diabetes, fatty liver, arthritis, chronic kidney diseases, heart conditions etc. are some very common conditions that may be caused due to genetics or gradual deterioration of the body. In such a case, most insurers are aware that these conditions increase the chances of getting hospitalised or needing medical assistance while the senior is abroad. This is why in India; most insurers require senior travellers to fill a medical questionnaire before the purchase.
Pre-existing diseases aren’t always covered under different travel medical insurance plans. In most cases, an optional cover needs to be purchased at an additional premium to ensure safety. Even then, most travel insurance companies in India restrict the number to one underlying pre-existing disease. This higher risk thus comes with an exorbitant increase in premiums.
Increased Chances of Claims
With or without underlying health complications, senior travellers are more likely to face risky situations or get into accidents abroad. This is because of a number of reasons: a change in temperature or food habits, or the stress of a long-haul flight. Sometimes, unexpected setbacks such as losing their passports may cause significant loss too. They are also easy targets to scammers and muggers, thus increasing the chances of raising claims.
How to Reduce Travel Insurance Costs Once You Reach 70?
In reality, the cost of your premium may increase a lot once you hit 50. However, it gets pretty expensive once you cross the 70 years mark. You may also find a limited number of insurers in India offering travel plans to senior citizens beyond 75. Here are some tips to minimise the costs of your travel insurance if you're over 70:
- Opt for insurers that specifically cater to the needs of senior travellers. They offer lucrative prices while catering to important needs including age limits, pre-existing conditions and more.
- If you have complicated or chronic diseases, opt for travel medical insurance so that all your health-related needs are met without any caps.
- Make sure to consider your budget before buying any plan. You can browse different insurers and get a guideline price for your medical conditions or age. This will prevent you from exceeding your budget.
- Consider shopping for your international travel insurance online. You can often save a considerable amount thanks to reduced prices as there are no intermediary costs. You may also get lucky and stumble into an ongoing offer.
For so many people who worked hard until their retirement to travel across the world, costly premiums can come as a rude reminder of their age. After saving so much money and time to finally relax and explore, they shouldn't be restricted by such limitations.
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Wrapping it Up,
Mandatory travel health insurance requirements, unexpected risks and the bad aftertaste left by the COVID-19 pandemic have taught people the importance of having a backup plan. Thanks to the growing awareness of trip insurance across the world, some travel insurance companies in India also offer plans for seniors aged 90+ years. While these plans may also seem quite costly to some, it is important to take necessary safeguards so that you are not burdened with any other emergency at your age.
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