Today, increasingly seniors are traveling to all parts of the world. As the number of seniors traveling abroad expands, so do health and safety concerns. Pandemics and terrorist attacks are a reality. In addition, many senior citizens have the added challenge of managing health conditions exacerbated by sleep loss, changes in diet, and increased physical exertion. Given the heightened risks, savvy senior travelers are learning how to avoid possible hazards.
Why Travel Health Insurance Has Become More Popular Among Seniors
Greater awareness of health risks and insurance gaps has led to a significant growth in travel health insurance sales. Medicare provides no protection overseas, while Medicare supplement polices strictly limit benefits abroad. Critically, few health insurance policies or supplements provide evacuation benefits should the need arise, to a suitable treatment facility due to a medical emergency.
What A Good Travel Health Insurance Policy Can Do For You
Travel health insurance covers unexpected medical expenses when you are outside of your home country. If you are covered under Medicare, these plans become your primary insurance while abroad. Travel health insurance also fills critical gaps with most Medicare supplemental plans while you are overseas. For example, Medicare supplements typically cover emergencies up to $50,000 and are subject to a $250 deductible and 20% co-insurance. In this case, the coverage gap on a $60,000 hospitalization followed by a medical evaluation of $35,000 will cost the unfortunate traveler $85,000 ($20,000 on the hospital bill and $35,000 for the evacuation charge).
The best travel health insurance plans offer emergency benefits and more. These plans cover everything from hospitalization and surgery to physician visits and prescription medications. The premier plans make it a point to cover sickness resulting from a pre-existing condition or terrorism without limitations. Some policies even pay doctors and hospitals overseas directly, so you avoid the hassles that come with filing a claim.
Many travelers are aware that their credit card company provides emergency medical evacuation benefits to its card members. However, the best travel health insurance plans take this evacuation benefit one crucial step further - if recommended by your attending physician and approved by the company, you can be medically evacuated back to your home area for follow-up treatment and recuperation.
"Admitted" Coverage Versus "Non-Admitted" Coverage
Senior travelers should know that there can be big differences in their rights when they buy travel health insurance. Some plans are licensed and regulated in the U.S. While others are issued offshore beyond the reach of your state's Department of Insurance. In fact, most evacuation membership plans are not regulated or even backed by a top-rated insurance company.
U.S. licensed and approved plans are called "admitted insurance" and afford members the strongest consumer protections. Senior Americans traveling abroad should keep this term in mind. Your personal health and financial security hang in the balance.
"Admitted" insurance advantages include:
1. Protection for the Consumer - You enjoy regulatory protection under insurance laws in your state. These laws are typically very strict and favor consumers. Policy wording must meet or exceed state standards and be written in plain English.
2. Worldwide Provider Networks - If you cannot locate find a physician who is trustworthy and speaks your language, what good is the insurance? The top international health insurance plans give you access to pre-screened medical providers. They can also arrange for doctors and hospitals to bill them directly.
3. Better Insurance Benefits - Insurance coverage from "admitted" companies tends to be more comprehensive, with fewer surprises in the event of a medical claim.
For senior travelers, international travel health insurance from a U.S.-regulated insurance company is the most sensible choice. In addition, more dependable coverage from an "admitted" insurance company typically costs no more than coverage from a non-regulated insurance company.
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